Which of the following is correct according to the Colorado Real Estate Commission Position Statement regarding Rule F? … Brokers may not add exculpatory language to any commission-approved contract.
What is Rule F in Colorado real estate?
Through the adoption and promulgation of Commission Rule F, it became compulsory for all real estate brokers licensed by the State of Colorado to use Commission approved forms in most of their contracting. … The privileges granted should not be abused by the real estate broker.
Which of the following if any is exempt from the Colorado Real Estate License Law?
In Colorado, who of the following is exempt from real estate license law? Investor who owns 12 investment properties and sells one to an owner-occupant. Inactive licensee assisting friends in filling out purchase offers and negotiating deals.
Which of the following correctly describes how an independent broker may work according to Colorado law?
Which of the following correctly describes how an independent broker may work according to Colorado law? … The broker should: submit the offer without disclosing the purchaser’s position A transaction broker may not disclose confidential information.
Which encumbrances does the seller list on the Colorado exclusive right to sell listing contract?
Which monetary encumbrances should be listed by the seller when completing the Exclusive-Right-to-Sell Listing Contract? The seller should list all encumbrances known at the time of the listing. The status of these encumbrances after the property is sold would not be relevant (or known) at the time of the listing.
How are real estate commissions determined in Colorado?
The commission structure generally differs when it comes to commercial real estate commissions. The standard commercial real estate commission in Colorado is 6 percent of the sales price. Fees are still negotiable, and high-end properties usually have lower commission fees.
What are rule F forms?
It means the state of Colorado produces specific documents that they force CO Real Estate Brokers to use when the particular document applies to that situaion. In basic terms, the state feels they can better protect everyone if they force Real Estate Brokers to use pre-printed contracts approved by the state.
Which of the following is the first step in a foreclosure in Colorado?
Which of the following is the first step in a foreclosure in Colorado? The lender files a notice of election and demand for sale with the public trustee.
What is the Colorado real estate Recovery Fund?
The Real Estate Recovery Fund provides funds from which a client can recover court-awarded amounts if the judgment was against an individual broker arising from a real estate transaction involving both the broker and the client, and the client has been unable to recover otherwise.
What was decided in the Conway-Bogue decision quizlet?
Conway-Bogue court decision did rule that agents were practicing law without a license but are permitted to do so provided Commission approved forms are used. When must an employing broker keep a ledger? When accepting money belonging to others.
Can a broker in Colorado give a finders fee to an out of state broker?
Can a broker in Colorado give a finders fee to an out-of-state broker? Yes, if the out-of-state broker resides and maintains an office in the other state.
What was decided in the Conway Bogue decision?
The Conway-Bogue court decision ruled that real estate agents are practicing law without a license but are permitted to do so as long as agents use commission forms and comply with commission Rule F. (Read this if you haven’t already done so.)
Who pays the Colorado use tax on the transfer of furniture personal property equipment?
The Colorado Use Tax, (39-26-Part 2, C.R.S.) is a form of sales tax, payable on the transfer of furniture, equipment, etc. The buyer is obligated to pay this tax by statute.