ch. 15 - short-answer question · pdf filech. 15 - short-answer question answers. 1. ... a...

Ch. 15 - SHORT-ANSWER QUESTION ANSWERS 1. The student must complete all educational requirements Refer to C.R.S.

12-61-103 in Chapter 14. (A-2) 2. The education provider files with the Commission a Certificate of

Completion – electronically or otherwise. (A-2) 3. Uniform, State (local) (A-5) 4. Both, No (A-5) 5. No, just the part failed. (A-5) 6. One year (A-8) 7. Ten (A-9) 8. Certification, Licensing History, 90 (A-11) 9. Nolo contendre, misdemeanor, felony, pending, prosecution, judgment,

sentence, 10, traffic. (A-12) 10. fingerprints, Colorado Bureau of Investigations (CBI), criminal history,

electronically, Card (A-13) 11. Fingerprints, criminal history, electronically, card (A-16) 12. a. 24 hours in real estate closings b. eight hours in trust accounts and record keeping c. eight hours in current legal issues d. 32 hours practical applications (A-17) 13. Application is canceled and reinstated only at the discretion of the

Commission. (A-25) 14. Temporary, hardship (A-26) 15. Update, 12, Reactivation, Brokerage, Colorado, Contracts, Regulations,

Closings (B-2) 16. distance (B-4) 17. a. accredited b. governmental c. occupational d. law (B-6); a. proprietary, b. substantive, c. (no question) d. state, e. employed brokers, f. REALTOR® (B-7) 18. a. one b. 50 c. eight (B-8) 19. licensee (B-10) 20. 100%. The broker must be the sole owner or else apply for a partnership

license. (C-3)

MacIntosh Real Estate School Colorado Course - Chapter 15

Copyright 2018 - All Rights Reserved 1 Colorado Contracts & Regs (48 credit hrs)

21. trade, individual, trade (C-14) 22. trade, business, trade (C-18) 23. “Each (actual trade name) brokerage business is independently owned

and operated.” (C-19) 24. No. (C-24) 25. a. maintenance b. collecting rents c. showing units d. quoting a rental price previously established by the owner (C-24) 26. a. The unlicensed manager must account to, and report directly to the

owner, condominium homeowner association, or the licensed entity; b. The unlicensed manager must be regularly salaried; c. The manager must not negotiate any of the material aspects of the lease.

(C-24) 27. Yes. (C-26) 28. For payment of commissions earned during the period of employment. (D-

7) 29. Three years from the anniversary date of the initial issuance of the license.

(D-13) 30. Errors, omissions insurance (D-14) 31. Yes, but the licensee must provide to the Commission an affidavit proving

such alternative coverage upon renewal, reinstatement or initial application for a license. (D-14)

32. inactive status (D-14) 33. trust, separate (E-1) 34. sales escrow (trust) (E-1) 35. a. Management trust account used for monies collected in performing

management services. b. Security deposit trust account for security deposits c. rental escrow for rents; and d. ownership association escrow for HOA dues. (E-1) 36. The individual broker’s name. (E-1) 37. The individual broker’s name, and the corporation, partnership, or limited

liability company’s name. (E-1) 38. The licensed broker in all cases. Others may be authorized by the broker

to withdraw funds, but the broker always remains personally liable. (E-1) 39. Personal, commingled. The broker may put just enough of his own funds

in the account to keep it open. Performed, recall (E-1(f)) 40. a. Monies received in connection with a property management

contract. b. partnership, limited liability companies, syndications, monies; c. rent or lease contract monies; d. advance fee contact monies



e. deposits for short term rental monies; f. escrow contract monies; g. collection contract monies; h. earnest money contract monies; i. future investment funds.

41. 7, sales escrow (E-1(i)) 42. identified, presented, payment (E-1(m)) 43. deposited, escrow, third business, acceptance (E-1(o)) 44. The listing broker. (Check or note payable or assigned to the listing

broker.) (E-1(o)) 45. a. An account journal that lists in chronological order all monies

received or disbursed by the broker that belongs to all others; b. A ledger which records in chronological sequence all monies received or

disbursed by the broker for each particular beneficiary; c. A bank reconciliation worksheet which provides agreement between: 1. the cash balance in the account journal; 2. the sum of the cash balances for all ledgers; 3. the corresponding bank account balance (E-1(p)) 46. No. (E-1(u)) 47. Withdrawn, fully performed, 30 days (E-2) 48. Duplicate, executing, deeds, notes and trust deeds. Retain a copy for

future use or inspection by an authorized representative of the Real Estate Commission. (E-4)

49. designated, sign, joint, accuracy, completeness, (E-5(e)) 50. The individual licensee who has established a broker relationship with the

buyer or seller. (E-5) 51. At or before the closing. (The broker must obtain a dated and signed

receipt from the closing entity.) (E-5) 52. employing broker (E-8) 53. written, license, termination (E-11) 54. compensation, exclusive, Crossing (E-13) 55. purchaser, owner, compensation (E-15) 56. written authorization, written notice (E-16) 57. written (E-21)

58. rendered, ownership, affiliated(E-22) 59. finder’s

resides, office contracting, broker deposited (E-23) 60. fraud, disciplinary (E-24) 61. account, conflict, interest (E-25) 62. authority, assistants (E-29)



63. a. Maintain all trust accounts and records; b. Maintain all transaction records; c. Develop office policy manual and review with employees; d. High level of supervision of newly licensed persons; e. Reasonable level of supervision for experienced licensees; f. Ensure violation of statutes, rules and office policies don’t occur; g. Provide for adequate supervision of all broker’s offices. (E-30)

64. a. office 1. Signed 2. inspection

a. contracts b. transaction c. delegated (E-31)

65. a. Training b. consultation c. contracts d. Monitor e. Review f. Closings. (E-32)

66. ministerial (E-33) 67. present, unexpired (E-34) 68. buyer, confidential, house, small (E-35) 69. funds, received, immediate, Good Funds (E-36) 70. legal, fee, licensee (E-37) 71. designate, single, transaction, office, team, all members of the team (E-38) 72. office, office, signed (E-39) 73. Dual

a) transaction broker for seller and for buyer; b) single (listing) agent, treating buyer as customer; c) single agent for buyer, treating seller as customer. (E-40)

74. assisting, Transaction-Broker, Status (E-41) 75. Market, appraiser (E-42) 76. measure, exact, accurately, competently, disclosed, loan, valuation,

independent (E-43) 77. a) Cease any activities requiring a license;

b) Return license and pocket card to the Commission; c) Cease all advertising; d) Inform all parties; e) Account for all funds, if an employing broker; f) Receive only fees earned prior to suspension, revocation, expiration

or transfer to inactive status. (E-44) 81. Disclosure (Affiliated Business Arrangements are discussed in depth in Ch.

20.)



82. conform, separate, Employees 83. commission-approved form, broker 84. name, address, telephone, e-mail, trademark, initial 85. instruction(s), printed body, legible, obscure 86. lengthened, shortened 87. caption, heading, “OMITTED”. 88. transaction-specific, negotiations, instructions, Landlord, Tenant 89. a) an attorney representing the broker or brokerage firm; or b) a principal party to the transaction; or c) an attorney representing a principal party. 90. “This addendum has not been approved by the Colorado Real Estate

Commission. It was prepared by (insert licensed name of broker or brokerage firm’s) legal counsel.”

91. explain, expert, expertise 92. legible 93. security software program 94. is not. No, because to do so would be the unauthorized practice of law.

The broker should have an attorney prepare such documents. 95. solicits, tenant, contract, receipt 96. declaratory, controversies 97. prospective, receipt, retain, incompetent (Rule G) 98. petition, uncertainties (Rule I) 99. Administrative, Decision, reconsideration, K (Rule K)



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Ch. 15 – QUIZ ANSWERS

1. d 2. c 3. c 4. d 5. a 6. b 7. d 8. c 9. d 10. d 11. c 12. b 13. a 14. b 15. c 16. d 17. c 18. a 19. d 20. a 21. c 22. a 23. c 24. b 25. d 26. d 27. b 28. a 29. a 30. d 31. d 32. c 33. e 34. a 35. b



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ch. 15 - short-answer question · pdf filech. 15 - short-answer question answers. 1. ... a...

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