Colorado Contracts Regs Prep Exam 1 Flashcards

Colorado Contracts & Regs Prep Exam 1 Flashcards According to Rule F on Commission Approved Contracts what sections may be omitted from the Contract to Buy and

Sell Real Estate:

Non-applicable financing conditions If an FHA or VA appraisal comes in less than the purchase

price of a home, a buyer:

Can terminate the contract and get earnest money back The contract to Buy and Sell Real Estate has a Dates and

Deadlines section. Should these dates be ignored:

The Time of Essence clause would come into effect The day before the Loan Objection Deadline the lender informed the buyers that the interest rate had risen ¼%.

The buyers:

May terminate the contract and receive their earnest money back "MEC" in a contract meansMutual Execution of Contract Which of the following is not an approved form or contract:Property Management Agreement In preparing a Contract to Buy/Sell, a broker can not put

exculpatory language into:

Additional Provisions of a commission approved contract Which form should not be used to disclose your brokerage

relationship:

Definitions of Working Relationships The Agreement to Amend\Extend is used to change the

terms of:

an accepted purchase and sale contract On The Contract to Buy and Sell Real Estate, if the buyer is

in default and the seller remedy is specific performance:

The seller gets the earnest money and may sue When an associate broker makes a disclosure using the

Square Footage Disclosure form. The broker is disclosing:

The methodology and/or source of the measurements As per the Real Estate Commission position regarding

Megan's Law:

If important to the buyer, the buyer should check with law enforcement officials Approved contracts and forms are regulated by the

Colorado Real Estate Commission Rule F. It:

Enables brokers to comply with the conditions of Conway-Bogue The Amend/Extend Contract With Broker is used to

change:

Any contract to which the broker is a party