Final Examination 202 – Colorado Flashcards

1
Q
  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
A
  1. Seller has relisted the property with another broker pursuant to an exclusive agency contract, and did something to earn a commission
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2
Q

Two. How many approve sales contract does Colorado have?

  1. 1
  2. 3
  3. 2
  4. 4
A
  1. 1
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3
Q

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
A
  1. The broker to disclose any adverse material facts about the propert
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4
Q

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
A
  1. And allows the broker to represent sellers as well as buyers
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5
Q
  1. Relationships as established by the Colorado brokerage relationship law continue –
  2. For six months from the date of engagement.
  3. For 90 days through the date of engagement
  4. Until performance or completion of the agreement by which the broker was engaged.
  5. Indefinitely
A
  1. Until performance or completion of the agreement by which the broker was engaged.
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6
Q
  1. A Colorado real estate licensee not required to maintain a written brokerage relationship office policy is – –
  2. A brokerage corporation
  3. A broker acting as sole proprietor without sales people
  4. A broker in the employ of another broker
  5. A broker for a limited liability company
A
  1. A broker in the employ of another broker
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7
Q
  1. If a non-– resident of Colorado sells the property for more than $100,000, who is responsible for collecting the 2% special tax
  2. The selling broker
  3. The seller
  4. The closing agent or closing company
  5. The lender of the lenders agents
A
  1. The closing agent or closing company
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8
Q
  1. A defeasance clause…
  2. Defeats a warranty
  3. Would eliminate the lenders claim on the lien
  4. Violates RESPA
  5. Clouds a title
A
  1. Would eliminate the lenders claim on the lien
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9
Q
  1. 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…
  2. 30 days
  3. 60 days
  4. 90 days
  5. 120 days
A
  1. 60 days
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10
Q
  1. J holds a portion of a renters deposit with good cause, but fails to notify the tenant of the reason…l
  2. Jay will lose his deposit.
  3. Jay may be liable for triple the total deposit
  4. Jay may keep the deposit without notification because it was retain for good cause
  5. Jay will be liable for one and a half the amount of the deposit wrongfully withheld.
A
  1. Jay will lose his deposit.
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11
Q
  1. The entire unpaid add the lower him taxes on a Colorado farm become delinquent on…
  2. April 30
  3. February 28
  4. July 31
  5. June 16
A
  1. June 16
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12
Q
  1. For how long does a broker have to keep records after a real estate closing in Colorado?
  2. 30 days
  3. One year
  4. Three years
  5. Four years
A
  1. Four years
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13
Q
  1. In Colorado when your real estate license is in active and you’re selling your own home, you must…
  2. This close when advertising that you used to have a license
  3. Disclose in contract or separate writing concurrently that you are licensed
  4. No disclosure is required provide it’s your own home
  5. No disclosure is required while your are inactive
A
  1. Disclose in contract or separate writing concurrently that you are licensed
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14
Q
  1. 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
A

One. When the deed is transferred.

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15
Q
  1. To renew a Colorado real estate license, the licensee must…
  2. Complete eight hours of continued education
  3. Complete 16 hours of continued education every year
  4. Complete 24 hours of continued education every three years are past the Colorado portion of the real estate exam
  5. Complete Colorado eight hoursof continued education each year for three years.
A
  1. Complete 24 hours of continued education every three years are past the Colorado portion of the real estate exam
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16
Q
  1. The Colorado real estate commission was born primarily to…
  2. Standardized testing
  3. Unify forms
  4. Regulate licenses
  5. Protect the public
A
  1. Protect the public
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17
Q
  1. Items added to the Colorado real estate commission approved contract to buy and sell real estate computerized (wordprocessor )contract must be…
  2. Capitalized
  3. Shaded print
  4. In different print
  5. In bold print
A
  1. In different print
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18
Q
  1. Colorado subdivision registration requirements do not apply to…
  2. Land consisting of 35 acres or more
  3. Condominiums
  4. Camping sites
  5. Cooperatives
A
  1. Camping sites
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19
Q
  1. In Arbitration dispute, which of the following is awarded attorneys fees?
  2. Losing party
  3. The prevailing party
  4. The instigator
  5. The escrow holder
A
  1. The prevailing party
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20
Q
  1. Which of the following does not fall within the purview of commission rule F?
  2. Open listing
  3. Installment Land contract
  4. Exchange contract
  5. Deed
A
  1. Installment Land contract
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21
Q
  1. 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…
  2. Litigate with prevailing party entitled to reasonable attorney fees and court costs
  3. Mediate with both party sharing the cost of the mediators
  4. Arbitrate with ball party sharing the cost of the arbitrators
  5. Submit the dispute to the real estate commissions dispute resolution system
A
  1. Mediate with both party sharing the cost of the mediators
22
Q
  1. 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…
  2. They are permanent fixtures
  3. They are never permanent fixtures
  4. They are very often rent it or least
  5. They are very expensive
A
  1. They are very often rent it or least
23
Q
  1. If an agricultural property is foreclosed, the owner has six months to redeem the property from…
  2. The date of election into man
  3. The date of the last advertisement in the newspaper
  4. The date of the re-– recording of the notice of election in demand.
  5. The date of the foreclosure sale.
A
  1. The date of the foreclosure sale.
24
Q
  1. 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…
  2. If the property is intended for any residential use
  3. If a building permit was issued prior to January 1, 1978
  4. Is the building permit was built prior to January 1, 1978
  5. If the property is intended for any residential use in a building permit was issued prior to January 1, 1978
A
  1. If the property is intended for any residential use in a building permit was issued prior to January 1, 1978
25
Q
  1. 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…
  2. $5320
  3. $14,120.
  4. $8800
  5. 2% of the loan amount.
A
  1. $5320
26
Q
  1. In Colorado, according to the statute of frauds, a verbal lease for nine months starting is six months would be…
  2. Unenforceable
  3. Illegal
  4. Void
  5. A unilateral contract
A
  1. Unenforceable
27
Q
  1. In Colorado, a debt on real estate, evidence by a principal promissory note, is usually secured by a…
  2. Mortgage
  3. Trust deed
  4. Chattel mortgage
  5. None of the above
A
  1. Trust deed
28
Q
  1. By Colorado statute, it is presumed there has been delivery of a deed when…
  2. There has been acceptance by the grantee.
  3. Both parties have signed the settlement sheet
  4. There has been acknowledgment and recording
  5. It is received by the grantor
A
  1. There has been acknowledgment and recording
29
Q
  1. On September 10 closing, with current property taxes at 2150, which of the following entries would be appropriate?
  2. Seller owes buyer $1484.38
  3. Seller owes the broker $1484.38
  4. Buyer owes the seller $665.62
  5. Buyer is the broker $665.62
A
  1. Seller owes buyer $1484.38
30
Q
  1. When must earnest money be deposited?
  2. Within three days of receipt
  3. Not later than the third business day after notice to buyer of acceptance
  4. Within 24 hours of receipt
  5. Within one month of receipt
A
  1. Not later than the third business day after notice to buyer of acceptance
31
Q
  1. An owner giving a bargain and sale deed is
  2. Implying he has the ownership interest.
  3. Avoiding foreclosure.
  4. Providing a dual warranty
  5. Providing marketable title
A
  1. Implying he has the ownership interest.

Check this one

32
Q
  1. Adverse possession may be claimed in Colorado after…
  2. 15 years
  3. seven years under color of title and payment of property taxes
  4. After five years under color of title
  5. After three years
A
  1. seven years under color of title and payment of property taxes
33
Q
  1. When would you use the licensee Buy out addendum?
  2. When offering that to purchase as sellers property within 60 days as an inducement for the seller to list with you.
  3. One offering to purchase a property listed with the employing broker.
  4. One purchasing property with the cooperate broker.
  5. When purchasing propertyfrom my sale by owner.
A
  1. When offering that to purchase as sellers property within 60 days as an inducement for the seller to list with you.
34
Q
  1. A developer doing a condo conversion into 30 residential units must
  2. Notify the existing tenants that the conversion will terminate their leases
  3. Register with the Colorado real estate commission prior to subdividing
  4. File a request with the state OACRS.
  5. Obtain permission from the interstate land sales development board
A
  1. Register with the Colorado real estate commission prior to subdividing
35
Q
  1. In Colorado closing, M gave a a deed, which containing only implied warranties. This was most likely a…
  2. Quick claim deed
  3. Bargain and sale deed
  4. Special warranty deed
  5. Sheriffs deed
A
  1. Bargain and sale deed
36
Q
  1. A broker representing a buyer must disclose to the seller…
  2. That the buyer will except alternative financing
  3. That the buyer will pay more than what his asking price
  4. That the buyer was credit problems which may affect his ability to pay the purchase price
  5. That the buyer intends to resell immediately
A
  1. That the buyer was credit problems which may affect his ability to pay the purchase price
37
Q
  1. How much of his own money is a broker permitted to deposit and retain in his trust account?
  2. $100
  3. $500.
  4. Enough to security account bank charges
  5. None
A
  1. Enough to security account bank charges
38
Q
  1. 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…
  2. Nine trust accounts
  3. One trust account
  4. Two trust accounts
  5. 10 trust accounts
A
  1. Two trust accounts
39
Q
  1. Tenancy at will…
  2. Terminates on sale of the property unless otherwise agreed
  3. Is not affected by the sale of the property
  4. Does not terminate on the death of the tenant
  5. Does not terminate on the death of the landlord
A
  1. Terminates on sale of the property unless otherwise agreed
40
Q
  1. 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?
  2. 230 days
  3. 215 days
  4. 115 days
  5. 125 days
A
  1. 215 days
41
Q
  1. What is the maximum time which must of laps after notice of election in demand before foreclosed agricultural property maybe sold?
  2. 125 days
  3. 215 days
  4. 230 days
  5. 110 months
A
  1. 230 days
42
Q
  1. 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…
  2. 1%
  3. 3%
  4. 21%
  5. 45%
A
  1. 45%
43
Q
  1. The main purpose of role F is…
  2. To ensure realtors follow the rules of regulatory commission
  3. So that attorneys have to be consulted
  4. To help brokers comply with the Conway-Bogue decision
  5. To help brokers make sales more efficiently
A
  1. To help brokers comply with the Conway-Bogue decision
44
Q
  1. 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…
  2. Required to an obtain a loan commitment in writing and will be released from the contract if one is not obtained.
  3. 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.
  4. Entitled to withdraw the loan or Sumption application at any time and give written notice to the seller that the contract is terminated.
  5. 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.
A
  1. 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.
45
Q
  1. In terms of the residential contract to buy and sell real estate, there are strict time limits within the buyer may review…
  2. Title documents
  3. County records
  4. The sellers credit report
  5. The appraisal obtained by the seller or lender
A
  1. Title documents
46
Q
  1. Real E – three requires that a broker leaving the employee of an owners association must…
  2. Nominate a substitute broker prior to leaving
  3. Give at least three weeks notice of intent to leave.
  4. Return all associational management record to the association or its designee
  5. Do all of the above
A
  1. Return all associational management record to the association or its designee
47
Q
  1. 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.
  2. At the time any time prior to closing
  3. At any time prior to the survey deadline
  4. Any time prior to the title deadline
  5. And any time prior to the governing documents and title objection deadline
A
  1. And any time prior to the governing documents and title objection deadline
48
Q
  1. All of the following are regulated by license law except…
  2. Brokers qualifications
  3. Recordkeeping
  4. Contracts
  5. Ethical standards
A
  1. Ethical standards
49
Q
  1. 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…
  2. Write a letter to the managing broker advising her of her or his decision
  3. Not do anything as there is an automatic default to agency
  4. Declined to sign the addendum
  5. Verbally informed the broker of her decision
A
  1. Declined to sign the addendum
50
Q
  1. 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?
  2. The buyer must notify the seller of the requirement to correct or resolve them prior to the loan commitment deadline
  3. 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
  4. The buyer may cancel the contract 4. Require the licensee to conduct a survey of the property under rule E–4.
A
  1. The buyer may cancel the contract
51
Q

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A

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