Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Colorado Law > Colorado Law Part 1 > Flashcards

Colorado Law Part 1 Flashcards

You may prefer our related Brainscape-certified flashcards:
MBE flashcards MPRE flashcards Civil Procedure 1L flashcards
0
Q

Agent broker duties

A

Old car- obedience loyalty disclosure confidentiality accounting reasonable skill and care

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Fiduciary duties for law of agency

A

(Old car) obedience, loyalty, disclosure, confidentiality, accounting, reasonable skill and care

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Transaction broker duties

A

Dcar- disclosure confidentiality accounting reasonable skill and care

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Brokers owe customers

A

Dah- disclosure accounting honesty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Signatures are acknowledged to show that the document..

A

Is signed properly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Supreme Court decision in Conway-Bogue case relating to the practice of law by real estate brokers state that…

A

Colorado licensees may complete standard or approved forms in a real estate transaction. Basis for how co re business is done

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The purpose of Commission Rule F relating to approved forms is

A

To help ensure broker’s compliance with Conway-bogus decision. Commission created this rule and mandatory approved forms to assist licensees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

A transaction broker is most like a…

A

Professional coach/referee. They are in a neutral position…not an advocate for either party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Who is responsible for cost of requested documents

A

The broker who requested them. May not charge buyer or seller

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is not an essential element of every contract?

A

Competent grantor. A grantor is a party to a deed and is not a party to every contract, such as a lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Example of steering

A

Broker suggesting someone live by a certain church or school

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Example of redlining

A

Declining to give a buyer a loan because of high crime rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Example of blockbusting

A

Broker suggesting values will go down because a different ethnic group has moved in

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Associate brokers are required to:

A

Work for an employing broker for two years before becoming eligible to be an independent broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A broker asked to complete just the contract to buy and sell…seller to complete other tasks for closing must complete…

A

Representation agreement or disclosure before completing the paperwork. Per Conway-bogue, brokerage firm must be connected with the transaction through a brokerage relationship. Brokers may not prepare documents for parties with whom they do not a brokerage relationship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

When a Colorado licensee completes the blanks in a commission approved form

A

This is the practice of law but is specifically permitted by Colorado law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Independent brokers may…

A

Work independently without the supervision of another broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

A designated broker is:

A

The only broker in the company with a brokerage relationship. A designated agent has the duty of full disclosure with the seller. The employing broker has no brokerage relationship

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

In an in company transaction where the employing broker has designated one broker to work with the buyer and another broker with the seller…the brokerage relationship will be between

A

Each designated broker and the party they represent, not the employing broker. There is no transfer of confidential information to the employing broker or other brokers in the firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

An employing broker supervising broker associates must

A

Have them agree to sign the office policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Rule F of the real estate commission establishes standard or approved forms to help a broker comply with:

A

Conway-Bogue decision

21
Q

An employing broker for a brokerage firm designates an associate broker to perform services for a buyer. The brokerage relationship will be…

A

Only the designated broker

22
Q

A broker using a form generated by a computer program must:

A

Use a program with security that will not allow the form to be changed inadvertently or intentionally

23
Q

Colorado does not recognize dual agency, but one broker may work with both the seller and buyer in the transaction if…

A

The broker is a transaction broker

24
Q

Another name for a formal warning (lowest form of discipline)

A

Letter of Admonishment

25
Q

After hearing and judges verdict, commission may do what to broker

A

. Public censure .suspend license . Revoke license . Fine broker up to $2,500 per incident

26
Q

Conway-bogus licensees must be (3)

A

Connected to the transaction
Must use standard and approved forms
May not charge a separate fee for preparing documents

27
Q

Title company may;

A

Prepare closing statements, but may not prepare legal documents
Act as a scrivener of the broker
Broker may not accept referral fees or inducements from title companies

28
Q

A license is required for any person who for compensation does any of the following (LLBEANS)

A 
Lists
Leases
Buys
Exchanges
Auctions 
Negotiates
Sells
29
Q

Candidates for license must

A

Complete 168 hours of education, pass the state exam, present valid Id, be at least 18

30
Q

Dual contracting is fraud in all states. What is it?

A

When 2 contracts are used. One buyer/seller uses. Second that they give to bank in order for the buyer to receive a higher ltv than allowed

31
Q

Licensees should disclose to the public immediately

A

To a member of the public if they have an interest in buying a property or if they are a principal in the sale of a property

32
Q

Brokers must disclose their status in writing

A

In any purchase contract which they are a party

33
Q

The commission can audit a broker’s escrow account at any time to verify the broker has

A

Maintained 4 yrs of records
Not commingled funds
Provided all purchasers and sellers with proper closing statements

34
Q

Commission has NO authority and will NOT investigate the following

A

Ethics violations
Disputes between brokers
Criminal violations

35
Q

Commission will request that the licensee respond to the complaint and supply written documentation. Prior to receiving response the commission:

A

Does not have subpoena power
Will not use lawsuits to obtain records
May not take the firm’s records without cause

36
Q

Following investigation, commission will do one of the following:

A

Dismiss the complaint
Issue letter of admonishment (warning)
Send to a hearing

37
Q

If licensee found guilty by a judge commission determines penalty:

A

Imposes a fine not to exceed $2,500 per incident
Censure, suspends or permanently revokes license
Make licensee records available to the public for inspection on commission website
***may not impose jail sentences or charge damages

38
Q

License must be renewed every 3 years

A

Expires at midnight of original date

39
Q

In order for license to be renewed brokers must complete 24 hours of continuing education

A

Brokers may take and pass only the state portion which counts for all 24 hours in 3 yr renewal cycle
Licensee has 31 days after anniversary date to pay without penalty
After must pay renewal fee plus reinstatement fee of one half renewal
Brokers may only work for one broker at a time

40
Q

Non resident brokers must:

A

Have an office in their home state
Agree to keep all trusts in co depository
Accept legal action in co

41
Q

To sell a real estate security a securities license is required

A

Must sell real estate options for a fee

42
Q

RESPA

A

Federal law that applies to lenders, title companies, and real estate brokers. Requires lenders to make certain disclosures to consumers about residential mortgage loans

43
Q

Disclosure forms require signatures of

A

Buyer and seller. Shows it was completed and signed

44
Q

Rule F requires all blanks filled in

A

Using a different font

45
Q

Conway-bogue states

A

All brokers are allowed to strike through sections that don’t apply

46
Q

If admin judge finds broker violated license law, discipline determined by:

A

Real estate commission

47
Q

Senior housing is allowed to discriminate against which protected group

A

Familial status

48
Q

Protected groups

A

FRESH CORN

49
Q

Who should complete seller property disclosure

A

Seller

50
Q

Disclosure forms should be given to the buyer

A

Prior to buyer writing and offer forms need to be signed by all required parties

51
Q

RESPA rules:

A

Referral fees between active real estate licensees are exempt from referral fee restrictions

Colorado Law (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions