Test Prep/Day One

Question 1

Two. A broker who represents the seller in selling an option in real estate:
A. Requires a real estate brokers license.
B. Requires a registered mineral rights option license.
C. Does not require license if the options and he does not pay more than $100,000 for the option.
D does not require a licensed under any circumstances.

Answer 1

A. Requires a real estate brokers license.

Question 2

Three. I’ll Colorado real estate licenses expire on.
A. December 31
B. January 1
C. June 16
D. every three years on your initial anniversary date

Answer 2

D. every three years on your initial anniversary date

Question 3

Four. A broker may substitute the 24 hour mandatory continuing education requirement by:
a. Undergoing a mandatory transitional course approved by the commission.
B. 14 hours of broker administration training approved by a Rello
C. successfully passing the uniform section of the state exam
D. successfully passing the Colorado portion of the state exam

Answer 3

D. successfully passing the Colorado portion of the state exam

Question 4

Five: an agreement to amend and extend a sales contract can be used to:
A. period ending a listing. 
B. Interrupt meditation. 
C. To change a closing date. 
D. Qualify a loan application

Answer 4

C. To change a closing date.

Question 5

Six. And employing broker is required to do which of the following for a newly qualified broker?
A. Provide a mentor.
B. Sign all contracts prepared by the broker.
C. Attend all closings of transactions involving the broker.
D. Provide an appropriate level of supervision.

Answer 5

D. Provide an appropriate level of supervision

Question 6

Seven. All of the following are regulated by license law except: 
a. Brokers qualifications 
B. Recordkeeping 
C. Contracts 
D. Ethical standards

Answer 6

D. Ethical standards

Question 7

Eight. Colorado licensing law requires errors and omissions insurance for legal entities as follows:
A. a broker corporation only
B. The broker limited liability company only.
C. The corporation or limited liability company broker and the broker applying for the license.
D. No insurance is required unless the broker has a trust account.

Answer 7

C. The corporation or limited liability company broker and the broker applying for the license.

Question 8

Nine. If you are an associate broker, you must:
a. Have been licensed and active for at least two years.
B. Having attended a three day brokerage administration course.
C. Be at least 18 years old.
D. Have an approval proved office policy manual.

Answer 8

C. Be at least 18 years old.

Question 9

10. The buyer or seller cannot be required to pay the title company:
    a. Fees for a legal document preparation.
    B. Notary charges.
    C. Closing cost.
    D. For obtaining a tax certificate.

Answer 9

a. Fees for a legal document preparation.

Question 10

11. All real estate license is due for renewal expire:
    a. Four years after issue.
    B. January 1.
    C. December
    D. Three years from initial licensing date

Answer 10

D. Three years from initial licensing date

Question 11

12. And employing broker can delegate his supervisory function to:
    a. And employee broker with one year of experience.
    B. A license key with 11 years experience.
    C. And employing broker may not delegate supervisory function.
    D. And office manager who is also an accountant.

Answer 11

B. A license key with 11 years experience.

Question 12

One. According to the Colorado brokerage relationship law, all of the following are true except:
A. A buyer agency agreement must be in writing.
B. An agency agreement with the seller must be in writing.
C. All brokers will be deemed to be subagents of the seller without an agreement to the contrary.
D. Transaction broker relationships may be created without written contracts.

Answer 12

C. All brokers will be deemed to be subagents of the seller without an agreement to the contrary.