Test Prep/Day Four Flashcards
Two. A contract signed by a person under 18 years of age and Colorado is: A. Void B. Voidable C. Valid D. None of the above
B. Voidable
Three. Which of the following is not true of the Colorado real estate commission standard and approved exclusive right to buy contract/buyer agency?
A. It must have a definite termination date.
B. It may provide that the broker be compensated at an hourly rate.
C. It allows the broker to present the sellers as well as the buyer.
D. It may provide that the broker be compensated by the seller.
C. It allows the broker to present the sellers as well as the buyer.
Five. Trust account balances are not shown on: a. The journal B. The ledgers C. The bank statement D. The reconcile bank statement
C. The bank statement
Six. And office policy manual is required to regulate which of the following? A. Commissions. B. agency relationships C. Office meetings D. Quarterly income tax payments
B. agency relationships
Seven. Which of the following statements is true?
A. The broker must measure the listed property personally.
B. The broker must safely rely on any county measurements.
C. Only an appraiser made measure the property.
D. The broker must disclose the source of any measurement used in writing.
D. The broker must disclose the source of any measurement used in writing.
Eight. Colorado licensing law provides that the broker:
A. Must measure the subject property himself.
B. May rely completely on county records.
C. Must disclose the source of measurements in writing if the broker did not measure the property himself. D. Must utilize the Boma method of measuring.
C. Must disclose the source of measurements in writing if the broker did not measure the property himself.
Nine. The commission may investigate on its own motion all of the following except:
A. A failure by a real estate broker to pay earnest money into an escrow account.
B. Failure by real estate broker to provide a buyer who request information brokerage relationships with the commission approved brokerage relationship definitions.
C.A failure by real estate broker to ensure that all agency contracts have a definite termination date.
D. A failure to disclose that a property may be impacted by a psychological stigma.
D. A failure to disclose that a property may be impacted by a psychological stigma.
- When earnest money is subject to a dispute, the broker:
a. Must interplead
B. My subject to arbitration.
C. May hold the disputed earnest money pending any proceedings.
D. Must obtain permission from a mediator to pay out any earnest money.
C. May hold the disputed earnest money pending any proceedings
- When is it acceptable for a licensee to except a fee from a lender for placing a loan?
A. On any transaction as long as he does not tell anyone.
B. On a conventional loan were sellers pays and origination fee.
C. On any FHA or VA loan.
D. On any transaction as long as the licensee is not earning a commission on the sale as well.
D. On any transaction as long as the licensee is not earning a commission on the sale as well.
- When advertising as a franchise for a large national real estate group, the broker must include:
A. The broker’s telephone number and address.
B. The broker’s name as licensed in Colorado.
C. The franchisors name and address.
D. None of the above.
B. The broker’s name as licensed in Colorado.
- The main purpose of Rule F is:
A. To ensure that realtors follow the rules regulatory commission.
B. So that attorneys do not have to be a consultant.
C. To help brokers comply with Conway Bogue decision.
D. To help brokers make sales more efficiently.
C. To help brokers comply with Conway Bogue decision.
1. With respect to contract to purchase real estate, the age of the majority in Colorado is: A. 16 years B. 18 years C. 20 years D. 21 years
B. 18 years
