Term
| If you have a listing agreement with a seller and decide you want to purchase the property yourself to keep as a rental property, you should |
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Definition
| have the seller release you from the listing, receive no commission, and advise the seller to seek other representation. |
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Term
| Which listing contract(s) allows the seller to sell the home without having to pay the broker? |
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Definition
| Exclusive Brokerage (Agency) Listing Addendum and Exclusive Right-to-Sell. |
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Term
| In the Exclusive Right-to-Sell Listing Contract what inquiries concerning purchase must be disclosed to the seller |
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Definition
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Term
| If the buyer, who has signed a buyer broker contract, finds a For Sale by Owner, what must the broker do |
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Definition
| he must tell the broker and let the broker set up the appointment and handle the negotiations. |
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Term
| Which leases contain an implied warranty of habitability |
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Definition
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Term
| When the earnest money will be held by an entity that is not a brokerage firm involved in the transaction, the Closing Instructions should be signed when |
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Definition
| by the time earnest money is delivered to the entity |
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Term
| What does Rule F apply to |
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Definition
| Any commission approved contract |
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Term
| The listing broker must deposit earnest money in an appropriate trust account when |
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Definition
| Within 3 business days after notice of acceptance of an offer |
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Term
| A promissory note for earnest money should be made payable to |
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Definition
| The listing brokerage firm |
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Term
| Can an employing broker delegate supervisory authority to another experienced broker |
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Definition
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Term
| In a listing form can a seller choose to not provide a property disclosure form |
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Definition
|
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Term
| What should a broker do if the seller declines to provide a property disclosure form |
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Definition
| the broker should tell the seller that the buyer will request the form with the offer |
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Term
| The parties to the approved listing form agree to _______________if there is a dispute about the listing |
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Definition
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Term
| Who does the contract indicate pays mediation fees |
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Definition
|
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Term
| ________________________ must verify square footage |
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Definition
|
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Term
| Can a designated broker buy their own listing |
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Definition
| no, they must use a different broker to sell the property |
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Term
| Who is bound by the Licensee Buy Out Addendum to the Contract to Buy and Sell |
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Definition
| The buyer who signs the form and the brokerage firm if the supervising broker signs the form |
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Term
| What must a buyers agent do when arranging to show a For Sale By Owner property |
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Definition
| must use the approved Brokerage Disclosure to Seller (FSBO) form |
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Term
| Should the seller sign the original contract when a Counterproposal is used |
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Definition
| No, only sign the counterproposal |
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Term
| What dates should a broker fill out when filling out a counterproposal form |
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Definition
| Only the dates that have changed |
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Term
| Can computer generated versions of the approved forms be altered |
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Definition
|
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Term
| When is the Amend/Extend Contract with Broker used |
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Definition
| to extend the terms of the listing agreement |
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Term
| What does the Commission Approved Deed of Trust form have options for |
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Definition
1) Assumable Deed of Trust
2) Strict Due On Sale Deed of Trust
3) Assumable if Creditworthy Deed of Trust |
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Term
| When must the seller supply the lead base paint disclosure, if required |
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Definition
| prior to accepting an offer |
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Term
| When does the broker have to remove the hold over provision |
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Definition
| In a single party listing |
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Term
| When does the buyer represent that they have received the lead base paint disclosure, if required, _________. |
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Definition
|
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Term
| What does Rule F allow for |
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Definition
| brokers are permitted to fill in the blanks of pre-printed, standardized forms, brokers are required to use Commission-approved forms unless written by the broker's attorney, No modifications can be made to commission approved forms, except as indicated in Rule F. The attorney may draft transaction specific documents only. |
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Term
| Where are dates and deadlines found in the Contract to Buy and Sell |
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Definition
|
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Term
| When does the real estate commission investigate licenses |
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Definition
| if there is a written complaint or if the commission moves to do so without complaint |
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Term
| What happens to a licensee if payment is made from the recovery fund for a judgment against a licensee |
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Definition
| They automatically lose their license |
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Term
| What can a broker do if they receive interest in their trust accounts |
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Definition
1) pay the buyer the interest if the property sells
2) pay the buyer the interest if the property does not close.
3) transfer the interest earned to an affordable housing fund. |
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Term
| What must a broker do when using a trade name |
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Definition
| Any broker using a trade name owned by another shall clearly include said broker’s name in a conspicuous manner |
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Term
| The MAXIMUM time allotted for a foreclosure sale through the Public Trustee's office after notice of election to foreclose has been publicized is: |
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Definition
|
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Term
| When can an unlicensed assistant fill in blanks on forms |
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Definition
| When the broker provides all of the information |
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Term
| When selling a home built prior to Jan. 1, 1978, who is responsible for providing (to a potential buyer) the EPA pamphlet? |
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Definition
|
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Term
|
Definition
| When it is signed by the seller and broker |
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Term
| In the Contract to Buy and Sell, who pays the appraisal fee |
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Definition
|
|
Term
| When can a buyer withdraw an offer |
|
Definition
| any time until they learn of acceptance |
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Term
| Can a broker and seller make a binding oral agreement to extend the term of the listing |
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Definition
|
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Term
| What must a broker do when using an outside source for square footage in a marketing brochure |
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Definition
| disclose the source of the information |
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Term
| Whose signed permission is needed to extend the deadline date for loan conditions |
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Definition
|
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Term
| Brokers need to have ___________ sign disclosure forms to prove the form was received. |
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Definition
|
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Term
| The Commission Approved Deed of Trust form has options for what |
|
Definition
1) Assumable Deed of Trust
2) Strict Due on Sale Deed of Trust
3) Assumable if creditworthy Deed of Trust |
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Term
| What is personal property transferred by |
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Definition
|
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Term
| What happens if the buyer fails to redeem the Earnest Money Promissory Note |
|
Definition
| they will be liable for all reasonable costs of collections |
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Term
| What is the limit on an Earnest Money Promissory Note |
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Definition
|
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Term
| What can be put in the additional provisions sections of the Contract to Purchase |
|
Definition
| transaction specific items negotiated between the parties |
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Term
| What rule is violated if a broker who drafts a non-negotiated addendum to the Contract to Buy and Sell |
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Definition
|
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Term
| When using a title company, the Closing Instructions form is used by brokers for what purpose |
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Definition
| to hire title companies to complete legal forms |
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Term
| Where must carbon dioxide detectors be placed |
|
Definition
| within 15 feet of the entrance to each room lawfully used for sleeping when the home is marketed for sale |
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Term
| Who prosecutes you if you practice real estate without a license |
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Definition
|
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Term
| What must an individual who charges a fee to sell options on real estate have |
|
Definition
| a real estate brokers license |
|
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Term
| if for a fee you offer to sell a gas lease, do you need a license |
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Definition
|
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Term
| Who maintains the real estate recovery fund |
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Definition
|
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Term
| What is the recovery fund used for |
|
Definition
| payment of out-of-pocket losses and reasonable attorney fees to the public in civil suits against licensees. |
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Term
| What was the reasoning behind the creation of the "single licensing law" |
|
Definition
1. to bring the law in line with actual practice.
2. to stop the practice of a new real estate broker working independently, as their own company. |
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Term
| A state-run program where real estate license fees are used in part to pay non- collectible judgments against licensees is a |
|
Definition
|
|
Term
| The licensing law sets a standard for |
|
Definition
|
|
Term
| At the time of closing, the commission check can be made out to |
|
Definition
| to the brokerage company (employing broker) |
|
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Term
| The number of hours of continuing education you must complete to renew your license every three years is |
|
Definition
|
|
Term
| The Commission position on earnest money deposits states that |
|
Definition
| if transaction fails to consummate and there is no dispute, earnest money should be returned to buyer without seller's written authorization. |
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Term
| Does owning a motel require a real estate license |
|
Definition
|
|
Term
| If a seller refuses to sell and pay a commission to the broker, the broker should |
|
Definition
| go to court to prove a claim. |
|
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Term
| There are ____ Colorado real estate commissioners who are appointed by the ________. |
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Definition
|
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Term
| What did the court rule in the Colorado Bar Association versus the Title Guaranty Company |
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Definition
| title companies, unlike real estate brokers, could not prepare legal documents for others. |
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Term
| The Colorado Fair Housing Act does not prohibit discrimination based |
|
Definition
|
|
Term
| The maximum civil penalty for a first offense concerning housing discrimination is |
|
Definition
|
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Term
|
Definition
| is an owner of a parcel of land that has been subdivided into 20 or more residential lots |
|
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Term
| Additional Provisions can be used to add |
|
Definition
1) transaction-specific terms that result from negotiations
2) transaction-specific terms that result from the instructions of the parties to the contract |
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Term
| Which rule covers the Colorado Real Estate Commission's rules governing approved forms. |
|
Definition
|
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Term
| What language must be stated in Addendums to contracts? |
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Definition
| "This addendum has not been approved by the Colorado Real Estate Commission. It was prepared by (insert licensed name of broker or brokerage firm)." |
|
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Term
| The Uniform Power of Attorney Act was created to |
|
Definition
| insure to third parties that they can rely upon the actions of the agent (who is created by the power of attorney). |
|
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Term
| A subdivision is created if |
|
Definition
| a residential property is divided into more than 20 real property interests. |
|
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Term
| You are considered _______________ if you promote the sale or lease of a subdivision. |
|
Definition
|
|
Term
| What gives power to the association to create a lien on the property if association dues are not paid. |
|
Definition
| The Colorado Common Interest Ownership Act |
|
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Term
| You may refuse to rent to a disabled person if |
|
Definition
| the disabled person demands you make reasonable modifications at your cost. |
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Term
| The Colorado Fair Housing Act does not apply to |
|
Definition
| owners renting out a room in their personal home |
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Term
| If a broker has a buyer and seller sign a purchase contract that is no longer the current Commission approved form the contract is |
|
Definition
|
|
Term
| Who may not write a prepared addendum for the Commission- approved Buy and Sell contract |
|
Definition
| Broker who is acting as an agent |
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|
Term
| A licensee working with a tenant as a tenant agent must |
|
Definition
| use a Commission approved Exclusive Tenant Contract |
|
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Term
| Who does not have an obligation to inform the seller of buyer's financial inability to perform the contract? |
|
Definition
|
|
Term
| The __________________ determines the relationship between the public and the employed brokers |
|
Definition
|
|
Term
| When the public enters into a brokerage relationship, the relationship is with who |
|
Definition
|
|
Term
| A broker who is engaged by only one party to a real estate transaction is known as a |
|
Definition
| single agent or limited agent |
|
|
Term
| What must the written disclosure of brokerage relationships |
|
Definition
| a signature line for the customer/client to sign |
|
|
Term
| If the agreement by which the broker was engaged is not performed or completed for any reason, the relationship shall end no later than |
|
Definition
| 1 year after date of engagement |
|
|
Term
|
Definition
| a broker who is engaged by only one party to a real estate transaction |
|
|
Term
| In an Exclusive right to Sell Contract, if a buyer forfeits his earnest money check, who gets it |
|
Definition
| the seller must split the earnest money equally with the listing broker. |
|
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Term
| What must a licensee do to make a change to a contract, |
|
Definition
| use an amend/extend contract |
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|
Term
| What contract would use the term "exclusive, irrevocable contract?" |
|
Definition
|
|
Term
| The Contract to Buy and Sell provides that faxed signatures may be acceptable for negotiations… |
|
Definition
| if the parties agree to use faxed signatures |
|
|
Term
| The Contract to Buy and Sell contains a provision to make it contingent on an appraisal being |
|
Definition
| At least as high as the selling price |
|
|
Term
| What is considered a receipt for earnest money |
|
Definition
| When the buyers broker sings the contract |
|
|
Term
| When the parties have a dispute about the earnest money |
|
Definition
| The broker may interplead the matter and send the parties to court |
|
|
Term
| What is the walk-through inspection, called for in the Contract to Buy and Sell, used for |
|
Definition
| to verify that the condition of the property meets the requirements of the contract |
|
|
Term
| Can a deed of trust be used as earnest money |
|
Definition
|
|
Term
| According to the contract to Buy and Sell Real Estate, if a buyer will seek a new VA-guaranteed loan, the value of the property is established by: |
|
Definition
| the Veteran's Administration |
|
|
Term
| If a Lead-Based Paint Disclosure (Sales) form is not completed and signed by the Seller and required real estate licensees prior to the parties signing the Contract to Buy and Sell Real Estate, |
|
Definition
| the purchase contract is void |
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Term
| If a seller has actual knowledge that the property is in foreclosure, the seller must fill out the Contract to Buy and Sell Residential (CO Foreclosure Protection Act) when |
|
Definition
| Only if the property is residential and the buyer is an investor |
|
|
Term
| A water right that entitles the owner to divert a specified flow of water from its source for immediate use is a: |
|
Definition
|
|
Term
| A stock pond built on large acreage is owned by |
|
Definition
| the citizens of the state of Colorado unless adjudicated. |
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