Colorado State Examp Prep

Question 1

How long are the terms for members of the Colorado Real Estate Commission?

Answer 1

3 years

Question 2

How often is continuing education required for Colorado real estate brokers?

Answer 2

Every three years

Question 3

If the complaint against the licensee is made it may result in disciplinary action against a licensee, and a hearing may be held before an administrative law judge. The administrative law judge will make an initial decision of revocation, suspension, censure, or dismissal. If written objections are not filed with the Commission within how many days does the initial decision become final?

Answer 3

30 Days

Question 4

In terms of financing involved for a real estate purchase, which custom is practiced in Colorado?

Answer 4

Title Theory - Colorado is a title theory state. Title theory states function where banks or mortgage lenders hold the title of a property until it is paid in full.

Question 5

The Colorado Fair Housing Act like the Federal Fair Housing Act prohibits discrimination. Which of the following is an additional class the Colorado Fair Housing Act protects?

Answer 5

Creed/belief system

Question 6

Per Colorado License Law any person who willfully fails or neglects to appear and testify or to produce books, papers, or records required by subpoena commits what?

Answer 6

A petty Offense

Question 7

Which of the following is NOT one of the Colorados Division of Real Estate objectives?

Answer 7

License home inspectors.

Question 8

According to Colorado Law and Commission rules, a requirement exists that a broker should not deliver a security deposit to an owner without the written authorization of a lease or without written notice to a tenant. This is outlined by which rule?

Answer 8

E-16

Question 9

Per Colorado Law, a person who willingly fails or neglects to appear and testify required by subpoena is guilty of what?

Answer 9

A misdemeanor

Question 10

Which of the following statements about escrow funds is true per Colorado Real Estate Law?

Answer 10

Escrow funds must be available immediately without penalty

Question 11

According to Colorado Law and Commission rules, what rule covers Commission-approved forms?

Answer 11

F-7

Question 12

According to Colorado Law and Commission rules, electronic records are permitted and their requirements are outlined by which rule?

Answer 12

E-6

Question 13

The Colorado Director of the Division of Real Estate is responsible for which of the following?

Answer 13

Executing the directives of the Commission

Question 14

The federal Fair Housing Act and the Colorado Fair Housing Act have some differences. Which of the following is a difference between the two Acts?

Answer 14

The Colorado Fair Housing Act covers commercial and residential property

Question 15

Colorado has real estate license reciprocity agreements with which states?

Answer 15

Colorado has reciprocity with all other states, only if the license has been held for a year or more and the person passes the Colorado state portion of their exam.

Question 16

When do initial Colorado real estate licenses expire?

Answer 16

At midnight on December 31st of the year in which it was issued

Question 17

According to Colorado Law and Commission rules, what rule covers “Continuing Duty to Disclose Conflict of Interest and License Status?”

Answer 17

E-25

Question 18

A conservation tax credit is available to Colorado residents, corporations, estates, and trusts who donate a conservation easement. The credit is valued at what?

Answer 18

50% of the fair market value of the easement, up to a maximum credit of $375,000

Question 19

Per RESPA, settlement services can include all of the following, aside from what?

Answer 19

Any staging services

Question 20

What is the purpose of the Colorado Foreclosure Protection Act?

Answer 20

To provide homeowners with information to make informed decisions about foreclosures, prevent unfair dispossession of property, and curtail equity stipping of a property owner’s home.

Question 21

If a broker is acting either as an agent or as a transaction-broker in Colorado, there are duties that the broker is responsible to perform. How many duties are there?

Answer 21

17