Colorado Real Estate Exam: Preparation Questions & Answers: Updated Solutions

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A buyer creates liquidated damages in the sales contract by (Ans- Doing nothing, the contract will default to liquidated damages Colorado Common Interest Ownership Act requires: (Ans- real prop... erty to be described in a declaration which obligates an individual unit owner to pay property tax, ins. premiums, maintenance or improvement on some declared real property owned in common When legal complications in a sales contract are beyond the expertise of the broker, the broker should always seek assistance from: (Ans- an attorney How many days prior to the foreclosure sale must a delinquent trustor give written notice of his/her intent to cure? (Ans- 15 days You may refuse rental housing to (Ans- A person addicted to or using illegal drugs Select the party responsible for an accurate, complete and detailed closing statement. (Ans- The individual license holder Rule F allows for all of the following, EXCEPT: (Ans- An addendum to be included within the body of a Commission-approved form A broker who intends to mark-up or add fees for services performed on behalf of a client by any third party or affiliated business entity is NOT required to: (Ans- Use the appropriate form to notify the Real Estate Commission A "Licensee Buy-Out Addendum" signed by the listing brokerage firm's supervising broker (Ans- binds the firm and buyer broker to the buy-out addendum Unlicensed personal assistant may do all of the following EXCEPT (Ans- Explain the reasons behind the pricing of a property. A broker is listing a property that has a well. What specific action does the seller have to take to make sure that the well is transferred? Seller must provide the Source of Water Disclosure form to the buyer (Ans- Seller must provide the Source of Water Disclosure form to the buyer Closing statements must be received (Ans- At closing. The title commitment lists a number of standard exceptions, if the buyer obtains an owner's coverage policy this means the standard exceptions (Ans- should be verified as remove [Show More]

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