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10 Cards in this Set
- Front
- Back
- 3rd side (hint)
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How long must an independent broker keep his transaction files? |
4 years |
All independent brokers and employing broker's must retain transaction files for 4 years |
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If a seller wants to counter an offer, what does the seller sign? |
Just the counter proposal |
To counter an offer tell seller initials the offer and checks the box for countered. The seller then signs the counter proposal and sends it back to the buyer. If the seller sign the offer then a contract is created. |
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The death if either the employing broker or the buyer will terminate which contract? |
The exclusive right to buy contract |
The exclusive right to buy contract is a peronal services contract or an employment agreement. If one of the parties is deceased there're us either no oe to serve or no one to render the sercice. However if one of trust parties is deceased in the contract to buy and sell real estate, the contract serves to probate. |
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Who is responsible to investigate the property's inclusion in a special taxing district |
Buyer |
The contract to buy and sell real estate states that it's the buyers responsibility to investigate. |
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Buyer s has signed a purchase agreement. Seller q has sign the agreement and communicated acceptance to s. Which of the following is true if buyer s's interest. |
S holds equitable title |
Equitable let is given to the buyer at the signing of the agreement. Legal title is give to the buyer at the conveyance of the deed. |
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When a buyer a d a seller enter into a purchase agreement (contract of sale), the legal remedy that has to force the other party to consummate the transaction is |
Specific performance |
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When a lender refuses to make loans in a given neighborhood populated by racial minorities is an example of |
Redlining |
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Errors and omissions professional liability insurance is required |
For every active colorado licensee. |
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Salesperson j-h placed the following order with a telephone company: list my name in the directory under the heading, real estate as j-h real estate salesperson, residential property my specialty, j-h is also required to include |
The name of her employing broker |
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A broker received an earnest money deposit for a buyer. Under colorado law, the broker should |
Hold the earnest money deposit in a secure place in the broker's real estate brokerage office until the offer is accepted |
Earnest money us not deposited into a trust account until there is notice of acceptance. |
