Colorado Forms & Contracts (22 items, 30%) Flashcards Preview

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Flashcards in Colorado Forms & Contracts (22 items, 30%) Deck (10)
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1

Leasing contracts for 1+ yrs are void IF...
(2 items)
-Not....
-Must be...

-Not in writing
-Must be signed by both parties

2

All real estate sales contracts must be in ________ and are void unless there is a
written ____________ of ______________ and are _______ by the _________.

writing;
expression of consideration;
signed by the seller

3

Colorado makes oral contracts for sale and oral lease contracts for more than a year ______, rather than ________________ or ________________.

void;
voidable;
unenforceable

4

Failure of the broker to collect all ____________ and _______ required on the documents that are under the broker's control is subject to __________ _______ and a ______ _________.

signatures;
initial;
disciplinary action;
civil penalty

5

Brokers are not allowed to prepare legal documents other than __________ -__________ ________.

Commission-approved contracts.

6

When the brokerage firm holds the earnest money, the funds must be delivered to the closing entity ___ or ______ closing.

at or before

7

Colorado does not require a that a deed be _______________ (____________) before recording, but an _____________ deed can only be used as _____________ in court if it has been recorded for ___ years.

acknowledged (notarized);
UNacknowledged;
evidence;
10 years.

8

After ___ years, an unacknowledged deed has the same status as an....(2 words)

30
unacknowledged deed

9

Failure to disclose the presence of _____ paint is subject of a fine of up to $_______ per _________.

lead
$10,000 per violation.

10

*CONSIDERATION:*
-One of the _________ elements of a contract.
-A _________ or an act of ________ _________ bargained for and received in return for a ___________.
- ___________ ____________ is an example of consideration.

essential

promise; legal value; promise.

Earnest Money