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Colorado Real Estate > 303 Colorado > Flashcards

303 Colorado Flashcards

1
Q

When MUST a seller’s agent provide agency disclosure to a potential buyer?

A

c) Before asking about a buyer’s financial qualifications

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2
Q

Which of the following closing costs is MOST likely to be the responsibility of the seller?

A

c) Brokers’ compensation

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3
Q

A real estate broker is in violation of Colorado Real Estate Commission Rule F when using a purchase contract that is:

A

c) Drafted by the broker’s attorney for general use by the broker in real estate sales

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4
Q

What is the latest date by which a broker’s ownership interest in a property MUST be disclosed?

A

a) Upon introduction to a principal

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5
Q

The errors and omissions insurance requirements to maintain an active real estate license include:

A

a) Yearly proof of insurance to the Colorado Real Estate Commission

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6
Q

The Colorado Real Estate Commission-approved Licensee’s Buy-Out Addendum MUSTbe used when a Licensee:

A

a) Offers to purchase the seller’s residence concurrent with listing of such property

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7
Q

All known material defects in a property MUST be disclosed EXCEPT:

A

c) Remediated methamphetamine properties

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8
Q

An out-of-state client has 15 rental units in Colorado and wants a broker associate to manage them for a fee. In this case, the broker associate should:

A

d) Ask the employing broker to obtain a property management agreement and to set up a proper escrow account

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9
Q

An employing or independent broker with whom a brokerage relationship has been established MUST provide closing statements to the respective parties:

A

c) At the time of delivery and acceptance of title

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10
Q

The documentary fee charged by the County Clerk and Recorder on the sale of a $325,000 property would be?

A

b) $32.50

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11
Q

A transaction-broker owes the seller the duty to disclose the:

A

b) Buyer’s financial inability to complete the purchase

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12
Q

Earnest money received by a broker in a sale of property should be deposited into the
employing broker’s trust account in a bank or depository UNLESS the:

A

d) Parties to the transaction agree otherwise

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13
Q

According to the Commission approved Seller’s Property Disclosure, which of the following statements is CORRECT?

A

d) The seller certifies to the truth of the information based on current actual knowledge

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14
Q

A designated broker shall be permitted to reveal confidential information to a supervising broker when:

A

c) The designated broker has the informed consent of the party she is working with

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15
Q

Single-party listings:

A

a) Should have no holdover provision

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16
Q

Which of the following closing costs is MOST likely to be the responsibility of the buyer?

A

a) Discount points

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17
Q

An unlicensed personal assistant may:

A

c) Write checks from an escrow account

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18
Q

If a licensee takes an actual square footage measurement of a property, the licensee must disclose:

A

a) The methodology, standard or manner in which the measurement was taken

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19
Q

When may a broker receive compensation for services performed by a title insurance entity?

A

a) Under no circumstances

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20
Q

An individual broker may NOT be designated to work for both a seller and a buyer in the same transaction as:

A

b) An agent for both

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21
Q

Under a Colorado Real Estate Commission approved Counterproposal, which of the following

A

c) The original proposed contract is not to be signed by the seller

22
Q

A designated brokerage appointment is established when:

A

b) An employing broker specifies one employed broker to work with a seller

23
Q

The sale of a six-unit apartment complex will close on April 20. The seller is holding a security deposit of $750 for each unit. How will these deposits be handled at the closing?

A

c) $4,500 debit seller, credit buyer

24
Q

Broker B’s office policy is to offer seller agency only. If Buyer J asks a question about buyer agency, Broker B MUST:

A

b) Give the buyer a written definition of buyer agency published by the Real Estate Commission

25
Q

With regard to reasonable supervision of licensees, employing brokers may:

A

a) Delegate supervisory authority to another experienced licensee

26
Q

It is NOT appropriate for a broker to accept a listing:

A

a) At a high price with the intent to reduce the price at a later time

27
Q

Colorado’s Statutory Power of Attorney form:

A

b) Creates a limited agency relationship

28
Q

A landlord who wrongfully withholds a tenant’s security deposit may be liable for:

A

c) Treble damages

29
Q

In Colorado, in order for a written listing agreement to be valid, it MUST:

A

a) Have a termination date

30
Q

The Colorado Real Estate Commission has the power to investigate all of the following complaints EXCEPT:

A

a) Disputes between an employing broker and a broker associate over commission due

31
Q

In order to become a licensed broker in Colorado, an individual must be AT LEAST:

A

a) 18 years old

32
Q

Which of the following items is EXEMPT from subdivision registration with the Colorado Real Estate Commission?

A

d) Campground memberships

33
Q

Colorado real estate closings in which a documentary fee is paid must include a Real Property Transfer Declaration (TD-1000). The purpose of this form is to:

A

d) Help ensure fair and uniform assessments for property tax purposes

34
Q

Which of the following Colorado Real Estate Commission-approved contracts will allow a buyer to sue for specific performance?

A

c) All approved purchase contract forms

35
Q

What amount of personal funds is a Colorado broker permitted to keep in an escrow account?

A

d) A sufficient amount to maintain the account

36
Q

A broker can facilitate safeguards in relation to seller-assisted down payments in all of the following ways EXCEPT by:

A

d) Notifying the Real Estate Commission of the true price of the property

37
Q

Any charge alleging a violation of the Colorado Fair Housing Act must be filed with the Colorado Civil Rights Commission within a MAXIMUM of what period of time after the alleged violation?

A

d) One year

38
Q

Under the Colorado Fair Housing Act, it is unlawful to discriminate on the basis of:

A

c) Sexual Orientation

39
Q

Which of the following could be a single agent?

A

c) A broker who represents a landlord in a leasing transaction

40
Q

A licensee may satisfy all continuing education course requirements by:

A

b) Taking and passing the Colorado portion of the real estate examination

41
Q

An associate broker attends the closing of a client’s property sale. What MUST the associate broker do with copies of the signed closing documents?

A

a) Immediately deliver them to the employing broker

42
Q

Under Colorado’s regulations regarding the practice of law by brokers, a broker may do all of the following EXCEPT:

A

b) Prepare legal documents for a sale in which he is not involved as a broker

43
Q

The correct disclosure form for a broker to use with a buyer in a transaction-broker relationship is:

A

b) Definitions of Working Relationships

44
Q

Under landmark Colorado case law, title companies in Colorado are permitted to offer closing services including preparation of legal documents as

A

c) Scrivener of the listing broker

45
Q

When signing a listing agreement, a seller informs you that he does NOT want to provide a seller’s property disclosure form. Your BEST course of action is to:

A

b) Advise the client that many buyers require the form

46
Q

n the event of a dispute over earnest money, the Contract to Buy and Sell Real Estate states that the broker:

A

a) May hold the money until written instructions are received from the buyer and the seller

47
Q

The doctrine of prior appropriation states that:

A

a) The priority of water rights is based on the date the water was first diverted for beneficial use

48
Q

Broker H, who is licensed as sole proprietor, closes H’s business and becomes employed by Broker T. Who is responsible for retaining the transaction records of Broker H’s company?

A

a) Broker H

49
Q

What MUST the seller disclose regarding the water supply for a residential property?

A

a) The source of water for the property

50
Q

In order to collect a commission, which of the following is a requirement for a broker with an open listing?

A

c) The broker or one of his licensees must be the procuring cause for the sale

Colorado Real Estate (28 decks)

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