Lending
Which of the closing costs is most likely to be responsible of the buyer?
Discount Points
Lead based paint must be signed by seller and real estate licensee if building permit was...
issued prior to jan 1 1978
What is the difference between an amendment and an addendum in real estate contracts?
An addendum adds new terms without altering the original contract content; it must be signed by all parties. An amendment changes existing contract terms and must be initialed by all parties.
What is the attempt by real estate licensees to get listings by persuading owners to sell their homes as a result of a concern about potential buyers who are of a particular minority group?
Blockbusting
When must closing statements be delivered to parties?
Immediately — at delivery and acceptance of title.
What are discount points?
A broker on a team in a brokerage firm must disclose what on all advertisements?
Employing brokers name ( EXIT Realty Pikes Peak)
According to the Contract to Buy and Sell Real Estate, what dispute resolution process must parties agree to before arbitration?
The parties agree to mediation before arbitration if an unresolved conflict arises.
A violation of the Fair Housing Act is classified as what?
misdemeanor
Who is responsible for the accuracy of settlement statements and documentation if a buyer’s agent cannot attend closing?
The employing broker, the licensee, and the broker who attends closing are all responsible.
1% Interest Increase
In Colorado, unless a broker has a written agency agreement-the broker is considered a violation of
When completing a Colorado Real estate commission approved counterproposal form, what must the broker include?
There broker must include all original dates and any dates that have changed, ensuring the counter proposal clearly reflects the current terms.
Which of the following statement in an advertisement would be an example of non-discriminatory language under HUD’s Fair Housing Advertising Guidelines?
Female seeking female roommate” — gender-specific language is allowed if sharing living quarters.
In the Colorado Contract to Buy & Sell, can the amount due at closing be paid by personal check?
No — a personal check from a local bank is not acceptable for closing funds.
Money that is held in a trust account and becomes due and payable to a broker must be withdrawn
promptly
When are Colorado Tax's due?
Before April 30th
What must a broker do if facsimile signatures are used in a real estate transaction?
The broker must obtain original signatures upon request.
A licensee was showing property in an eight-unit complex to a prospective tenant using a motorized wheelchair. The tenant wanted to install grab bars in the bathroom and lower all the door handles. What is the landlord required to do?
The landlord must allow the tenant to make the modifications at the tenant’s expense but can require that the property be restored upon move-out.
In the Colorado Contract to Buy & Sell, what is required before mediation or arbitration if there’s a conflict?
The parties must first attempt mediation before arbitration
Which of the following transfer of property provisions is NOT found in a Colorado real estate commission approved deed of trust?
Colorado E35 requires disclosure of a brokerage relationship when?
What must an associate broker do with copies of signed closing documents?
The associate broker must immediately deliver them to the employing broker.
Which is NOT a violation of the Fair Housing Act?
Refusing to show a home to a mentally insane person (mental incapacity can impact contractual ability but not Fair Housing protections unless properly diagnosed as a disability).
Following an inspection, seller agrees to install a circuit panel before closing but fails to pay electrician. What is correct?
A mechanic’s lien may be filed against the property after closing.