State of Colorado Sales License Exam Bundle Questions With Answers Verified By Experts

There are 3 levels of licensing in CO. What are the 3 levels? - ANSWER-in order from lowest to highest level 1. Associate broker 2. Independent broker 3. Employing broker Employ*ing* Broker - ANSWER-Hires/supervises an associate broker *otherwise known as brokers* What is required of y...

Regulation 12-6-502(16) - ANSWER-1. As used in this regulation, a "powersports vehicle dealer" means either a licensed powersports vehicle dealer or licensed used powersports vehicle dealer. 2. A powersports vehicle dealer may sell powersports vehicles at special sales events, shows, or other orga...

2 - ANSWER-It is possible for the public to get the address and number of a licensee from the Real Estate Commission. 1. False 2. True 1 - ANSWER-A transaction broker may not pay 1. a referral fee to a lender. 2. a co-op fee to another real estate agent. 3. a referral fee to another real est...

Who usually deposits the earnest money check into escrow after a contract has been accepted? - ANSWER-Listing Broker The licensee buy-out addendum must be used under all of the following conditions except: - ANSWER-When a licensee is purchasing the property as a rental investment. What is the ...

The Federal Trade Commission Used Car Rule which sets of the warranty provisions of a sale is known as: - ANSWER-The buyers guide window sticker rule. The Buyers Guide is placed on the vehicle: - ANSWER-Before it is offered for sale. A Buyers Guide must be placed on: - ANSWER-- Demonstrators a...

Under Conway-Bogue, lisencees must be connected to the ______, must use ______ and approved forms, and may not ______ for preparing the documents - ANSWER-transaction, standard, charge separate fees Per RESPA and AfBA, brokers may not accept ______ or _______ from title companies. - ANSWER-Referr...

C R.S. 12-61-Part 1: 12-61-101: What is a Real Estate Broker? - ANSWER-One who on behalf of another person, for any form of compensation, does, or tries to do (or even thinks of) negotiating, listing, selling, exchanging, buying, renting, leasing, auctioning or dealing in options in, real estate or ...

All of the following must be in compliance with a broker's escrow or trust account EXCEPT - ANSWER-by being maintained in the name of the licensed brokerage. The approved Earnest Money Promissory Note - ANSWER-must be due early enough to assure good funds for closing. In Colorado license law,...

A licensee may accept compensation from: - ANSWER-The licensees employing broker only When a licensee uses a licensee buyout addendum you are putting the seller on notice that: - ANSWER-The buyer is a licensee, the buyer may make a profit and the seller may incur a loss. When must a listing br...

When employing the income approach to value, the improvements and the land are valued: By comparing the sales of similar properties By determining the cost per square foot of reproducing improvements By capitalizing income Concurrently by more than one approach - ANSWER-By capitalizing in...

To whom can a broker offer exclusive agency through the use of the Exclusive Brokerage Listing Addendum to the Exclusive-Right-to-Sell Listing Contract? Buyers Landlords Sellers Sellers and landlords - ANSWER-Sellers and landlords Exclusive agency through the exclusive brokerage addendum ca...

How long are the terms for members of the Colorado Real Estate Commission? Six Years Three Years Four Years Five Years - ANSWER-Three Years "The Division has a five-member Commission that meets bi-monthly to conduct rulemaking hearings, make policy decisions, consider licensing matters, revi...

Duties of the Colorado Real Estate Commission include all of the following EXCEPT A) Investigation of verified written complaints. B) Approving errors and omissions carriers. C) Creating the Annual Commission Update course each year. D) Hearing disputes between brokers. - ANSWER-D) Hearing dispu...

he Motor Vehicle Dealer Board is authorized and empowered to: - ANSWER-d. all of the above Dealers may be administratively fined by the Dealer Board up to what amount foreach separate offense? - ANSWER-shall not exceed ten thousand dollars for each separate offense New and used motor vehicle d...

Three of the following types of motor vehicles are exempt from the truth in mileage act. - ANSWER-~Vehicles 10 years old or older ~Vehicles having a gross empty weight more than 10,000 lbs ~Vehicles not self propelled (Trailers) The definition of a used motor vehicle dealer or used dealer incl...

According to colorado law, which of the following must be licensed as a motor vehicle dealer and or powersports dealer? - ANSWER-d) All of the above Colorado Lemon law covers: - ANSWER-c)defects that substantially impair the market value of a vehicle Three of the following are required to be d...