Final Examination 202 – Colorado

Question 1

1. Which of the following would prevent a broker from being entitled to a commission after a commission approved exclusive listing contract has expired and during the hold over period ?
2. Broker has negotiated with the purchaser before expiration.
3. Broker has disclose the name of the purchaser to thesellers before and expiration.
4. Seller has relisted the property with another broker pursuant to an exclusive agency contract, and did something to earn a commission
5. The purchaser has purchased the property during the holdover period

Answer 1

3. Seller has relisted the property with another broker pursuant to an exclusive agency contract, and did something to earn a commission

Question 2

Two. How many approve sales contract does Colorado have?

1. 1
2. 3
3. 2
4. 4

Answer 2

1. 1

Question 3

Three. The Colorado real estate commission approved listing forms provides for…

1. The broker to disclose any adverse material facts about the property.
2. Brokers to receive a 5% commission.
3. A listing term of 90 days.
4. A holdover provision of 120 days

Answer 3

1. The broker to disclose any adverse material facts about the propert

Question 4

Four. Which of the following is not true of Colorado real estate commission standard and improved exclusive right to buy contract/buyer agency?

1. It must have a definite termination date
2. It may provide that the broker be compensated at an hourly rate
3. And allows the broker to represent sellers as well as buyers
4. It may provide that the broker be compensated by the seller

Answer 4

3. And allows the broker to represent sellers as well as buyers

Question 5

5. Relationships as established by the Colorado brokerage relationship law continue –
6. For six months from the date of engagement.
7. For 90 days through the date of engagement
8. Until performance or completion of the agreement by which the broker was engaged.
9. Indefinitely

Answer 5

3. Until performance or completion of the agreement by which the broker was engaged.

Question 6

6. A Colorado real estate licensee not required to maintain a written brokerage relationship office policy is – –
7. A brokerage corporation
8. A broker acting as sole proprietor without sales people
9. A broker in the employ of another broker
10. A broker for a limited liability company

Answer 6

3. A broker in the employ of another broker

Question 7

7. If a non-– resident of Colorado sells the property for more than $100,000, who is responsible for collecting the 2% special tax
8. The selling broker
9. The seller
10. The closing agent or closing company
11. The lender of the lenders agents

Answer 7

3. The closing agent or closing company

Question 8

8. A defeasance clause…
9. Defeats a warranty
10. Would eliminate the lenders claim on the lien
11. Violates RESPA
12. Clouds a title

Answer 8

2. Would eliminate the lenders claim on the lien

Question 9

9. In Colorado, the maximum time a lesser could hold a security deposit is one months after termination of the lease or a specified by the lease not longer Than…
10. 30 days
11. 60 days
12. 90 days
13. 120 days

Answer 9

2. 60 days

Question 10

10. J holds a portion of a renters deposit with good cause, but fails to notify the tenant of the reason…l
11. Jay will lose his deposit.
12. Jay may be liable for triple the total deposit
13. Jay may keep the deposit without notification because it was retain for good cause
14. Jay will be liable for one and a half the amount of the deposit wrongfully withheld.

Answer 10

1. Jay will lose his deposit.

Question 11

11. The entire unpaid add the lower him taxes on a Colorado farm become delinquent on…
12. April 30
13. February 28
14. July 31
15. June 16

Answer 11

4. June 16

Question 12

12. For how long does a broker have to keep records after a real estate closing in Colorado?
13. 30 days
14. One year
15. Three years
16. Four years

Answer 12

4. Four years

Question 13

13. In Colorado when your real estate license is in active and you’re selling your own home, you must…
14. This close when advertising that you used to have a license
15. Disclose in contract or separate writing concurrently that you are licensed
16. No disclosure is required provide it’s your own home
17. No disclosure is required while your are inactive

Answer 13

2. Disclose in contract or separate writing concurrently that you are licensed

Question 14

14. In Colorado, the closing statement must be delivered to the respective parties in a…
    One. When the deed is transferred.
    Two. 30 days after closing.
    Three. 30 days after title has been transferred.
    Four. 60 days after the title has been transferred

Answer 14

One. When the deed is transferred.

Question 15

15. To renew a Colorado real estate license, the licensee must…
16. Complete eight hours of continued education
17. Complete 16 hours of continued education every year
18. Complete 24 hours of continued education every three years are past the Colorado portion of the real estate exam
19. Complete Colorado eight hoursof continued education each year for three years.

Answer 15

3. Complete 24 hours of continued education every three years are past the Colorado portion of the real estate exam

Question 16

16. The Colorado real estate commission was born primarily to…
17. Standardized testing
18. Unify forms
19. Regulate licenses
20. Protect the public

Answer 16

4. Protect the public

Question 17

17. Items added to the Colorado real estate commission approved contract to buy and sell real estate computerized (wordprocessor )contract must be…
18. Capitalized
19. Shaded print
20. In different print
21. In bold print

Answer 17

3. In different print

Question 18

18. Colorado subdivision registration requirements do not apply to…
19. Land consisting of 35 acres or more
20. Condominiums
21. Camping sites
22. Cooperatives

Answer 18

3. Camping sites

Question 19

19. In Arbitration dispute, which of the following is awarded attorneys fees?
20. Losing party
21. The prevailing party
22. The instigator
23. The escrow holder

Answer 19

2. The prevailing party

Question 20

20. Which of the following does not fall within the purview of commission rule F?
21. Open listing
22. Installment Land contract
23. Exchange contract
24. Deed

Answer 20

2. Installment Land contract

Question 21

21. According to the Colorado real estate commission approved contract to buy and sell real estate, in the event of a dispute between the parties relating to the contract, the parties agree first to…
22. Litigate with prevailing party entitled to reasonable attorney fees and court costs
23. Mediate with both party sharing the cost of the mediators
24. Arbitrate with ball party sharing the cost of the arbitrators
25. Submit the dispute to the real estate commissions dispute resolution system

Answer 21

2. Mediate with both party sharing the cost of the mediators

Question 22

22. When a real estate broker completes the inclusions and exclusions provisions of the residential contract to buy and sell real estate, items like water softener, security systems at satellite TV systems should be specifically considered because…
23. They are permanent fixtures
24. They are never permanent fixtures
25. They are very often rent it or least
26. They are very expensive

Answer 22

3. They are very often rent it or least

Question 23

23. If an agricultural property is foreclosed, the owner has six months to redeem the property from…
24. The date of election into man
25. The date of the last advertisement in the newspaper
26. The date of the re-– recording of the notice of election in demand.
27. The date of the foreclosure sale.

Answer 23

4. The date of the foreclosure sale.

Question 24

24. Prior to signing the contract of the sale. Colorado law provides that a lead – based paint disclosure signed by the seller and the licensee must be handed to the buyer…
25. If the property is intended for any residential use
26. If a building permit was issued prior to January 1, 1978
27. Is the building permit was built prior to January 1, 1978
28. If the property is intended for any residential use in a building permit was issued prior to January 1, 1978

Answer 24

4. If the property is intended for any residential use in a building permit was issued prior to January 1, 1978

Question 25

25. In Colorado closing involving a non-– resident seller, the shoes property was heavily mortgage received net proceeds of $5320. The nonresident tax calculated at 2% of the sales price is $8800 the closing entity must withhold…
26. $5320
27. $14,120.
28. $8800
29. 2% of the loan amount.

Answer 25

1. $5320

Question 26

26. In Colorado, according to the statute of frauds, a verbal lease for nine months starting is six months would be…
27. Unenforceable
28. Illegal
29. Void
30. A unilateral contract

Answer 26

1. Unenforceable

Question 27

27. In Colorado, a debt on real estate, evidence by a principal promissory note, is usually secured by a…
28. Mortgage
29. Trust deed
30. Chattel mortgage
31. None of the above

Answer 27

2. Trust deed

Question 28

28. By Colorado statute, it is presumed there has been delivery of a deed when…
29. There has been acceptance by the grantee.
30. Both parties have signed the settlement sheet
31. There has been acknowledgment and recording
32. It is received by the grantor

Answer 28

3. There has been acknowledgment and recording

Question 29

29. On September 10 closing, with current property taxes at 2150, which of the following entries would be appropriate?
30. Seller owes buyer $1484.38
31. Seller owes the broker $1484.38
32. Buyer owes the seller $665.62
33. Buyer is the broker $665.62

Answer 29

1. Seller owes buyer $1484.38

Question 30

30. When must earnest money be deposited?
31. Within three days of receipt
32. Not later than the third business day after notice to buyer of acceptance
33. Within 24 hours of receipt
34. Within one month of receipt

Answer 30

2. Not later than the third business day after notice to buyer of acceptance

Question 31

31. An owner giving a bargain and sale deed is
32. Implying he has the ownership interest.
33. Avoiding foreclosure.
34. Providing a dual warranty
35. Providing marketable title

Answer 31

1. Implying he has the ownership interest.

Check this one

Question 32

32. Adverse possession may be claimed in Colorado after…
33. 15 years
34. seven years under color of title and payment of property taxes
35. After five years under color of title
36. After three years

Answer 32

2. seven years under color of title and payment of property taxes

Question 33

33. When would you use the licensee Buy out addendum?
34. When offering that to purchase as sellers property within 60 days as an inducement for the seller to list with you.
35. One offering to purchase a property listed with the employing broker.
36. One purchasing property with the cooperate broker.
37. When purchasing propertyfrom my sale by owner.

Answer 33

1. When offering that to purchase as sellers property within 60 days as an inducement for the seller to list with you.

Question 34

34. A developer doing a condo conversion into 30 residential units must
35. Notify the existing tenants that the conversion will terminate their leases
36. Register with the Colorado real estate commission prior to subdividing
37. File a request with the state OACRS.
38. Obtain permission from the interstate land sales development board

Answer 34

2. Register with the Colorado real estate commission prior to subdividing

Question 35

35. In Colorado closing, M gave a a deed, which containing only implied warranties. This was most likely a…
36. Quick claim deed
37. Bargain and sale deed
38. Special warranty deed
39. Sheriffs deed

Answer 35

2. Bargain and sale deed

Question 36

36. A broker representing a buyer must disclose to the seller…
37. That the buyer will except alternative financing
38. That the buyer will pay more than what his asking price
39. That the buyer was credit problems which may affect his ability to pay the purchase price
40. That the buyer intends to resell immediately

Answer 36

3. That the buyer was credit problems which may affect his ability to pay the purchase price

Question 37

37. How much of his own money is a broker permitted to deposit and retain in his trust account?
38. $100
39. $500.
40. Enough to security account bank charges
41. None

Answer 37

3. Enough to security account bank charges

Question 38

38. A broker collects rental for two landlords who owned three units under a management agreement and also received earnest money deposits on sales. The broker must maintain at least…
39. Nine trust accounts
40. One trust account
41. Two trust accounts
42. 10 trust accounts

Answer 38

3. Two trust accounts

Question 39

39. Tenancy at will…
40. Terminates on sale of the property unless otherwise agreed
41. Is not affected by the sale of the property
42. Does not terminate on the death of the tenant
43. Does not terminate on the death of the landlord

Answer 39

1. Terminates on sale of the property unless otherwise agreed

Question 40

40. A farm belong to a is for closed due to ace failure to pay his mortgage. What is the minimum time to foreclosing creditor may wait before the farm can be legally transferred to the person who buys it, at the foreclosure sale, if there has been no redemption?
41. 230 days
42. 215 days
43. 115 days
44. 125 days

Answer 40

2. 215 days

Question 41

41. What is the maximum time which must of laps after notice of election in demand before foreclosed agricultural property maybe sold?
42. 125 days
43. 215 days
44. 230 days
45. 110 months

Answer 41

3. 230 days

Question 42

42. A seller who is not normally engage in the granting of credit and who is carrying back a $5000 mortgage, may charge a maximum interest rate of…
43. 1%
44. 3%
45. 21%
46. 45%

Answer 42

4. 45%

Question 43

43. The main purpose of role F is…
44. To ensure realtors follow the rules of regulatory commission
45. So that attorneys have to be consulted
46. To help brokers comply with the Conway-Bogue decision
47. To help brokers make sales more efficiently

Answer 43

3. To help brokers comply with the Conway-Bogue decision

Question 44

44. In terms of the residential contract to buy and sell real estate, the buyer who intends to borrow funds to pay for the property is…
45. Required to an obtain a loan commitment in writing and will be released from the contract if one is not obtained.
46. Required to attain a loan commitment in writing and if the buyer is unable to do so must provide written notice to the seller before the loan commitment deadline to avoid default and forfeiture of any earnest money.
47. Entitled to withdraw the loan or Sumption application at any time and give written notice to the seller that the contract is terminated.
48. OBlige to inform the seller in writing that a loan commitment has been secured before the loan commitment deadline and attach a copy of the commitment to such notice.

Answer 44

2. Required to attain a loan commitment in writing and if the buyer is unable to do so must provide written notice to the seller before the loan commitment deadline to avoid default and forfeiture of any earnest money.

Question 45

45. In terms of the residential contract to buy and sell real estate, there are strict time limits within the buyer may review…
46. Title documents
47. County records
48. The sellers credit report
49. The appraisal obtained by the seller or lender

Answer 45

1. Title documents

Question 46

46. Real E – three requires that a broker leaving the employee of an owners association must…
47. Nominate a substitute broker prior to leaving
48. Give at least three weeks notice of intent to leave.
49. Return all associational management record to the association or its designee
50. Do all of the above

Answer 46

3. Return all associational management record to the association or its designee

Question 47

47. And the residential contract to buy and sell real estate, the buyer may request review of common interest community governing documents and make give written notice to the seller of any unsatisfactory provision and terminate the contract.
48. At the time any time prior to closing
49. At any time prior to the survey deadline
50. Any time prior to the title deadline
51. And any time prior to the governing documents and title objection deadline

Answer 47

4. And any time prior to the governing documents and title objection deadline

Question 48

48. All of the following are regulated by license law except…
49. Brokers qualifications
50. Recordkeeping
51. Contracts
52. Ethical standards

Answer 48

4. Ethical standards

Question 49

49. When pressed send it with the transaction broker addendum in and in – company transaction if the brokers client wants the brokers client wants the broker to remain an agent and not a transaction broker the client should…
50. Write a letter to the managing broker advising her of her or his decision
51. Not do anything as there is an automatic default to agency
52. Declined to sign the addendum
53. Verbally informed the broker of her decision

Answer 49

3. Declined to sign the addendum

Question 50

50. According to the residential contract to buy and sell real estate, when a buyer is dissatisfied with the physical condition of the property or the inclusions after the inspection report, which of the following is correct?
51. The buyer must notify the seller of the requirement to correct or resolve them prior to the loan commitment deadline
52. If this satisfied by the sellers efforts to correct a physical condition the buyer may withdraw by notice to correct given to the seller no later than one day before the resolution deadline
53. The buyer may cancel the contract 4. Require the licensee to conduct a survey of the property under rule E–4.

Answer 50

3. The buyer may cancel the contract

Question 51

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Answer 51

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