Colorado Real Estate Exam Prep Questions

An out-of -state investor sells a property in Colorado. The closing entity must withhold up to 2 percent of the

selling price as possible income tax liability

The Closing Instructions form

must be part of every contract

According to statue, "good funds," include a

tellers check from savings and loan

All of the following must be disclosed to a tenant by a property manager EXCEPT:

Disclose the name and address of the landlord

According to the Contract to Buy and Sell Real Estate – all prorations are:

final as of the closing date

Which of these acts could result in license suspension or revocation?

Conviction of a forgery crime, Accepting compensation from more than one party in a transaction without full disclosure, Advertising in the name of another broker

As per the Contract to Buy/Sell Real Estate Mediation shall terminate in the event the entire dispute is not resolved within how many days of written notice requesting mediation delivered by one party to the other at the party’s last known address?

30 days

One of the requirements of a valid deed is that the deed be:

signed by the grantor

The Colorado Real Estate Commission was formed to:

protect the public

A buyer enters into an exclusive right-to-buy contract and subsequently submits an offer on a property that is accepted; if the transaction fails, through no fault of the purchaser:

the buyer is under no obligation to pay his broker a commission

A loan origination fee appears on a settlement statement as a:

Debit to the buyer

It is illegal for a broker to work with both seller and buyer when:

the seller is not aware of such action, all parties to the transaction are not aware of such action, the agent collects a commission from both buyer and seller without the knowledge and consent of both

Commissions earned by a broker in a real estate sales transaction

are determined by agreement of the broker and his or her principal.

When a seller decides to counter an offer presented to him, which is true?

Seller should sign only the counter offer

A broker has an Exclusive Right-to-Buy contract with a principal. Who is to be their customer?

Seller

What if anything is required by the broker to be included on his/her Web site.

Name of licensee’s brokerage firm

Regarding delivery of Earnest Money:

If other than at the time of tender of this contract it must be delivered no later than the Alternative Earnest Money Deadline

In the section on Purchase Price and Terms in a Residential Contract to Buy and Sell, which of the following is true concerning the entry for cash at closing?

It does not include the buyer’s closing costs, such as loan fees.

Which of the following statements is true concerning agency?

Written agreement establishes agency

The Colorado Contract to Buy & Sell states that "time is of essence hereof". This statement means that:

Dates and deadlines will be strictly interpreted

When making a counter offer by using the approved Counterproposal form – how do you change dates?

Change only the dates that needed to be changed

The Colorado Statute of Frauds mandates that

Contracts for the sale of real estate must be in writing

A real estate license, or license for a broker who is working for another broker, may be issued:

To a woman using her birth name

If an employing broker leaves a real estate brokerage, what happens to the transaction records?

the brokerage retains the records as the company is responsibile for maintenance

Before a purchaser is shown homes built prior to 1978:

they are to be given a copy of the EPA booklet "Protect Your Family From Lead In Your Home"

The maximum amount of days that can be specified in the Holdover Period in the Listing Contract is:

negotiable by Seller and Broker

A real estate broker shall NOT engage in any of the following acts:

preparing legal documents as a courtesy for the seller of a for a sale by owner transaction

Employing Broker "reasonable supervision" includes all of the following EXCEPT:

attending first meeting with client

An oral contract for the sale of real estate is:

unenforceable

As a transaction broker in an exclusive right to sell listing contract, the listing broker must disclose:

Material facts about the property known to the broker

A note for earnest money:

Must be indicated in the Contract to Buy and Sell

When a broker terminates his affiliation with an employing broker what must be done?

The broker and the employing broker have joint responsibility to assure that the real estate commission is notified.

Any excess funds above those required to pay off encumbrances realized at a foreclosure sale belong to:

The mortgagor

The approved Agreement to Amend/Extend contract form is used:

To get mutual agreement of the parties to any change in a deadline

What legal duties does a seller’s agent owe to a buyer who does not have agent representation?

Fair and honest dealing and disclosure of material facts about the property

The purpose of Commission Rule F is:

to help brokers conform to the Conway-Bogue Realty vs. the Colorado Bar Association decision

In addition to Federal law the Colorado Fair Housing Act added as a protected class:

Marital status

Out of state seller sold a property for $489,000. The property was highly leveraged resulting in cash proceeds to the seller of $5,500. How much should be withheld subject to the Colorado Department of Revenue Income Tax?

$5500 because the seller did not receive to total 2% to take back. Otherwise, the seller would have to have $9,780 withheld at closing

Which of the following is the ONLY section which must be a office policy manual?

Brokerage Relationships Offered to Public

A broker must keep which of these funds in his trust account?

Rental monies received

The Seller holds security deposits in the amount of $1,000 from each of six tenants. On the settlement sheet:

Debit Seller & Credit Buyer $6,000

According to Commission Position 31 Acting as a Transaction Broker, you cannot be a Transaction Broker for:

Your brother, Your close friend, Your best client

In terms of the approved Colorado purchase contract who pays the closing costs?

As agreed by the buyer and seller

Which of the following items are signed by the buyer or seller, or lender and not sent to the county for recording?

The promissory note

The Certificate of Taxes Due is used to calculate:

the proration of taxes for the final tax agreement

If a Broker measures a property, (s)he must:

Disclose the method used to determine the measurement

Which of the following is true if a Contract to Buy and Sell form indicates the "Liquidated Damages" choice in case the buyer is in default?

Earnest money and any other payments or things of value received from the buyer will be kept by the seller as seller’s sole remedy for buyer’s default.

An Employing Broker designates one seller agent and one buyer’s agent. The Employing Broker has:

no agency

When a contract is rejected by the Seller, the seller should:

check the appropiate box and initial on the indicated line

Which of the following is not a Commission approved Deed of Trust:

1% increase

Which of the following is required before an owner of a 35-parcel of undeveloped land may drill a well for water only?

the owner must obtain a well permit from the state engineer

As a transaction broker in an exclusive right to sell listing contract, the listing broker must disclose:

Material facts about the property known to the broker

The fee to notarize a Warranty Deed is charged on the settlement statement to:

the seller

How is a broker licensed when employed by a broker doing business under a trade name?

under the trade name and the broker’s name

Which of the following is true for a person activating an inactive or expired Colorado real estate license?

must satisfy the continuing education requirement before they apply to activate an inactive license or to reinstate an expired license to active status

When using a non approved form to buy and sell real estate who must prepare it

attorney for parties

Which is not true regarding the Counterproposal form:

The only changes allowed are purchase price and earnest money

According to the Rule E-48, brokers are allowed to file a lien, a lis pendens or record a listing contract to secure payment of a commission under what circumstances?

Brokers may never cause the title to become clouded if they are not principals in the transaction.

Following the later of lease termination or surrender and acceptance of the premises, a landlord shall return the full security deposit within what period of time unless the lease agreement specifies a longer period of time:

A month

A written office policy regarding brokerage relationships is a requirement of offices that are staffed by:

one or more agents

The closing entity must withhold from the sellers proceeds up to 2% of:

The selling price as a possible income tax liability if the seller is from out-of-state

A broker MUST supervise independent contractors even if:

they have at least three years experience
they have an independent brokers license, even though a designated broker employs them
the broker is out of town

they have at least three years experience, they have an independent brokers license, even though a designated broker employs them, the broker is out of town

If a client asks whether it would be beneficial to add a second bathroom to increase profit on the sale of the home, what would be the appropriate response?

I would be happy to do some research or analysis and speak to a construction expert on costs to determine if it”s worth it

Broker Betty at an open house meets a young couple looking to purchase their first home. The couple asked if the Broker thought they had enough income to qualify for a loan to purchase the property. Realizing this information is of a confidential nature Broker Betty makes the agency disclosure that her office policy and State statute require. The buyers are very skeptical about making a commitment and have been coached by family members not to sign anything. They refuse to sign the signature block on the Brokerage Disclosure to Buyer form. Betty should:

make a note of the date and time the disclosure was made and reference the fact that the buyers declined to sign the form – then have the discussion.

What must appear in the title of a trust account?

Company name and employing broker’s

The commission rule, that requires an employing broker to supervise associate brokers, stipulates:

the broker should exercise reasonable supervision over activities of licensed employees

A broker, acting as a transaction broker, lists a property for $248,500. He finds a prospect who is willing to sign an offer at $247,000, but will pay $248,500 if the owner declines the offer. The broker should:

submit the offer without disclosing the purchaser’s position

On a new loan closing, the settlement worksheet entry for a tax reserve indicates that the new lender is

Withholding this amount from loan proceeds to start the escrow account for the next tax payment

A father and son own land as joint tenants. The father conveys one half of his interest to his daughter. Ownership would now be held by:

father, son and daughter as tenants in common

Which of the following is true about licensees filling in blanks on a standard commission-approved form?

This is the practice of law but it is specifically permitted by Colorado law.

A lot with a depth of 80 feet and an area of 4,800 square feet was sold for $350 per front foot. What was the total sales price?

21000

Which of the following actions on the part of a real estate broker could result in revocation of his license?

1. Failing to submit to an owner all formal, written offers for property listed for sale 2. Quoting to prospective buyers, of a property, a price other than the one stipulated by the owner 3.Failure to report material facts

A broker’s office must:

Have a physical address where the commission staff can inspect records

Under an Exclusive Buyer Agency Agreement, the broker has what agency relationship to the purchaser?

Fiduciary

The Colorado Contract to Buy & Sell establishes a Loan Objection Deadline if the buyer is getting a new loan. What is the effect of the deadline?

If the buyer cannot get a satisfactory loan by that date, the buyer may terminate the contract with written notice to the seller.

On what time basis must trust accounts be reconciled:

monthly

A broker purchases software for contract printing. If there is an error in the contract wording:

he broker is liable for the contract’s accuracy

If the homestead exemption is not waived, the owner is protected:

from any debt

Loan discount points appear on a closing statement as a:

Debit to the buyer or seller

As the buyers agent is filling out a Contract to Buy and Sell, the agent asks the young married buyers how they want to take title. The buyers are not sure. The buyer’s agent should

Leave the choice blank and advise the couple to seek legal counsel and inform the agent of their choice later.

True/False – According to Commission Position 40 on Teams, Real estate brokers that function as teams should not advertise teams using the terms "realty", "real estate", "company", "corporation", "corp.", "inc.", "LLC" or other similar language that would indicate a company other than the employing brokerage firm.

True

If a contract is signed under duress, it is:

Voidable

True/False – According to Commission Position 38 Disclosure of Affiliated Business Arrangements, a licensee is required to disclose any affiliated business arrangement in which the licensee has a 1% or more interest when an offer to purchase real property is fully executed.

True

In Colorado the minimum time following recording the Notice of Election and Demand before a residential foreclosure sale can be held is:

110 – 125 days

Which would need to be registered with the CREC (Colorado Real Estate Commission) for a subdivision?

A 60 unit co-op building

A house is closed on May 15. HOA dues are $108 per month and are due and payable on the first day of each month. The HOA dues will appear on the closing statement as a:

$59 credit to the seller

In Colorado "good funds" include a

A teller’s check from a savings and loan

Commission Position 6 on the release of earnest money deposits indicates:

if the transaction fails and there is no dispute over who is to receive the earnest money the broker should release the funds immediately

Earnest money appears on a settlement statement as a:

Credit to the buyer

A Broker Price Opinion (BOP) and Competitive Market Analysis (CMA) are estimates of value created by real estate licensees for marketing purposes. Since they were not prepared by a licensed appraiser, the follow words must appear at their bottom:

This evaluation was prepared by a licensed real estate broker and is not an appraisal. This evaluation cannot be used for the purposes of obtaining financing.

The license laws of Colorado require a licensee to inform the seller that he has a real estate license for all of the following except:

the licensee is buying a time share

To net the owner $90,000 after a 6% commission is paid; the list price would have to be:

95745 ($90,000/.94%=$95,745)

Mr. and Mrs. Seller give an exclusive 90-day listing to broker First. The broker shows the property to Mr. and Mrs. Buyer and he reveals their names to the Sellers. The buyers do not make an offer. The listing with broker First expires and the sellers sign a new exclusive right to sell 60 day listing with broker Second. Two weeks later the Buyers decide to purchase the property through broker First. If the Buyers purchase the property, who is entitled to a commission?

both brokers

Select the correct statement about a lease in Colorado:

Only residential leases have an implied warrant of habitability

The new owner of a house needs hazard coverage for $98,000. The annual premium is $0.44 per $100.00 of the amount insured. The insurance company agreed to make the cost of the policy 2 ½ times the annual rate for a 3 year policy. How much would the monthly insurance payments be to pay for this policy?

29.94

A property’s gross income is $27,600 and has monthly expenses of $550. It has been valued at $483,000. What is the capitalization rate?

0.0435

When completing the Exclusive Right to Sell Listing Contract, which monetary encumbrances does the seller list?

All known to the seller

Colorado licenses must be renewed

Every three years at anniversary of licensing

Prorate an annual insurance premium for an assumed loan, which was paid in advance on Jan 1 by the sellers. Closing is Oct 5 and the policy amount was $985. Since the buyer is benefiting from the Seller paying the year in advance, the buyer owes money to the seller. How much?

237.48

If a Seller is in default of the terms of the Contract to Buy & Sell:

The buyer may cancel or sue for specific damages

The buyer may cancel or sue for specific damages

An estate from period to period:

doesn’t have a specific expiration date

Recording fees may appear on a closing statement as a:

Debit to the buyer, Debit to the seller, Credit to the broker

The owner of subsurface mineral rights:

may have the right to enter and use property

The taxes on a house valued at $60,000 are $450.00. The tax ratio is 16%. What are the taxes on the house next door with a market value of $75,000?

$562.5

The Colorado Contract to Buy & Sell allows the Buyer who cannot get a written loan commitment by the Loan Objection Deadline:

to terminate the contract by written notice and receive earnest money back

Broker Price Opinions (BPO) are created by real estate licensees not appraisers. These "estimates of value" cannot be used:

to obtain financing

Which of the following is required to have a real estate license?

Property manager specializing in handling buildings in commercial districts

In Colorado, all of the following topics are regulated by Real Estate License Law or Real Estate Commission Rules except:

ethical standards

Which does NOT fall under Rule F?

Contract to purchase newly constructed home with warranties.

The real estate broker is liable to the buyer if he:

acts in excess of the authority given by his principal

An executory contract is one which:

is yet to be performed

Loan discount points are a percentage of the:

Loan amount

"Liquidated damages" refers to which of the following?

The seller’s sole remedy in case of default by purchaser is to keep earnest funds received from purchaser

Reserve’s are charged to the borrower at closing for:

property taxes, hazard insurance, and mortgage insurance

The Sellers Agent at his option rebated part of his commission back to the Seller. Was this legal?

Yes, as it was part of the negotiated commission in the listing contract

A house is closed on October 15. The annual insurance payment is $578 for the fiscal year of July 1 to June 30. The buyers will assume the seller’s policy. Since the policy has been paid, how much does the buyer owe the seller at closing?

$410.14

Your client wants a 12% return on their investment, the property they are looking to buy nets $3,000 per month and has annual expenses of $12,000. What should be the most they would pay for the property

200000

Lily listed her house for sale with a broker on February 1st. The listing agreement was to last for five months but in April she decided that the house was no longer for sale. Which of the following statements is true?

Lily has withdrawn the broker’s authority to sell the property and may be subject to reimbursing some broker expenses.

The Real Estate Commission has the authority to:

audit or investigate a licensee and files at any time without advance notice

The maximum time allowed for the sale of an agricultural property, through the Public Trustee’s office after filing of the notice of election and demand (NED) to foreclose is:

230 days

What is the status of a broker who moves his office down the street but does not notify the Real Estate Commission?

The broker and all of his agents licenses are inactive

A transaction broker has which of the following duties to a buyer?

To advise the buyer regarding the transaction

As a transaction broker in an exclusive right to sell listing contract, the listing broker must disclose:

Material facts about the property known to the broker

A loan company will provide a loan to Bill and Hillary for 75% of the appraised value of their home. The interest rate is 10.5%. The first monthly interest payment is $820. The bank requires 4 discount points (hint: a discount point is 1% of the loan amount) to obtain this interest rate. How much will the discount points cost?

3749

The Definitions of Working Relationships form has the effect of:

disclosing the different types of relationships that are available

According to the rules and regulations of the Colorado Real Estate Commission, a broker is REQUIRED to recommend that:

the buyer have title reviewed by legal counsel

If a Lead-Based Paint Disclosure form is not executed at the time of the sale of a dwelling built prior to 1978, the purchaser:

is not obligated under the terms of the contract

C.C. & R.’s are appurtenances to real property. The harshest consequences results from the violation of which of the following?

a covenant

A broker acting as a transaction broker for a buyer, with no written agreement needs:

to provide the buyer with a copy of the "Brokerage Disclosure to Buyer" with the broker’s signature showing the date it was given to the Buyer.

Broker Bill Butter is working with Buyer Brian Bread and has found a property on which the Buyer wants to place an offer. The property that he likes is owned by Seller Sammy Samuel and listed by Broker Cherry Cleary. The property is located at 2443 E Westgate Ave in Durango, CO. The asking price is $315,000. Buyer Bread offers $299,000 on April 10th and wants all appliances including the washer and dryer included in the sale price, the appliances were excluded in the listing as was the Hot Tub on the patio. The offer is countered by Seller Samuel on the recommendation of his agent Broker Cherry Cleary on April 11th at $309,000 and will include all appliances except the washer and dryer. Buyer Bread accepts this counter offer on April 12th and the closing is scheduled for May 25. An inspection is held on April 16th and Buyer Bread wants some roof shingles repaired and the carpet in the master bedroom to be replaced. Seller Samuel agrees to the shingles being repaired, but will only give a $750 credit at closing to the Buyer Bread to replace the carpet; Buyer Bread accepts. Prior to closing, Buyer Bread requests that the seller allow them to start a kitchen remodel prior to closing. Seller Samuel will not allow this and Buyer Bread gets angry and wants out of the contract.

When Seller Samuel responded to the initial offer from Buyer Bread which of the following forms should have been used?

Counterproposal

Broker Bill Butter is working with Buyer Brian Bread and has found a property on which the Buyer wants to place an offer. The property that he likes is owned by Seller Sammy Samuel and listed by Broker Cherry Cleary. The property is located at 2443 E Westgate Ave in Durango, CO. The asking price is $315,000. Buyer Bread offers $299,000 on April 10th and wants all appliances including the washer and dryer included in the sale price, the appliances were excluded in the listing as was the Hot Tub on the patio. The offer is countered by Seller Samuel through and on the recommendation of his agent Broker Cherry Cleary on April 11th at $309,000 and will include all appliances except the washer and dryer. Buyer Bread accepts this counter offer on April 12th and the closing is scheduled for May 25. An inspection is held on April 16th and Buyer Bread wants some roof shingles repaired and the carpet in the master bedroom to be replaced. Seller Samuel agrees to the shingles being repaired, but will only give a $750 credit at closing to the Buyer Bread to replace the carpet; Buyer Bread accepts. Prior to closing, Buyer Bread requests that the seller allow them to start a kitchen remodel prior to closing. Seller Samuel will not allow this and Buyer Bread gets angry and wants out of the contract.

What is the brokerage relationship between Seller Samuel and Broker Cleary?

Seller Agency

An encumbrance issued by a court on a property of a defendant in a pending lawsuit for money damages is called an:

Writ of Attachment

If a licensee fails to complete the continuing education requirements by the renewal date:

the license is placed on inactive status

Title insurance endorsements appear on a closing statement as a:

Credit to the broker

The Colorado approved Agreement to Amend/Extend Contract form should be signed:

Before the sales contract has been fully executed

If mineral rights are not listed in the deed, and not previously transferred, the rights are:

transferred to the grantee

The Interstate Land Sales Full Disclosure Act stipulates that:

it requires developments to be registered if they are selling more than 100 lots or condominiums

Mr. Jones has a property valued at $150,000. The 2003 taxes were 27.65 mills. In 2004 the mill levy was reduced to 25 mills but the assessed value increased 10%. Did the taxes:

decrease

If the closing is March 15, and last years taxes of $1127 were not paid; how is this shown on the settlement sheet?

$1127 debit to the seller, credit to the broker The broker is responsible of making sure that the bill gets paid

A parcel of land was sold for $17,500 which was a 22% profit. What price did the seller originally pay for the property?

$14,344.26 $17,500 / 1.22 (122 %) = $14,344.26

Duplex owned by wife and husband. Joint tenancy. Husband dies. Husband had a will and left all assets or to son from previous marriage. What does the son receive?

Son does not get the property All parties under joint tenancy have a right of survivorship. This means that the wife became the sole owner of the property automatically upon the death of her husband. This right supercedes the will.

A primarily white neighborhood was starting to change over to more racially mixed demographic. An advertisement said "sell now before it’s too late". Can the realtor be in trouble for this and if so, under what premise?

Yes, this is blockbusting

When an exclusive right-to-buy contract has been executed, who is obligated to pay the broker working with the buyer?

It is determined by which box is checked in the contract

If the buyer assigns her right to purchase a property pursuant to an exclusive right-to-buy contract to her brother-in-law:

he broker shall still have the right to collect a commission

According to Commission Position 25 on Recording Contracts, should a listing broker decide her Seller client is attempting to cheat her out of a commission, the broker can:

Commence mediation, arbitration or a civil action

Of the following brokerage relationships, which one does not include the duty of advocacy for the principal?

Transaction Broker

Licensee buyout addendums are to be used when a real estate broker is purchasing:

his or her own listing

If the buyer and seller have not reached a resolution on inspection issues the contract will terminate:

on the expiration of the resolution deadline.

The Real Estate Commission approved Colorado Power of Attorney form

creates a limited agency agreement

The payoff of an existing loan appears on a closing statement as a:

Debit to the seller

Upon acceptance by the seller of a Purchase and Sale Agreement, the buyer:

has an equitable interest in the property

Broker written provisions inserted into a Commission approved form must:

use a different style font from the pre-printed areas

A house is sold on June 15. The annual taxes in the amount of $850 for the year have not been paid. What does the seller owe the buyer at closing?

$384.25 Jan. 1 – June 14 = 165 days. $850 / 365 = $2.3288 per day tax liability.165 days x $2.3288 = $384.25

Acceptance of an offer must be which of the following?

Absolute and unqualified, Expressed or communicated, Within time limits

When a broker presents the Definitions of Working Relationships form to a purchaser:

this is not considered complete disclosure of agency

After the Sellers columns on a Settlement sheet have been subtotaled, to balance the two debit and credit columns, a credit to the Seller and a debit to the broker would represent:

Money owed by the Seller

According to Colorado law, in the absence of a written agreement to the contrary, a real estate broker:

represents neither the buyer nor the seller

A house is closed on October 15. The annual insurance payment is $578 for the fiscal year of July 1 to June 30. The buyers will assume the seller’s policy. Since the policy has been paid, how much does the buyer owe the seller at closing?

410.14 Explanation $578 / 365 = $1.5836 per day. Seller paid for 259 days he didn’t own the policy (Oct. 15 through June 30) 259 x $1.5836 = $410.14

The License Buyout Addendum to the Contract to Buy and Sell is required for which of the following situations?

an associate is offering a guaranteed buyout arrangement as an inducement to list with his or her company

A broker enters into an exclusive right-to-buy contract with a purchaser. The purchaser finds a satisfactory property and makes an offer, which is accepted. The listing broker is unavailable during much of the transaction and the selling broker performs several of the listing broker’s responsibilities. In gratitude, the seller offers a $500 bonus to the selling broker. When is it acceptable for the broker to receive this money?

With full written disclosure to both parties

Find the annual rate of return percentage on an $88,000 investment if the weekly gross income is $225 and monthly expense is $370

0.0825 Explanation Calculate the annual income which is $225 X 52 = $11,700. Then calculate the annual expenses $370 X 12 = $4,440. Next subtract $4,440 from $11,700 = $7,260 then divide this by $88,000 = 8.25 %

A financing statement and security agreement are used:

when offering personal property as security for a loan

Who is responsible for the cost of Mediation?

Split equally between buyer and seller

A buyer enters into an exclusive right-to-buy contract and subsequently submits an offer on a property that is accepted; if the transaction fails, through no fault of the purchaser:

the buyer is under no obligation to pay his broker a commission

In a new loan closing, sometimes a lender may make some of the payouts, such as recording fees, survey and reserve taxes before the closing. When these amounts are taken out of the loan, the remaining balance is the amount sent to the closing table and is called the Net Loan Proceeds. The Net Loan Proceeds are entered on the settlement worksheet:

As a debit to the broker, single entry

If a broker shows a home for another broker who has it listed and a married couple comes in and he answers all questions the best he can and he promises to find out answers to the ones he doesn’t know and get back to them. What type of relationship has been established?

No fiduciary relationship has been established

How many days notice does a landlord have to give to evict a tenancy-at-will?

3

Regarding the broker/seller relationship under the terms of an Exclusive Right-to-Sell listing contract, which of the following statements are true?

The broker can take the listing without being an agent of the seller

The covenant implied in a lease that ensures that the tenant will not be evicted by someone claiming prior ownership to that of the lessor is the:

covenant of quiet enjoyment

A transaction broker owes a fiduciary responsibility to :

neither the buyer nor the seller

A Buyers right to a specific performance remedy in the event of a Seller default in the Contract to Buy and Sell Real Estate:

Is the default remedy and as such need not be selected

Advocacy of the principal is a benefit of which of the following relationships?

buyer or seller agency

A broker is entitled to pay a commission to:

a licensed broker in another state

Which of the following is contained in the preprinted portion of a purchase and sale contract?

Preowned home warranty information

"MEC" in the Contract to Buy/Sell Real Estate means:

the date upon which both parties have signed the contract.

Which of the following requires the use of the Licensee Buyout Addendum to the contract to Buy & Sell?

A broker offers to purchase a property as an inducement for the Owner to purchase another

Broker Baker lists seller Simms home. The listing expires January 15th. During the listing period Broker Baker showed the house to Archie and Edith Bunker. Broker Baker submits their names to Seller Simms, but the Bunkers do not make an offer. On the 25th of January, Seller Simms lists the property with Broker Barker. On, January 30th, the Bunkers make an offer through Broker Baker. Who is entitled to the listing commission?

Broker Barker

A house is closed on July 16. The taxes of $546 for the current year have been paid, what is the prorated portion that the buyer owes the seller

252.81 Divide the total taxes $546 by 365 (number of days in the year = $1.4959 per day time the number of days from July 16 through Dec 31 remember that the day of closing goes to the buyer, therefore times 169 = $252.81

To assign a contract for the sale of real estate means to:

transfer the rights under the contract