Colorado Broker Exam Prep Edge Colorado Practice Real Estate Exam Questions
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Below are eight free real estate practice exam questions that will closely resemble your Colorado licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.
1. You’ve been working with a couple, the Bensons, as a transaction-broker. They’re looking for a home to purchase. They decide to make an offer on a home listed by another broker at your firm. Is it legal for you to continue acting as their transaction-broker now?
- No, because in Colorado, it’s illegal for the opposing parties in a single transaction to be represented by two licensees from the same firm, since it creates dual agency.
- No. The seller’s broker must obtain the seller’s consent to change the relationship to a transaction-broker, which creates a permitted brokerage relationship since both brokers in the transaction are from the same firm.
- Yes, you and the seller’s agent are both designated brokers. Because you’re both from the same firm, your employing broker is considered a dual agent.
- Yes, you’re the designated broker for the Bensons, and the other licensee at your firm is the designated broker for the seller. This is legal, and there’s no dual agency.
2. Your clients want you to host an open house next weekend but you’ll be at your son’s wedding. Is there a circumstance under which your unlicensed assistant Ava can host the open house?
- "Ava can’t legally host the open house.
- If the seller consents.
- If you’re ill.
- If you’re more than 250 miles away.
3. In Colorado, when the seller is providing financing, which financing documents must be delivered prior to the seller financing deadline?
- Credit report and pay stubs
- Novation and release of liability
- Promissory note and deed of trust
- Seller Financing Addendum
4. A Colorado home inspection reveals a plumbing leak. The buyer wants the seller to fix the plumbing. What should the buyer's agent do?
- "Advise the buyer to sue the seller.
- Advise the buyer to terminate the contract.
- Call the seller directly to let him know the buyer will back out of the deal if he doesn’t have the plumbing fixed immediately.
- Complete the Inspection Objection Notice and send it to the seller.
5. Meg’s license is up for renewal for the first time, and she knows she’s required to take continuing education courses. Where will she find the specific details about her CE requirements for license renewal?
- CREC meeting minutes
- CREC rules
- DORA guidelines
- Federal statutes
6. To whom is the earnest money deposit debited on the Colorado closing worksheet?
7. Which of the following actions would be inappropriate for a Colorado licensee preparing the Contract to Buy and Sell form for a buyer client?
- Add lines at the bottom of each page for the client’s initials.
- Complete the blanks of the form using a typestyle that’s clearly different from the rest of the form.
- Create an addendum with the client to submit with the form
- Make a legible insertion or modification that follows client’s direct request.
8. A Colorado property valued at $300,000 has a total indebtedness of $100,000. The loan is in foreclosure. What form should be used to write an offer on it?
- Contract to Buy and Sell Real Estate (Income – Residential)
- Contract to Buy and Sell Real Estate (Residential)
- Contract to Buy and Sell Real Estate (Residential) (Foreclosure Protection Act)
- Contract to Buy and Sell Real Estate (Residential Short Sale)
For a more comprehensive view into the types of questions you can expect on the exam, sign up for our free assessment. You’ll have the chance to review a 99-question real estate practice exam at no cost to you. Note that answers are only provided upon purchasing Exam Prep.
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