Real Estate Colorado Practice Exam Questions Solved Correctly.
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Course
Colorado Property & Casualty
Institution
Colorado Property & Casualty
Who will not have a copy of the listing agreement?
Seller
Listing broker
Buyer's agent
Listing agent - Answer Buyer's agent
Mr. and Mrs. Snively have a contract to purchase a home for $257,000. A hailstorm damaged the roof to the tune of $27,500 before closing. What remedy does the...
Real Estate Colorado Practice Exam
Questions Solved Correctly.
Who will not have a copy of the listing agreement?
Seller
Listing broker
Buyer's agent
Listing agent - Answer Buyer's agent
Mr. and Mrs. Snively have a contract to purchase a home for $257,000. A hailstorm damaged the roof to
the tune of $27,500 before closing. What remedy does the buyer have?
Snively's can be entitled to credit for half the insurance proceeds resulting from the damage
Snively's broker can wait until the roof is repaired then make a decision whether they want to continue
with the contract
Snively's can demand that the roof be replaced prior to closing
Snively's have an option of whether they will or will not proceed with this contract - Answer Snively's
have an option of whether they will or will not proceed with this contract
You answered this question incorrectly
Which party should create an amend/extend because buyer needs more time for an inspection?
Selling agent
Listing agent
Lender
Title company - Answer Selling agent
,The broker is acting as a transaction broker. As a transaction broker, he/she is:
not responsible for any part of the closing
responsible for all aspects of the closing
to let the buyer beware
to let the seller beware - Answer responsible for all aspects of the closing
If a contract is signed under duress, it is:
Bleached
Discharged
Voidable
Void - Answer Voidable
How are court costs and legal fees handled if a dispute over the Residential Contract to Buy and Sell goes
to court?
They are split evenly between the parties.
They are awarded to the winning party.
They are awarded to the broker.
They are awarded to the losing party. - Answer They are awarded to the winning party.
According to RESPA, lenders must provide to applicants:
a booklet explaining all of the costs involved in owning a home
a good faith estimate of the fees that the title company will charge
minimum amounts that could be collected at time of closing
,maximum amounts that could be collected at time of closing - Answer maximum amounts that could
be collected at time of closing
All parties are presumed to have the legal capacity to enter into contracts. But certain persons, for
reasons of public policy or some disability, do not have full contractual capacity. All of these do not have
contractual capacity except:
minors
mental impairment
intoxicated persons
a person over eighty years old - Answer a person over eighty years old
When the employing broker of a corporate brokerage is suddenly unable to continue in that position, to
whom may the commission issue a temporary "hardship" license?
Aperson with sufficient ownership interest in the corporation
BColorado licensee approved by the corporate board of directors
Cmember of the board of directors
D officer or director with a broker's license from another state - Answer Colorado licensee approved by
the corporate board of directors
Form 1099-S shall be given to any seller of a transaction to:
report cash received over $10,000
evaluate the proceedings at closing
report income from the sale or exchange of property
report fees charged to seller - Answer report income from the sale or exchange of property
, An owner has refinanced his primary residence and decided to take cash out of the loan to buy a fixer-
upper. If the closing is scheduled for today (Monday) on the primary residence, How early can the owner
close on the fixer upper?
Right after the closing
Since he will get a check and since that check needs to be cashed, the earliest he can go buy is Thursday
Since the right of rescission is 3 days, he will not get the check until 3 business days after the closing
which would be Friday
Since the right of rescission is 5 days, he will not get the check 5 days from the closing, the earliest he
can buy is the following Monday - Answer Since the right of rescission is 3 days, he will not get the
check until 3 business days after the closing which would be Friday
Written disclosures regarding agency should be made:
at an open house
during small talk
responding to general factual information
when a licensee elicits or accepts confidential information from a buyer or tenant - Answer when a
licensee elicits or accepts confidential information from a buyer or tenant
Buyer Stanley hired broker Riley, to represent her through the process of purchasing a newer home.
After the offer is written, the broker for Stanley makes a copy of the earnest money check, but does not
deliver the copy or the check with the contract
Stanley has not made a legal offer because no consideration was given
Stanley has made a legal offer and Riley can hold the check without depositing it until the contract is
accepted
Riley need not deliver the check for 2 days regardless of the provisions in paragraph 4 negotiating who
will hold the earnest money deposit
Riley is subject to disciplinary action - Answer Stanley has made a legal offer and Riley can hold the
check without depositing it until the contract is accepted
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