Current Legal Issues Flashcards
What is the lowest for of discipline the Commission can issue to a broker
A letter of admonishment
What fines may the Commission issue to a broker?
Up to $2500 per incident
Where can the public find any disciplinary records of brokers?
The Commission Website
What did the Conway-Bouge case and what do the Commission rules require brokers to use?
Standard or approved forms in the practice of real estate, to use approved forms when applicable
How do you removed information on approved forms?
It must be crossed out so the words remain legible
How must you add information to the blank spaces of standard forms so that readers know the difference between approved and added language?
Added language just be in a different type form, in italics bold or type face
How must information on approved forms be omitted ?
The caption or heading must be retained followed by the words OMITTED-NOT APPLICABLE
Who must prepare a CREM addenda (any form not available by the Commission) that adds to the terms of an approved contract and when should it be prepared?
A reprenting attorney or the broker or the principal, or the principal (cannot be prepared by the broker).
Must be prepared before negations of the parties
How long must a broker retain addendums?
Four years from the last date the addendum was used
What must happen in order to use software programs for computer generated contract forms ?
They must reproduce the Commission language exactly as approved and have a security feature
When May contracts be filled out?
After negotiations of the parties, never before
When do commission contract rules not apply?
Contracts for new homes with warranties
Contracts by a subdivision developer
Installment land contract not approved by the commission
When must the seller disclose that the property was previously used as a meth lab?
Always unless it has been cleaned and certified per state regulations
Who fills out the sellers property disclosure and who signs it?
The seller fills it out to their current actually knowledge and all parties must sign
Who does the Federal Fair Housing Protect and what does Colorado add to it?
Familial Status
Race
Equal
Sex
Handicap
Color
Opportunity
Religion
National Origin
Marital Status
Sexual Orientation
