Test Prep/Day Three Flashcards
Two point and earnest money personal check must be:
a. Deposited into the listing brokers escrow account within three days.
B. Deposited into the brokers trust account three business days after receiving notice of contract acceptance.
C. Held by the cooperating selling agent until the contract is excepted. D. Brought to the closing if it is to redeem a promissory note.
B. Deposited into the brokers trust account three business days after receiving notice of contract acceptance.
- In Colorado, a buyer or seller who ask questions about a brokerage relationship not offered by a real estate broker:
A. Must be given oral disclosure of the brokerage relationship.
B. Is not entitled to an explanation.
C. Must be provided with only the written definition of the brokerage relationship offered by the broker.
D. Must be provided with the definitions of the real estate brokerage relationship as approved by the Colorado real estate commission.
D. Must be provided with the definitions of the real estate brokerage relationship as approved by the Colorado real estate commission.
Four. The Colorado real estate commission approved listing forms provided for:
A. The broker to disclose any known adverse material facts about the property.
B. Brokers to receive a 5% commission.
C. A listing term of 90 days.
D. A holdover provision of 120 days
A. The broker to disclose any known adverse material facts about the property.
Five. According to the Colorado brokerage relationship law, the seller’s agent may not disclose which of the following to the buyer?
A. All adverse material facts about the property.
B. All adverse material facts about the title to the property.
C. All of adverse psychological impacts her stigmas on the property. D. All environmental hazards affecting the property are required by law to be disclosed.
C. All of adverse psychological impacts her stigmas on the property
Six. A buyer uses a promissory note in lieu of an earnest money deposit. The note must be: A. Payable in full at closing B. Secured C. Identified in the sales contract. D. Guaranteed by the broker.
C. Identified in the sales contract.
Seven. Which of the following contracts is not governed by rules F? A. Sale of a 20-year-old house.
B. Sale of the warehouse.
C. Sale of a vacant lot.
D. Sale of newly constructed house with warranties.
D. Sale of newly constructed house with warranties.
Eight. Broker should do which of the following for the buyer? A. Estimate closing cost. B. Recommend the form of ownership. C. Give an opinion as to title. D. Appraise the property.
A. Estimate closing cost.
Nine. The seller is caring back a loan. Which of the following does not apply?
A. The seller may require a prepayment Pallotine.
B. The seller may require a credit report on the buyer.
C. The seller may require the buyer to pay discount points.
D. The seller may release the buyers credit history to other lenders.
D. The seller may release the buyers credit history to other lenders.
- In terms of the lead-based paint closet in the Colorado probe residential sales contract, lead-based paint disclosure – sales form must be signed by the seller and required licensee if the house:
A. Was built prior to January 1, 1978.
B. Building permit was issued prior to January 1, 1978.
C. Was approved for an FHA loan, no matter when it was built.
D. Is to be used by a family with children.
B. Building permit was issued prior to January 1, 1978.
- In the sale of a commercial property, the Colorado approve sales contract commercial provides that a lead-based paint disclosure must be signed by the seller and listing broker and submitted to the buyer in which of the following situations:
A. If the commercial building was built prior to January 1, 1978.
B. If a certificate of occupancy was issued prior to January 1, 1978.
C. If a building permit for commercial building was issued prior to January 1, 1978.
D. No disclosure is provided for by the commercial contract unless the improvements consist of a residential dwelling on the property.
D. No disclosure is provided for by the commercial contract unless the improvements consist of a residential dwelling on the property.
- If the landlord fails to return the tenants security deposit within 60 days provided for in the relet written lease, and it later transpires that the landlord had no claim for any damages from the tenant, Colorado law provides for:
A. Repayment of the security deposit and a penalty of not more than $5000. B. Repayment of the security deposit and a final three times the amount of the deposit.
C. Repayment of the security deposit and three times the amount of the deposit as damages.
D. An interpleader prior to any damages awarded
C. Repayment of the security deposit and three times the amount of the deposit as damages.
- And out-of-state broker calls and employee licensee and request him/her to manage some apartments which he owns in Colorado. The licensee should:
A. Open a trust account in his/ her name and pay any security deposit into it
B. Deposit all rents into the brokers business account.
C. Deposit all rents into a trust account opened in the name of the out-of-state broker.
D. Ask his/her broker to communicate with the out-of-state broker and set up a management agreement with separate escrow account
D. Ask his/her broker to communicate with the out-of-state broker and set up a management agreement with separate escrow account
- A buyers agent must disclose to the seller:
A. Facts concerning the buyer’s financial ability to perform the contract.
B. The fact that the buyer is prepared to pay more than the list price.
C. The buyers credit history.
D. The buyers marital status.
A. Facts concerning the buyer’s financial ability to perform the contract.
- The buyer or seller may be required to pay any of the following closing costs except:
A. The legal fees of the attorney of the buyer or seller.
B. Loan settlement fees.
C. Recording fees.
D. Title company fees for legal document preparation.
D. Title company fees for legal document preparation.
- The licensee buyout addendum must be used at the listing broker:
A. Offers to purchase the listing property and continue to market the property.
B. Offers to purchase a property listed by another broker.
C. Offers to sell the property to a buyer who has employed him as an agent.
D. Offers to sell his property to his employing broker.
A. Offers to purchase the listing property and continue to market the property.
