Colorado Contracts

Front 1

T/F

The broker is not required to have the written disclosure (working relationship form) signed in order to be in compliance

Back 1

True

Front 2

Conway-Bogue refers to the following three items:

Back 2

Brokers may perform limited practice of law under the following conditions:

The brokerage firm must be conneted to the ransaction thru a brokerage relationship.

There must be no fee for preparing docs

The docs must be prepared on commonly used printed standard or approved forms

Front 3

Brokers appoint title companies as _______________ to complete legal documents

Back 3

scrivener

Front 4

Independent brokers (may or may not?) hire/supervise other licenses?

Back 4

May Not

Front 5

Any broker or firm acting as an agent must have a _____________ in Colorado. Examples:

Back 5

written agreement;

Exclusive Right to Sell or Exclusive right to buy

Front 6

T/F Receiving a fee from someone establishes AGENCY?

Back 6

False, the written agreement, disclosure, or sometimes actions establish agency

Front 7

Hook E-35 with ___________________

Back 7

Disclosure

Front 8

Disclosure ________ be in writing at first physical contact

Back 8

Must

Front 9

T/F The disclosure form must be signed?

Back 9

False, it must be in writing

Front 10

Rule E-11 requires

Back 10

a definite termination date of a listing

Front 11

Brokers have two ways to change their status in a contract to transaction-broker:

Back 11

use a change of status form

use the boxes at the end of the contract to buy and sell to make the change for that transaction

Front 12

Designated brokers may receive compensation only from __________________ and not the ___________

Back 12

brokerage firm;

seller or buyer

Front 13

Success fee is

Back 13

commission in buyer's contract

Front 14

a Holdover period is

Back 14

it affects both listings; it's negotiated between the parties;

Front 15

T/F

The CO real estate commission allows brokers to rebate part of their commission as a renogotiation

Back 15

True

Front 16

In mediation the brokers ________ the costs and it ________ negotiable

Back 16

split;

is not

Front 17

T/F Mediation is binding?

Back 17

False, not until it's agreed upon

Front 18

it is the ____________ choice whether to accept electronic delivery

Back 18

Buyer

Front 19

Brokers use this form to modify listing contracts

Back 19

Amend Extend with Broker

Front 20

Rule E-4 requires all parties signing a listing to receive it

Back 20

Immediately

Front 21

Properties most likely to include water rights are:

Back 21

Agricultural and include irrigation

Front 22

Special improvement liens must be paid off __________, unless the buyer _______ the obligation

Back 22

at or before closing;

assumes