131-140

Front 1

If a broker establishes an account to hold money belonging to others, which if the following is true

Back 1

All checks, deposit slips and bank statements must include the word escrow or trust as a part of the account nane.

Front 2

What does the exclusive right to sell listing form state about the sellers property disclosure form

Back 2

Seller may decline to provide the disclosure but still must disclose latent material defects

Hint 2

The broker can only offer the standard sellers property disclosure to the seller but the seller doesn't have to use the form to make dosclosure. The form is optional, the disclosure is not.

Front 3

The real estate practice in colorado assumes that which type of deed will convey residential property, unless otherwise provided

Back 3

General warranty deed

Front 4

In Colorado, real estate commission are

Back 4

Negotiable between the broker and the seller or buyer

Front 5

The broker has developed a website advertising the broker's office with the brokerage name, location and phone number. What additional information does the broker need to include

Back 5

There is no need for additional disclosures

Front 6

Listing based on a net price are

Back 6

Legal in colorado as long as the seller agrees

Hint 6

Legal but at the very least problematic

Front 7

According to the commission approved exclusive right to sell listing contract

Back 7

A brokers compensation us established by the brokerage firm

Front 8

Which if the following establishes the broker's power to act as an agent for the buyer

Back 8

Buy representation agreement

Hint 8

Or the exclusive right to buy contract

Front 9

Associate broker becker, an agent for acme realty has listed a property. Associate border gayes, and agent for best realty later sells the property. The contractual right to collect a commission from the seller belongs to

Back 9

Acme realty

Hint 9

The associate broker becker is designated to represent the seller for acme brokerage firm and all commissions are owed to the brokerage firms and the paid per the independent contractors agreement to the associate broker.

Front 10

Mr jones borrowed 40k on July 1 at 13% interest to purchase a home. The lone was amortized over a 30yr period with a monthly payment if 442.80 for principle and interest. What is the portion of the first payment that applies to interest.

Back 10

433.33

Hint 10

This us the irp formula (interest is equal to the interest rate times the principle balance ) 13% interest rate is .13 x the principle balance of 40k = annual interest of 5200; the divide the annual interest by 12 to find one months interest =433.33. The total payment is 442.80 is the total payment and of that first month's paymen, 433.33 us paid toward the interest and 9.46 goes toward paying of the principle balance.

The second month the process is duplicated. In the second month the principle balance has been reduced by 9.47 and so the new principle balance us 39990.53. The irp formula us used again. .13x39990.53=5198.77 divided by 12= 433.23. The second month the amount going to interest us 433.23 and the amount going to the principle balance us 9.57. This is how a loan that us fully amortized us computed. Over the term of the loan, the amortization process would bring the balance of the loan to zero.