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VanEd Summary Exam Questions with complete solution 2024_2025
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VanEd Summary Exam Questions with complete solution 2024_2025
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VanEd Summary Exam Questions withcomplete solution 2024/2025
the "Common Interest Community Governing Documents" subsection of the
residential sales contract requires the "Governing" and "Financial" documents be
delivered to buyer on or before the title Deadline by the: - ANSWER-seller
A major purpose of Commission Rule F is to: - ANSWER-help brokers comply
with the Colorado Supreme Court Conway-Bogue decision.
A heavily encumbered property sells for $200,000.00 with anticipated total cash
proceeds to the out-of-state seller of $2,600. If the Seller is subject to the
Colorado Department of Revenue Withholding Tax, the closing must withhold: -
ANSWER-$2,600
-Withhold 2% or the amount of the proceeds, whichever is less
If a Seller carries back $12,000 at 10 percent interest and closes on July 9 with the
first loan payment due September 1, the interest on the new loan on the
settlement worksheet will be: - ANSWER-Debit Buyer $75.62
Credit Seller $75.62
Prorations $12,000 x .1 = $1,200 (annual interest) $1, = 3.28 (daily
interest) x 23 (days in July that the buyer lived in the home) Debit buyer, Credit
seller (hint: carryback is calculated like a new loan)
upon finding an unsatisfactory provision within the common interest community
documents the buyer: - ANSWER-must give written notice of any unsatisfactory
provisions to the seller by the CIC Documents Objection Deadline to terminate
the contract.
,On a new commercial loan closing, if last year's taxes were unpaid they would
MOST LIKELY be: - ANSWER-deducted from the gross loan and paid by the
lender
Last year's taxes were $2,400.04. The settlement worksheet entries for current
year's tax proration on a September 9 closing are: - ANSWER-$1,650.44 Debit
Seller & Credit Buyer
-last year's taxes were $2,400.04.The settlement worksheet entries for current
year's tax proration on a September 9 closing are $1,650.44 ($2400.04 /365 x 251
days) Debit Seller & Credit Buyer.
A BUYER's right to a specific performance remedy in the event of seller default in
the Commission- approved Contract to Buy and Sell Real Estate: - ANSWER-
Always granted unless deleted
If a completed Lead-Based Paint Disclosure form is not attached to a sales
contract in which a building permit for a residential dwelling was issued prior to
January 1, 1978, the contract is? - ANSWER-void
According to the Commission-approved Contract to Buy and Sell Real Estate, a
buyer must notify the seller of buyer's inability to get a loan commitment on or
before the: - ANSWER-loan objection deadline
A Notary Public charge of $5.00 to notarize the warranty deed will be on the
statement of settlement as a debit to the: - ANSWER-seller
Who licenses Mortgage brokers in the state of Colorado? - ANSWER-division of
real estate
What is the latest date by which a broker's ownership interest in a third party
such as title or mortgage company, MUST be disclosed; - ANSWER-at the time of
signing the contract to buy and sell
When using an Exclusive Right to Sell Listing contract - ANSWER-The designated
broker is given permission to disclose confidential information of seller to the
supervising broker.
-This allows the supervising broker to give advice concerning the transaction,
when needed, to the broker associate.
, The office policy states that the brokerage company allows both agency
relationship and transaction broker relationship. There are three Broker
Associates in the company. Mary, Marc, and John. Mary has a listing on 987 13th
street as a transaction broker. Mary receives a floor call on her listing. - ANSWER-
Mary can be hired by the potential buyer as a Transaction Broker since both
seller and buyer agree to have Mary act as a transaction broker for both.
-If an agent of the seller wants to also have a brokerage relationship with a
potential buyer of the agent's listing, the agent must get permission from the
seller to act as a TB for both seller and buyer. If the seller does not give
permission, the buyer must be treated as a customer. The buyer can hire
someone else to represent him/her. However in this scenario the broker has been
hired as a TB so can work with the buyer as a tb too!
A licensee will immediately become inactive if he/she - ANSWER-Has not given
proper notice to the commission regarding a change of business address or
employment
The commission will, when becoming aware that a licensee has failed to maintain
possession of transaction records for a period of four years - ANSWER-Impose
an administrative fine not to exceed two thousand five hundred dollars for each
separate offense
A counter offer is used for all of the following EXCEPT - ANSWER-To extend the
listing agreement with the listing broker
in case of an earnest money dispute, the _______________ directs the title
company how to handle the earnest money deposited with them. - ANSWER-
Closing Instructions
The Exclusive Right to Sell listing contract is between - ANSWER-the seller and
the brokerage firm
Designated brokerage does NOT include: - ANSWER-a real estate brokerage firm
that consists of only 1 licensed natural person
A real estate broker shall NOT engage in any of the following acts: - ANSWER-
preparing legal documents as a courtesy on a for sale by owner transaction
the loan balance being assumed by the buyer is: - ANSWER-debit seller
credit buyer
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