COLORADO STATE PSI EXAM- UPDATED Flashcards

COLORADO STATE PSI EXAM- UPDATED 4/12 Flashcards By entering into a Colorado Real Estate Commission-approved Licensee's Buy-Out Addendum, a seller expressly acknowledges each of the following facts EXCEPT that the licensee Is a real estate licensee in Colorado Which of the following could be a single agent? A broker who represents a landlord in a leasing transaction The two legal ways a tenant may be evicted are Sherriff or judicial.include all of the original dates and any dates that have changed.In the Exclusive Right to Sell Listing Contract, the broker need NOT perform which of the following duties an employing brokers reasonable supverision includeshaving each license you received, read, and a copy of the written policy all of the following would be considered illegal

discrimination under colorado fair housing laws EXCEPT:

a property manager refusing to rent to man who is under illegal drugs Under a Colorado real estate commission approved counterproposal, which of the following statements is correct?A counterproposal should incorporate the terms of the listing agreement.An associate broker attends the closing of a client's property sale. What MUST the associate broker do with copies of the signed closing Immediately deliver them to the employing broker.which of the following transfer of property provisions is NOT found in the Colorado Real Estate approved trust deed?creditworthy An attorney-in-fact acting without complementation in a real estate transaction MUST Have written authority of the principal In the colorado real estate commission approved contract to buy and sell real estate the amount due at closing mau not be paid by A local person check.higher equity of the propertywhat is required to establish mutual consent Which of the following statements does not apply to the use of computer-generated forms in Colorado?Blank spaces on forms may be completed by the broker prior to negotiation the real estate commission may refer serious complaints toadministrative law judge when must a sellers real estate sales disclosure form first

be submitted to a buyer:

before an offer is submitted the colorado real estate commission approved licensees buy out addendum MUST be used when acts as agent for the buyer in real estate transaction a broker manages a rental of 10 single family homes. which of the following would be most appropriate for depositing rent payments.property management escrow account a licensee is an advocate for the interests of either buyer and sellers according to all of the following except transaction broker A buyer understands that the security system is leased and agrees to assume the lease. In the Contract to Buy Check the proper box in the inclusion/exclusion section and include language in the additional provisions

An unlicensed personal assistant mayAttend closing for a broker a buyer purchases rental property subject to a loan, then fails to use rent collected to make the loan payments and mandatory homeowners association fees. after a few months deliquency the loan is foreclosed and then the same purchaser goes on to repeat the same pattern of behavior with a new property. this is known as.equity skimming and is a felony in Colorado.A buyer agent could be accused of abandoning a buyer if the Broker fails to provide services agreed by contract the mediation clause in the approved in the Contract to buy and sell real estate requires the buyer and seller to

Share equally in the cost of a mediator:

Any assistance requested that does not conflict with agency duties to the client The documentary fee charged by the County clerk and Recorder on the sale of a $325k property would be (In

colorado):

Computer generated forms must shall comply with which of the following requirments.The Colorado Real Estate Commission-approved language must be reproduced exactly.a broker company must provide to the real estate commission upon request a detailed summary of their escrow account Security deposits must be returned within Depending on the state, the landlord may be required to return the security deposit within 30 days of the lease's termination, or 60 days with an extension.pursuant to the commision approved square footage disclosure, all of the statements are correct EXCEPT The disclosure only applies to the residential real estate How does the Commission initially proceed to obtain documents REQUIRED to conduct an investigation of a complaint?Issues a written request for the documents which of the following is a duty of transaction broker to a seller with whom he is working with Account for monies received When forms of a sales contract other than those approved by the Colorado real estate commissions are used in transaction, they may be prepared by the broker representing one of the parties The priority of water rights is based on the data the water was first diverted for beneficial use When completing a Commission-approved Counterproposal form, the broker should a broker can facilitate safeguards in relation to seller-assisted down payments in all of the following ways

EXCEPT

Notify Real Estate Commission of true selling price of home Errors and omissions insurance is required for which of the following?A commercial broker.which of the following courses would MOST likely qualify towards the hours of elective course work needed to meet continuing education requirements marketing course provided by employing broker Under a Colorado real estate Commission approved counterproposal, which of the following statements is correct the original proposed contract is not to be signed by the seller

the lead based paint disclosures must be signed by the seller and real estate licenses must be signed If a building permit was issued prior to January 1, 1978.Agreement to Amend/Extend Contractcan amend dates andd terms only by mutual agreement of the parties to the Contract to Buy and Sell.To sell timeshare in Colorado an individual must haveTo sell timeshares in Colorado, an individual must have a real estate timeshare license.The Colorado Real Estate Commission allows for which of the following statement regarding the printing of the Contract Terms?The broker may delete certain financing options if so noted on the form as inapplicable.When a licensee advertises a property for sale of for lease using a franchised trade name, the advertisement MUST contain the listing brokers name and phone number The buyer's agent is unable to attend a closing and asks another broker to attend the closing in the agent's place.Who is responsible for the accuracy and c settlement statements and documents?Only the employing broker, the buyer's agent and the broker who attends the closing A designated broker shall be permitted to reveal confidential information to a supervising broker where It protects the interests of the client a broker may not personally retain intrest earned on an escrow account unless.all beneficiaries agree in writing.When signing a listing agreement, I cell informs you that he does not want to provide the seller's property disclosure form. Your best course of action is to advise the client that many buyers require the form The Colorado real estate Commission allows for each of the following statements regarding the printing of the contract to buy and sell real estate section purchases price and turns the Commission must approve deletions on an individual basis for each brokerage In Colorado, all of the following are regulated by the real estate license laws in Colorado real estate Commission rules except ethical standards The buyer and seller in each Colorado real estate sales transaction must both be furnished at closing with a Settlement statement 32.50a low loan to value ratio indicates closing statements must be returned to the partieswithin 30 days of the closing date If a seller elects, in the listing contract, to provide a buyer with a sellers property disclosure form, it must be signed by the seller and verified by the listing broker which of the following is not a course required before taking the real estate broker managing exam real estate finance meeting of the mindsa real estate salesperson llegaly repersents the party Which of the following taxes are relevant to all COLORADO residential real estate transactions?local transfer taxes Under a Colorado Real Estate Commission approved Counterproposal, which of the following statements is

CORRECT?

All terms and conditions of an original proposed contract must be repeated within the body of a Counterproposal

In the event of a dispute over earnest money, the Contract to Buy and Sell Real Estate that the broker May release the deposit to an attorney representing one of the parties a licensee is a partner in a title company, what should the licensee do if a buyer she represents asks about title insurance.Refer the client to the licensee's title company to protect the client's interest.If facsimile signatures will be used relating to the Contract to Buy and Sell Real Estate, the broker must obtain original

signatures:

Not later than title deadline no agencyWhich of the following types of funds belonging to others are NOT required to be maintained in a separate trust account?With regard to reasonable supervision of licensees, employing brokers may Delegate supervisory authority to another experienced licensee Under Colorado regulations regarding the practice of the law by broker, a broker may do all of the following except preparing legal documents for each sale in which he has not involved as a broker A licensed individual who is paid by and presents only the buyer in a real estate transaction can BEST be described as a transaction broker Which of the following requires an active real estate licenseSoliciting buyers as a buyers agent earnest money depositsA broker may provide a Broker Price Opinion (BPO) in all of the following situations EXCEPT to Determine a listing price for a sellerA broker who is the seller's agent in a particular transaction is willing to perform various ministerial tasks in addition to the disclosure of the existing brokerage relationship and definitions of the various working under colorado regulations regarding the practice of law by

brokers, a broker may do all of the following except:

prepare legal documents for a sale in which he is not involved as a broker a transacton broker owes the seller the duty to disclose thebuyer's motivations to purchase the property.Give the seller any offerings the broker receives from prospective buyers who appear interested in the property.A trust account journal does Not need to include which of the following information?The MINIMUM disciplinary action by the Real Estate Commission is A letter of admonishment.A social security or tax ID number of the beneficiaryAn employing broker who designates one associate broker to work as a seller's agent and one to work as a buyer's agent has what sort of agency?The colorado real estate commission has the power to investigate all of the following complaints except Disputes between an employed broker and a broker associate over commission due Which of the following closing costs is most likely to be the responsibility of the seller?broker compensation the listing form asks if the seller has a current listing with another broker. if the seller says they do have a listing. the broker may list the property effective upon the expiration of the current listing Personal property in the colorado real estate commission approved contract to buy and sell real estate is conveyed by mean of a Bill of sale