Real Estate Express Colorado Closings Final Version

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Real Estate Express Colorado Closings Final Version 1&2 Newest 2025/2026 Complete All 300 Questions And Correct Answers |Already Graded A+||Latest Verified Exam!!!

Which of the following is not permitted in a contract lawsuit?

• Liquidated damages
• Actual damages
• Specific performance
• Punitive damages - Answer-d. Punitive damages

A non-conforming loan fails to meet whose underwriting standards?

• The primary lender
• The provider of the mortgagee title policy
• Fannie Mae
• The PMI insurer - Answer-c. Fannie Mae

What is the major difference between a title commitment and a title abstract?

• An abstract does not create an obligation to insure title. 1 / 4

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• An abstract is longer.
• A title commitment is not reviewed as closely by an

attorney.

• A title searcher does not have to go as far back in time

with a title commitment. - Answer-a. An abstract does not create an obligation to insure title.

At closing Bill Buyer brings a certified check, but he made a mistake on the amount, not realizing he owes $36 for recording the deed. He writes a personal check to the closing agent. The agent calls Bill's bank to verify he has the funds to cover the check. Can the closing agent accept it?

• No, because the Good Funds Rule only b. allows

disbursement from funds wired in.

• Yes, because the agent checked with the bank.
• No, because checking with the bank does not satisfy the

Good Funds Rule.

• Yes, the Good Funds Rule would allow it because of the

size of the check. - Answer-d. Yes, the Good Funds Rule would allow it because of the size of the check.

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What is the difference in the proration amount for a $1000 item if closing is on June 6 using the 365 day vs. the 12 mo/30 method of calculation? There are 156 days between January 1 and June 6, including June 6.

• $3.21
• $3.18
• $3.25
• None of the above - Answer-d. None of the above

Which of the following is not required with regard to transferring property owned by a corporation?

• The corporation must always file a certificate of

incorporation in each county where it holds real property.

• The deed must be signed by an officer with the power to

convey property.

• The corporation must always file the articles of

incorporation in the county where it holds property.

• None of the answers are required. - Answer-a. The

corporation must always file a certificate of incorporation in each county where it holds real property.

For an item a buyer pays in arrears, which of the following is true? 3 / 4

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• The buyer receives a credit and the broker receives a

debit.

• The buyer receives a credit and the seller receives a

debit.

• The buyer receives a debit and the seller receives a

credit.

• The seller receives a credit and the broker receives a

debit. - Answer-b. The buyer receives a credit and the seller receives a debit.

What are the advantages of a conventional loan?

• The risk is less than for other kinds of loans.
• The interest rates are usually lower than on other loans.
• The loans are easier to obtain than other loans.
• The terms and rates are more flexible than other loans.
• Answer-b. The interest rates are usually lower than on

other loans.

What are the documentary fees in a transaction where the purchase price is $100,000 and the mortgage amount is $50,000, assuming no local transfer fees?

• None, since the fees would be less than $500
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