Compliance
Our office requires fully executed contracts, addenda and transaction paperwork to
be uploaded to SkySlope within this amount of time
What is 72 hours after execution?
This date generally establishes when the Contract to Buy and Sell becomes effective.
What is the Date of Contract?
Your buyer wants to terminate based on inspection. Which deadline should you immediately check?
What is the Inspection Termination Deadline?
Your buyer says, "Tell them I'll pay another $10,000." What is missing for there to be a legally binding contract?
What is the appropriate written contractual offer, counterproposal, or amendment documenting the proposed change?
A client asks, 'If I terminate, can the seller sue me?' What is the safest broker
response?
What is: Explain relevant contract provisions and recommend legal counsel
regarding the client's specific legal exposure rather than giving a legal conclusion.
A seller rejects an offer. It never becomes a transaction, so you can delete it. True or false?
What is FALSE? Rejected offers still need to be retained according to DORA see the office rejected offer policy
This three-letter abbreviation stands for Mutual Execution of Contract.
What is MEC?
The seller signs an offer after the Acceptance Deadline has expired. Does the seller's signature alone necessarily create a binding contract under the original offer terms?
What is NO? The contractual status needs to be evaluated based on the offer, acceptance deadline, signatures, acceptance, and delivery.
The lender calls two days before closing and says the buyer's loan will not be ready. What is your first contractual concern?
What is the Closing Date and the buyer's contractual obligations and deadlines? What is the loan termination deadline?
Another broker makes a mistake that benefits your client. Are you automatically required to fix the other broker's mistake for them?
What is not necessarily? You still must comply with your own duties, avoid misrepresentation, and consider any disclosure or contractual obligations.
This person remains responsible for making sure the transaction file is complete even when a transaction coordinator is used.
Who is the broker/agent handling the transaction?
You need to change a term of an already executed contract. Which Colorado Real Estate Commission form would you generally consider using?
What is the Agreement to Amend/Extend Contract?
True or false: Missing the Closing Date automatically makes the Colorado Contract to Buy and Sell disappear.
What is FALSE?
he seller discovers a significant roof leak after going under contract and says, "I'm not saying anything." What should you do?
What is discuss applicable disclosure obligations and the broker's duties, document the issue, and do not conceal a known adverse material fact? Even if the seller doesn't you have a legal obligation to disclose the material fact.
Your buyer says, "Don't tell the listing agent there's a problem with my financing." What competing duties should you consider?
What is protect confidential information while avoiding false or misleading representations and evaluate the buyer's contractual obligations?
A client gives you an important instruction verbally. What should you do to protect the client and the transaction file?
What is document or confirm the client's instruction in writing?
A seller wants you to write that the basement will "never flood." Which section of the contract can become particularly dangerous when brokers attempt to draft guarantees or complicated legal language?
What is Additional Provisions?
A buyer receives unacceptable title information. Which contractual deadline should immediately be checked?
What is the Title Objection Deadline?
You represent a buyer purchasing a FSBO. The seller says, "I don't need an agent. Just represent both of us." What should you do?
What is you cannot simply begin representing the seller? Brokerage relationships, duties, disclosures, conflicts, and Colorado requirements need to be addressed. If the buyer is ok you can become a transaction broker but ALL disclosures must be signed prior to any conversations.
An executed contract contains a mathematical error created by transaction software. Can you simply correct the number yourself?
What is NO? A broker should not unilaterally alter an executed contract. The correction should be handled through the appropriate contractual process.
You discover a material term was entered incorrectly after MEC. Your client says, "Just change the contract and resend it." What should you do?
What is: Do not alter the executed contract. Correct the term using the appropriate form or written agreement and obtain the required signatures?
he contract specifically states that the garage refrigerator is included. At final walkthrough, the refrigerator is gone. What is the issue?
What is the seller may not have performed according to the contract? The contractual obligation should be reviewed and the parties should work toward an appropriate resolution.
It is 4:30 p.m. Your buyer's Inspection Termination Deadline is 5:00 p.m. The buyer texts, "We're done. Get me out." What is your immediate priority?
What is determine the buyer's applicable contractual termination right and make sure the appropriate written notice is properly delivered before the deadline if that is the client's instruction?
our buyer's unlicensed father begins negotiating directly with the listing agent. Your buyer says, "Dad handles all my negotiations." What should you do?
What is clarify the buyer's instructions and your brokerage relationship, document the situation, and involve the managing broker when appropriate?
It is closing day. The buyer and seller have signed and the buyer's funds are at title. Title discovers a lien that prevents the seller from delivering the title required by the contract. The buyer is unreachable. The seller says, "Just close it." Can you simply instruct title to close?
What is NO? Determine whether the seller can satisfy the contractual title and closing requirements and whether an extension or other agreement is necessary. The brokers cannot unilaterally change the parties' contractual obligations.