Colorado Forms & Contracts (22 items, 30%)

Question 1

Leasing contracts for 1+ yrs are void IF…
(2 items)
-Not….
-Must be…

Answer 1

• Not in writing

- Must be signed by both parties

Question 2

All real estate sales contracts must be in ________ and are void unless there is a
written ____________ of ______________ and are _______ by the _________.

Answer 2

writing;
expression of consideration;
signed by the seller

Question 3

Colorado makes oral contracts for sale and oral lease contracts for more than a year ______, rather than ________________ or ________________.

Answer 3

void;
voidable;
unenforceable

Question 4

Failure of the broker to collect all ____________ and _______ required on the documents that are under the broker’s control is subject to __________ _______ and a ______ _________.

Answer 4

signatures;
initial;
disciplinary action;
civil penalty

Question 5

Brokers are not allowed to prepare legal documents other than __________ -__________ ________.

Answer 5

Commission-approved contracts.

Question 6

When the brokerage firm holds the earnest money, the funds must be delivered to the closing entity ___ or ______ closing.

Answer 6

at or before

Question 7

Colorado does not require a that a deed be _______________ (____________) before recording, but an _____________ deed can only be used as _____________ in court if it has been recorded for ___ years.

Answer 7

acknowledged (notarized);
UNacknowledged;
evidence;
10 years.

Question 8

After ___ years, an unacknowledged deed has the same status as an….(2 words)

Answer 8

30

unacknowledged deed

Question 9

Failure to disclose the presence of _____ paint is subject of a fine of up to $_______ per _________.

Answer 9

lead

$10,000 per violation.

Question 10

• CONSIDERATION:*
• One of the _________ elements of a contract.
• A _________ or an act of ________ _________ bargained for and received in return for a ___________.
• ___________ ____________ is an example of consideration.

Answer 10

essential

promise; legal value; promise.

Earnest Money