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State Final
| Question | Answer |
|---|---|
| According to the lead-based paint disclosure provision, contained in the Residential Contract to Buy and Sell, which of the following is correct if the building permit for a residential improvement was issued prior to January 1, 1978? | The contract is void unless disclosure is signed by the seller and brokers prior to the parties signing the sales contract. |
| The taxes on a house valued at $60,000 are $450.00. The tax ratio is 16%. What are the taxes on the house next door with a market value of $75,000? | $450 / $60,000 = .0075 X $75,000 = $562,50 |
| According to the Exclusive-Right-to-Sell Listing Contract, which of the following is true with regard to fixtures listed on the approved form? | they are included if attached on the date of the listing unless specifically excluded by the seller Unless excluded by the seller, all fixtures will be included |
| A father and son own land as joint tenants. The father conveys one half of his interest to his daughter. Ownership would now be held by: | father, son and daughter as tenants in common |
| LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation relating to this Contract, prior to or after Closing Date (§ x), the arbitrator or court must award to __________________________ | the prevailing party all reasonable costs and expense |
| RESPA applies to the activities of: | lender's financing the purchase of a borrower's residence |
| Licensees are NOT required to use the Licensee Buyout Addendum to Contract to Buy and Sell under which of the following circumstances? | When an agent decides to purchase a property listed by another broker |
| In a net loan proceeds settlement sheet, the net loan amount is shown as a: | Debit broker single entry |
| A real estate license, or license for a broker who is working for another broker, may be issued: | To a woman using her birth name |
| The payoff of an existing loan appears on a closing statement as a: | Debit to the seller Sellers are charged for paying off their existing loan. Debit Seller. The corresponding entry is Credit Broker so that a check will be sent to the sellers lender. |
| What is the status of a broker who moves his office down the street but does not notify the Real Estate Commission? | The broker and all of his agents licenses are inactive |
| Fixtures listed on the approved Colorado exclusive right to Sell Listing contract will be included | If attached on the date of the listing unless specifically excluded by Seller |
| An appropriate duty for an agent but not a transaction broker would be: | Counseling as to material benefits and risks |
| All of the following are true in the Colorado Right to Buy Contract except: | That the broker may be compensated by the seller Correct -> Allows for the broker to be an agent for the sellers as well as the buyers Your Choice -> May provide that the broker be paid an hourly rate Must have definite termination date |
| If the closing is March 15, and last years taxes of $1127 were not paid; how is this shown on the settlement sheet? | $1127 debit to the seller, credit to the broker |
| The law requiring real estate contracts to be in writing to be enforceable is called the | statute of frauds |
| In the event of a lawsuit arising from a Commission-approved Purchase/Sale Agreement, a court must necessarily | award damages and court costs to the prevailing party |
| As the buyers agent is filling out a Contract to Buy and Sell, the agent asks the young married buyers how they want to take title. The buyers are not sure. The buyer’s agent should | Leave the choice blank and advise the couple to seek legal counsel and inform the agent of their choice later. |
| A real estate broker shall NOT engage in any of the following acts: | preparing legal documents as a courtesy for the seller of a for a sale by owner transaction |
| In Colorado, all of the following would be required to obtain a real estate license except: | an real estate option dealer an employing broker an apartment manager (non-resident) * an attorney acting in the litigation of real estate, for his client |
| Under "vicarious liability" in Colorado: | The principal is liable only for acts of the agents that the principal has approved, directed or ratified. |
| The Seller holds security deposits in the amount of $1,000 from each of six tenants. On the settlement sheet: | Debit Seller & Credit Buyer $6,000 |
| Proper disclosure of working relationships must be made: | in writing |
| A counterproposal: | amends the terms and conditions of a proposed contract to buy/sell |
| Which does the buyer have to disclose to the seller when using the Licensee Buyout Addendum? | That the Buyer stands to make a profit That the Buyer is exposed to possible losses and expenses That the property may be immediately sold by the Buyer Correct -> All of the above are required disclosures |
| Under Commission Rule F, all of the following are approved forms except: | Contract to Exchange Real Estate Agreement to Amend/Extend Contract * Business Opportunity Agreement Change of Status |
| A licensee may negotiate the terms upon which to take a future listing when: | the licensee is contacted by a seller |
Created by:
DrRickyRoope
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