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10 Cards in this Set
- Front
- Back
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Colorado Water Rights are based on a principle called? |
Doctrine of Prior Appropriation, based on putting the water towards its best use. The state water court confirms the right and the priority |
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Jim is the designated broker for an Acme Realty listing. Beyond Jim, who is presumed by law to have a brokerage relationship with the seller? A)Nobody B)The buyer's broker C)All the brokers at Acme Realty D)Acme Realty's employing broker |
A |
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The Colorado Real Estate Commission would investigate a written complaint regarding all of the following types of violations EXCEPT A)failure to supervise associates. B)ethics. C)commingling funds. D)consumer protection act. |
B |
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Selling interests in a time-share with a mandatory rental pool requires what type of license? A)Securities B)Developer's C)Options D)Insurance |
A |
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Colorado fair housing complaints must be filed within one year with which of the following? A)Civil Rights Commission B)Colorado Association of REALTORS ® C)HUD D)Real Estate Commission |
A |
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The purpose of the statute of frauds is to A)protect brokers from lawsuits. B)make oral leases illegal. C)avoid problems of oral contracts. D)require all contracts to be in writing. |
C |
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All of the following statements refer to the Square Footage Disclosure EXCEPT A)it should not be used for loan or other valuation purposes. B)it is used for all types of properties. C)if the property is measured, the broker must tell how, or if using other measurements, must list the source of the measurement. D)it is the responsibility of the listing broker who must use a reliable source. |
B |
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Licensees who fail to renew their license within 32 days after their anniversary date need to A)pay the renewal fee plus a reinstatement fee of one-half of the renewal. B)pay the renewal fee plus pass the state exam. C)pay the renewal fee within 35 days or pay a fine. D)take the ACU course plus pay the renewal fee. |
A |
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If a broker negotiates a success fee under the residential Exclusive Right-to-Buy Listing Contract, which of the following is TRUE? A)The broker may be directed to seek payment from the listing broker or the seller.
B)The listing broker must pay the negotiated fee at closing.
C)If the broker cannot get the fee from the listing broker or the seller, the buyer is always under no obligation to pay. D)The buyer will pay the fee at closing. |
D |
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An employing broker hires an associate broker who has just received her license. The employing broker A)must make sure the broker has a mentor. B)must have an on-site training program to teach new broker's contracts and other issues involved in selling real estate. C)is responsible for a high level of supervision, such as attending the new licensee's closings. D)is responsible for a reasonable level of supervision, such as holding monthly sales meetings. |
C |
