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Colorado Real Estate Practices Quiz

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What action should the holder of earnest money take in the case of a dispute?

Seek arbitration between the parties.

Divide the money equally between the parties.

Put the money in a trust until the parties decide.

Interplead the earnest money to a title company representing the broker. (correct)

Under what circumstance is a Licensee Buy-Out Addendum necessary?

When the purchase is concurrent with listing another property. (correct)

When the licensee purchases for personal use.

When the licensee aids in a homeowner's next property purchase.

When continuing to market the property under an existing contract.

Which of the following actions is explicitly prohibited for real estate brokers?

Offering to sell time-shares without a license.

Advising clients on investment options in property.

Auctioning real estate without proper authorization.

Offering to prepare legal documents as a courtesy. (correct)

What is the appropriate course of action for a broker who owns an interest in a title company when recommending it?

Full disclosure of interest in the title company. (C) Signup and view all the answers

What essential information must an independent broker's written office policy include?

The relationships offered to the public by such broker. (D) Signup and view all the answers

Which situation does NOT require the Colorado Real Estate Commission to investigate a written complaint?

Failure to disclose damages in property. (C) Signup and view all the answers

Who bears responsibility for the accuracy of documents if a buyer's agent is absent at closing?

The employing broker and the buyer's agent. (A) Signup and view all the answers

What should a broker do if their client asks for title company recommendations while they have an interest?

Supply a list of options and identify their own company clearly. (D) Signup and view all the answers

Colorado Real Estate Practices Quiz

Choose a study mode

Podcast

Questions and Answers

What action should the holder of earnest money take in the case of a dispute?

Under what circumstance is a Licensee Buy-Out Addendum necessary?

Which of the following actions is explicitly prohibited for real estate brokers?

What is the appropriate course of action for a broker who owns an interest in a title company when recommending it?

What essential information must an independent broker's written office policy include?

Which situation does NOT require the Colorado Real Estate Commission to investigate a written complaint?

Who bears responsibility for the accuracy of documents if a buyer's agent is absent at closing?

What should a broker do if their client asks for title company recommendations while they have an interest?

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