National PSI Real Estate Exam 2024 Questions Solved 100% Correc
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Course
PSI Real Estate
Institution
PSI Real Estate
What is Rule F? - Answer Requires that brokers use approved forms when applicable
Keeps brokers in compliance with the Conway-Bogue decision
What is Rule F-1? - Answer Permitted and prohibited forms modifications
- Brokers may not alter the standard language as approved
*Brokers may add informa...
National PSI Real Estate Exam 2024 Questions
Solved 100% Correct
What is Rule F? - Answer Requires that brokers use approved forms when applicable
Keeps brokers in compliance with the Conway-Bogue decision
What is Rule F-1? - Answer Permitted and prohibited forms modifications
- Brokers may not alter the standard language as approved
*Brokers may add information identifying the brokerage firm when the forms are
printed
Certain specific provision may be omitted from the approved form when it is printed if -
Answer those provisions do not apply to a particular transaction. The caption or heading
must be retained and the word OMITTED must be added after the caption
- Example, to omit the "Assumption" subsection: 4.6. Assumption. OMITTED
Approved forms must have a _________ __ __________ ________ on the first page -
Answer statement of Commission approval
What is Rule F-2? - Answer Requires that the "Additional Provisions" section of any form
include only transaction-specific agreements *resulting from negotiations between the
parties and be labeled as follows:
- "The following additional provisions have not been approved by the Colorado Real
Estate Commission"
,A broker who is not a party to a contract ___ ___ add personal provisions, personal
disclaimers, or exculpatory language in an addendum.
When would these be acceptable? - Answer MAY NOT
In an employment agreement where the broker is a principal party
Rule F-3 - Answer Any addenda used by a broker to explain or add to the terms of the
approved form must be carefully prepared as described in Rule F-3 and must contain a
disclaimer that the language of the addendum is not approved by the Colorado Real
Estate Commission.
Rule F-3 continued - Answer Rule F-3 Addenda: if a broker uses a preprinted or prepared
addendum that modifies or adds to the terms of a Commission-approved contract form,
and the addendum does not result from the negotiations of the parties, then such
addendum must be prepared by either
1. An attorney representing the broker or brokerage firm
2. A principal to the transaction
3. An attorney representing a principal party
Such addenda may not be prepared by - Answer the broker or brokers for the parties
TRUE OR FALSE: A broker who attaches an addendum to the Contract to Buy and Sell
that has NOT been negotiated between the seller and buyer would be in violation of
Rule F - Answer True
The commission has not approved forms for every transaction. There are no approved
_____ forms or forms for the various types of __________ _____. - Answer lease
conveyance deeds
, When should contract forms be filled out? - Answer WITH the party during negotiation,
not prior to.
Rule F does not apply to the following: - Answer 1. Contracts for new homes with
warranties
2. Contracts prepared by a subdivision developer
Attorneys may prepare contracts for any party in the transaction or, if requested, for the
brokerage firm in a ________ ___________. - Answer specific transaction
A brokerage firm is not allowed to have its attorney prepare contracts for _______ ___
__ ___ ____. The brokers would need to use __________-________ _____ - Answer
general use in the firm
Commission-approved forms
Meth labs - if the property is cleaned or certified per state regulations, the seller ____
___ ____ __ ________. - Answer does not have to disclose
If a listing broker uses square footage in the marketing of a residential property, the
broker must - Answer use the approved "square footage disclosure"
- list the method used to measure the property or
- list the source of the measurement, such as the appraisal
Seller's Property Disclosure - Answer The seller is expected to use the form to list all
material facts about the property
- Form is filled out to the best of the seller's current actual knowledge
- The buyer signs to confirm receipt of the form
- Brokers do not fill out the form
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