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
Q

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

A
  • Not in writing

- Must be signed by both parties

2
Q

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

A

writing;
expression of consideration;
signed by the seller

3
Q

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

A

void;
voidable;
unenforceable

4
Q

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

A

signatures;
initial;
disciplinary action;
civil penalty

5
Q

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

A

Commission-approved contracts.

6
Q

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

A

at or before

7
Q

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.

A

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

8
Q

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

A

30

unacknowledged deed

9
Q

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

A

lead

$10,000 per violation.

10
Q
  • 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.
A

essential

promise; legal value; promise.

Earnest Money