Practice CO Exam Questions Flashcards
The main purpose of the approved closing instructions form is to
Allow the seller and buyer to hire the closing company
Also, for the listing broker to hire the closing company as a scrivener to complete legal documents for the brokerage firm
The closing instructions is a three party agreement between the buyer seller and
Title company
This form is used by the seller and buyer to hire the title company to complete the closing
The buyers closing statement is given reviewed and signed by the
Buyer and their designated broker
The closing dates and deadlines in terms are created by
Contract to buy and sell
What are the advantages and disadvantages of seller financing?
The advantages are lower interest rates, easy qualification, and no closing fees while a disadvantage is the shorter term
The right to cure period for nonagricultural property is
110-125 days
How often must active brokers take an annual commission update course?
Once every year during the three-year renewal.
A taxpayer can redeem property sold at a property tax sale up to..
Three years after the sale
If there is a dispute on which fair housing act my apply at a state, federal or or local level…
The strictest Wallapai
How much does a closing entity with hold for income taxes?
Withholding is the lesser of the sellers net proceeds or 2% of the sales price
Colorado law requires buyers to be notified of the source of water for residential properties. How does the buyer received this notice?
Sellers property disclosure or water addendum
I license is required
To receive payment for assisting in the transfer of real property
Good friends would include all of the following, except…
Wire transfer
a tellers check
a title insurance company check or
a cashiers check
A title insurance company check
Personal checks are not allowed, which would include company checks, business checks, or money market checks
Once a company manages more than six rentals, how many trust accounts must they have and what are they?
They are required, have three accounts,
earnest money,
rental management, and
security deposit
Who returns all closing documents to the employing broker and when?
By the associate broker immediately following closing
