Duties of Powers of the Real Estate Commission (2 items, 3%)

Question 1

Administrative rules adopted by the Colorado Real Estate Commission have the same ______ and ________ as LAW and provide more _________ and _________ for the administration.

Answer 1

force and effect

detail and guidelines

Question 2

While most applicants need to have _____ hours of education, attorneys only need ___ hours in:

• _______ accounts
• _________ keeping
• _____ _________ closings

Attorneys must still pass the ________ __________.

Answer 2

168; 12

• trust
• record
• real estate

licensing examination.

Question 3

A partnership, LLC, or corporation, considered a _______ ________, must designate a qualified _________ in its application for licensure.

Answer 3

brokerage entity

broker

Question 4

The name of the brokerage entity must be on all “___ _____” ______.

Answer 4

“for sale” signs.

Question 5

There can only be one _______ ______ in any office.

Answer 5

employing broker

Question 6

Licenses are renewed every __ years and require the completion of ___ hours of continuing education, including taking the _____________ _________ Course each year beginning in 2003.

Answer 6

3
24 hours
Commission Update

Question 7

Continuing education requirements may be met by passing the _________ ______ of the ________ exam.

Answer 7

Colorado portion

licensing

Question 8

The __-hour _______ _________ course can only be used to change status to an Employing Broker. The Broker ____________ course can be used to meet the continuing education requirement.

Answer 8

24-hour Broker Administration

Reactivation

Question 9

License expires on the individual’s ________ _____ of their initial license.

Answer 9

anniversary date