COLORADO REAL ESTATE BROKER
EXAM| 100 QUESTIONS AND CORRECT
DETAILED ANSWERS
The brokerage firm owns the listing contract and has designated a
broker to represent the seller. In this case, the designated broker:
Correct Answer performs the services and represents the seller.
If a broker wishes to be the only broker involved in a transaction, thereby "double ending" this sale, she may Correct Answer represent both parties as a transaction broker.
A buyer is assuming a loan at a closing on October 25. The loan balance after the October 1 payment is $125,000 and the interest rate is 10%. How will the interest proration appear on the buyer's closing statement? Correct Answer 806.45 Credit
All of the following are true of the six-column worksheet EXCEPT Correct Answer it replaces the buyer and seller closing statements.
. All of the following are true of the brokerage firm's office policy requirements EXCEPT Correct Answer it must include the license numbers and name of each broker associate.
A transaction broker is most likely a(n) Correct Answer facilitator
. A property is being listed by a broker associate, the employing broker requires that all listings use an approved listing contract form which will give the brokerage firm maximum protection. The broker associate should use which form? Correct Answer Exlusive Right to Sell 1 / 2
- A seller wants to accept the buyer's offer and agrees to all
dates, deadlines, and prices but needs to modify the names of the owner since his wife was not on the offer but is on title to the property. The listing broker prepares a counter for the seller to sign, in this case the listing broker Correct Answer may omit both the date and deadline and price tables.
A broker sold her home 10 years ago with seller carry financing, the buyer she sold it to has asked her to list and sell the property as an agent. This means upon sale, the broker will get a large payoff. In this case the broker Correct Answer should disclose her interest to the seller, all buyers, and buyer's brokers.
How much of the broker's own money may be kept in a trust account? Correct Answer Enough to maintain the account
The purpose of Rule 6.15 regarding sign crossing is to protect whom? Correct Answer . Brokers with active listings
The employing broker who has a number of independently contracted broker associates is responsible for Correct Answer reviewing all contracts brought into the firm by all broker associates.
If an employing broker of a brokerage firm fails to renew her license Correct Answer . all broker associates' licenses within the firm will be inactive.
Which of the following is TRUE regarding specific performance in the Colorado approved Contract to Buy and Sell? Correct Answer All forms allow for the use of specific performance by checking a box in the form
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