CO express 2 Flashcards
How long does a public trustee have to hold a foreclosure sale for a residential property under a Colorado deed of trust arrangement?
A
Not more than 90 days after the first instance of defaulted payment.
B
Not more than six months after the lender notifies the borrowed of default.
C
Whenever the court schedule permits the case to be heard.
D
110 to 125 days after the lender’s notice of default and request for sale.
110 to 125 days after the lender’s notice of default and request for sale.
The public trustee must hold a foreclosure sale 110 to 125 days following the lender’s notice of default and request for sale.
In Colorado, which of the following is presumed to be true of a lease?
A
Every lease contains an implied warranty of quiet enjoyment only.
B
Every lease contains an implied warranty of habitability and quiet enjoyment.
C
Only residential leases have an implied warranty of quiet enjoyment.
D
Every lease contains an implied warranty of habitability only.
Every lease contains an implied warranty of quiet enjoyment only.
Every lease contains an implied warranty of quiet enjoyment only. The Colorado Supreme Court rules that leases do not contain an implied warranty of habitability.
The Colorado legislature passed a law in 2008 mandating common interest communities to
A
adopt a written policy setting forth its procedure for resolving disputes and to provide it to unit owners upon request.
B
use the courts to resolve disputes.
C
use binding arbitration to resolve disputes.
D
sell units for more than $50,000.
adopt a written policy setting forth its procedure for resolving disputes and to provide it to unit owners upon request.
On or before January 1, 2007, each association shall adopt a written policy setting forth its procedure for addressing disputes arising between the association and unit owners. The association shall make a copy of this policy available to unit owners upon request.
Under the Colorado Fair Housing Act, which of the following may a landlord refuse to rent?
A
Commercial space for use as a studio for African American art because the studio would “attract the wrong element”
B
An apartment to three students for fear they will have loud parties
C
An apartment to a single mother because the landlord is worried about who will supervise her child after school
D
A unit beside the swimming pool to a family with young children because of the danger, but may offer a unit away from the pool
An apartment to three students for fear they will have loud parties
Students are not a protected class under the Colorado Fair Housing Act so a landlord may refuse to rent an apartment to them.
A licensee has an exclusive-right-to-sell listing with a seller as a transaction-broker. What must she disclose when a potential buyer calls on this listing?
A
Nothing until the potential buyer has seen the property.
B
That she represents the seller exclusively and that the buyer will have no working relationship with her company.
C
Nothing since state law makes her the buyer’s transaction-broker by default.
That she works with the seller as a transaction-broker and will owe the same duties to the buyer in a purchase transaction.
That she works with the seller as a transaction-broker and will owe the same duties to the buyer in a purchase transaction.
As a transaction-broker working with the seller, the licensee will automatically owe the same statutory duties to any unrepresented buyer. the licensee must disclose this in writing unless she also enters into an exclusive working relationship with the buyer before providing services.
A licensee has listed the Chapman’s home as a seller’s agent and it is now under contract. The Chapmans ask him to also work with them to find and purchase a new home. What will be the licensee’s role in the purchase transaction?
A
He may be either an agent or transaction-broker depending on the mutual agreement.
B
He does not have to decide until the Chapmans decide what home they want.
C
He will be agent for the seller of their next home and must disclose that.
D
He will continue to be their agent for all transactions with them.
He may be either an agent or transaction-broker depending on the mutual agreement.
In this other transaction, the Chapmans may hire the licensee as either an agent or a transaction broker; this is not related to the previous relationship. The licensee must be aware that the Chapmans may expect “agency” service even if the agreement is for transaction-broker representation.
How is the relationship handled when a buyer wishes to work with a broker to locate property to purchase?
A
The brokerage will be an agent for the buyer unless there is written agreement for another relationship.
B
The buyer and broker must sign an exclusive representation agreement.
C
The buyer will be a customer with no working relationship to the brokerage company.
The buyer and broker may agree to a relationship which could include agency, transaction-brokerage, or no working relationship between the parties
The buyer and broker may agree to a relationship which could include agency, transaction-brokerage, or no working relationship between the parties
Which of the following is NOT a closing document?
Agent-Seller Agreement B Sales Contract C Deed of Trust D Promissory Note
Agent-Seller Agreement
When an out-of-state investor sells a property in Colorado, which of the following is required of the closing entity?
A
Withhold up to 2% of the selling price as a state transfer tax.
Withhold up to 2% of the selling price as possible income tax liability.
C
Withhold up to 2% of the net proceeds of the sale as sales tax.
D
Withhold up to 2% of the proceeds of the sale as possible income tax.
Withhold up to 2% of the selling price as possible income tax liability.
Richard privately owns a single 20-acre parcel of land and wishes to sell ten acres. Which of the following statements is TRUE?
He is not required to register with the Commission but must meet local and state requirements for dividing his land as such.
B
Because he is the private owner, there are no restrictions or registration requirements.
C
Only a registered subdivider may divide land, thus Richard as a private owner may not sell part of a single parcel.
D
Richard can only sell the land to another Colorado resident.
He is not required to register with the Commission but must meet local and state requirements for dividing his land as such.
What is the purpose of the Real Estate Commission in Colorado?
A
To provide mediation in disputes between brokers and Colorado residents
To protect Colorado residents in real estate matters
C
To assure that licensees collect commissions in accordance with the law
D
To ensure the property values of Colorado real estate keep increasing
To protect Colorado residents in real estate matters
The inspection provision of the Residential Contract to Buy and Sell allows the buyer to terminate the contract in which of the following situations?
If the property is unsatisfactory in the buyer’s subjective discretion.
B
If the seller refuses to correct certain defects in which case the buyer may do so immediately.
C
Only if a licensed inspector determines that there are significant problems with the property.
D
Only after listing unsatisfactory conditions that cause the buyer to terminate.
If the property is unsatisfactory in the buyer’s subjective discretion.
The Residential Contract to Buy and Sell includes various provisions that call for notification to one of the parties about various events or objections. Which of the following is TRUE with regard to the wording of the approved form?
A
Notice may be sent to the broker but is effective only when received by the party.
Notice is effective when received by either the party or the broker working with that party.
C
Notice must be directly to the party and not its broker.
D
Notice to the party must be by “normal channels of communication,” such as telephone, mail, or fax
Notice is effective when received by either the party or the broker working with that party.
The section regarding Common Interest Community Documents in a Residential Contract to Buy and Sell refers to which of the following?
A
Communities covered by special taxing districts.
B
Any community governed by covenants.
C
Any community subject to mandatory assessment for maintenance of common elements.
D
Multifamily housing such as condominiums and town homes that are owned by more than one company.
Any community subject to mandatory assessment for maintenance of common elements.
Under Colorado law, which of the following statements about Home Service Warranty Contracts is FALSE?
A
The contract must set forth the duration of the contract.
B
The contract must list all the items that are excluded from coverage.
C
The contract must be transferable.
D
The contract must set forth the procedures for making a claim.
The contract must be transferable.
Frequently purchasers of pre-owned homes will negotiate to have a home warranty service included in the contract. Colorado has passed a law governing the practice. The law prohibits any company that sells, offers to sell or affects the issuance of a preowned home warranty service contract to require a home buyer or seller to purchase a pre-owned home warranty service contract. However, the contract is not transferable.
