MacIntosh Real Estate School Colorado Course - Chapter 14

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1 Chapter 14 - SHORT-ANSWER QUESTIONS ANSWERS 1. protect 2. competency, integrity 3. standing, interests 4. ethical standards 5. crimes, torts, crime, tort 6. 5, hearings, policy, licensing, complaints, disciplinary, Regulatory 7. a. Educate b. Enforce, disciplinary c. License d. Register, developers e. Certify conservation f. Investigate g. Enforce h. Impose 8. Master, applications, brokers, education, experience, examinations, insurance, background 9. Recognition, conviction, preliminary 10. motion, compelled, Administrative, revocation, suspension, censure, dismissal, admonishment 11. Board, Realtors, Real Estate Commission 12. employing 13. offers, uses a. purchase; b. sale; c. exchange; d. rent; e. lease. 14. Compensation a. 1. selling b. Offering 2. exchanging c. lease g. option 3. buying d. Negotiating h. employee 4. renting e. Listing, attempting i. Negotiating 5. leasing f. Auctioning j. tenant 15. employed, broker 16. a. An attorney-in-fact, authorized to sell a particular piece of real estate; b. Any public official in the conduct of his official duties; c. Any receiver, trustee, administrator, conservator, executor, or guardian acting under proper authorization; d. Any person or entity acquiring real estate for itself; e. An attorney-at-law in connection with representation of clients; f. A person or entity engaged in the act of acquiring oil and gas leases; g. Any person or entity acquiring real estate for itself (essentially the same as d, above.) Copyright All Rights Reserved 1 Colorado Contracts & Regs (48 credit hrs)

2 h. A corporation with respect to its own property acting through its employees, when such acts are necessary in the ordinary course of the corporation's business activities of a non real estate nature unless that corporation is an option dealer. i. An officer of a corporation with respect to Colorado property owned by the corporation, when such principal officer is the owner of twenty percent or more of the outstanding stock of such corporation. This does not apply to a corporation selling previously occupied one-family and two-family dwellings. j. An individual or entity with respect to its property on which has been or will be erected a building which has not been previously occupied and where the consideration paid for such property includes the cost of such building. k. A business entity with respect to its property on which has been or will be erected a shopping center, office building, or industrial park when such building is sold, etc., in the ordinary course of the business of such business entity. l. A regularly salaried employee of an owner of an apartment building who acts as an on-site manager of such an apartment building. m. A regularly salaried employee of an owner of condominium units who acts as an on-site manager of such units. n. A real estate broker licensed in another state who receives a share of a commission or finder's fee from a licensed Colorado real estate broker; o. A business entity, where the purchaser of such property is in the business of developing land for residential, commercial, or industrial purposes. p. A person or business entity engaged in buying, etc., permits, licenses, and any other interests in real property for communication, utilities or transportation. 17. real estate license 18. broker 19. truthfulness, honesty 20. Yes. Examples of these legal entities include: Corporate/LLC real estate brokerage; Partnership real estate brokerage; Raw ground subdivision developers; Time-share and vacation club developers; Condominium conversion developers; Conservation easement holders. 21. a. Eighteen years of age; b. 48 hours real estate law and practice; c. 48 hours Colorado real estate contracts and regulations; d. 72 hours education in the following areas: 1. trust accounts and record keeping; 2. real estate closings; 3. current legal issues; and 4. practical applications. Copyright All Rights Reserved 2 Colorado Contracts & Regs (48 credit hrs)

3 22. No education required for out-of-state brokers or salespersons to get a CO license. Someone with an unexpired license (either sales/agent or broker) is only required to pass the Colorado portion of the license exam. 23. Exam, competency. 24. closing statement (Note: This part of the statute is no longer enforced. Though it is incorrect, the Colorado Legislature has not yet repealed it. So we must still reproduce it in these materials.) 25. substantially equivalent 26. two, 24, Brokerage Administration (See (4)(c)(I) and (II).) 27. a. individuals b. partnerships c. limited liability companies d. corporationss 28. fictitious, birth (maiden) name 29. No. 30. trust accounts, record keeping, closings 31. errors, omissions 32. license, Commission 33. five, appointed, Governor 34. three 35. majority 36. Essentially by complying with the same requirements as a Colorado licensee, except that the non-resident need not maintain a place of business in Colorado if they have a place of business in another state. 37. Immediately. 38. The licensee s license shall be automatically inactivated. 39. Both. It is a joint responsibility. 40. One 41. Not longer than seven years. 42. Yes. 43. $2, a. censure; b. probation; c. suspend the license; or d. revoke the license. 45. a. Knowingly making any misrepresentation or knowingly making use of any false or misleading advertising; b. Making any promise of a character which influences, persuades, or induces another person when he could not or did not intend to keep such promise; c. Knowingly misrepresenting or making false promises through agents, salespersons, advertising, or otherwise; d. Violating any provisions of the "Colorado Consumer Protection Act", article 1 of title 6, C.R.S.; e. Acting for more than one party in a transaction without the knowledge of all parties thereto; Copyright All Rights Reserved 3 Colorado Contracts & Regs (48 credit hrs)

4 f. Representing or attempting to represent a real estate broker other than the licensee's employer without the express knowledge and consent of that licensee's employer; g. Failing to place, as soon as possible, in the custody of that licensed broker-employer any deposit money or other money or fund entrusted to the employee. h. Failing to account for or to remit, within a reasonable time, any moneys coming into his possession which belong to others, and failing to keep records relative to said moneys. i. Converting funds of others, diverting funds of others without proper authorization, commingling funds of others with the broker's own funds, or failing to keep such funds of others in an escrow or a trustee account with some bank, and to so keep records relative to the deposit. j. Failing to provide the purchaser and seller of real estate with a closing statement of the transaction, or failing to provide a signed duplicate copy of the listing contract and the contract of sale [to the seller] or the preliminary agreement to sell to the parties. k. Failing to keep documents for four years, for the Commission to inspect. l. Paying a commission, finder s fee or referral fee to an unlicensed person. m. Violating any Commission Rules, or lawful commission orders; or aiding and abetting a violation of any rule, regulation, commission order. n. Conviction of, entering a plea of guilty to, or entering a plea of nolo contendre to any crime. o. Violating or aiding and abetting in the violation of the Colorado or federal fair housing laws; p. Failing to immediately notify the commission in writing of a conviction, plea, or violation of (n) or (o), above. q. Having demonstrated unworthiness or incompetence to act as a licensee. r. An employing broker failing to exercise reasonable supervision over the activities of licensed employees. s. Obtaining a real estate license by means of fraud. t. Taking compensation without revealing such to the licensee s principal or employer. u. Taking an option to purchase a property, without disclosing to and obtaining the written consent of the principal or employer. v. Any act which results in the payment of any claim from the real estate recovery fund. w. Dishonest dealing. x. Having a license revoked, suspended, etc., in another jurisdiction, if the cause of such penalty would constitute a violation of Colorado license law. y. Failing to keep proof of Continuing Education for four years. 46. Send a copy of the complaint or other initiating pleading to the Commission, and the Answer filed, if any; the disposition of the case; the amount and nature of the judgment, verdict, finding, or sentence imposed. 47. Affiliated, settlement, investment, disclose, require Copyright All Rights Reserved 4 Colorado Contracts & Regs (48 credit hrs)

5 48. fee, kickback 49. attorney, insurance, lender 50. Administrative Law Judge ( ) 51. The licensee may appeal to the courts. 52. The licensee s employing broker. ( ) 53. Only if the broker had actual knowledge or was negligent in supervision. ( ) 54. When the sale is consummated or the owner unjustly fails to consummate the sale. 55. No, unless the owner within a reasonable time, corrects the defects. 56. notified 57. The findings must show the real estate person committed negligence, fraud, willful misrepresentation, or conversion of trust funds 58. errors, omissions insurance 59. pain, suffering, 25% 60. Notify, in writing, the Commission of the commencement of the action. 61. One year after finality of the judgment. 62. The licensee s license is automatically revoked and the licensee may not be licensed again until making full repayment to the fund. 63. Subrogation. ( ) 64. relationships, buyers 65. employing, broker, designated, single, natural 66. one party 67. a. buyer s agent b. landlord s agent; c. seller s agent; d. tenant s agent. 68. negotiation, closing, agent 69. A single agency is established through a written agreement; single party; separate transactions; seller's agent; transaction-broker. ( ) 70. other 71. one, designated, one, designated 72. approved, directed, ratified, supervise, vicarious 73. a) perform the terms of the written agreement; b) exercise reasonable skill and care; c) promote the interests of their principal; d) comply with license law and Commission Rules; e) comply with all Fair Housing Laws. 74. engage, subagents 75. dual 76 a. To perform the terms of any written or oral agreement made with any party to the transaction; b. To exercise reasonable skill and care as a transaction-broker, including, but not limited to: Copyright All Rights Reserved 5 Colorado Contracts & Regs (48 credit hrs)

6 1. Presenting all offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or letter of intent; 2. Advising the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of such broker; 3. Accounting in a timely manner for all money and property received; 4. Keeping the parties fully informed regarding the transaction; 5. Assisting the parties in complying with the terms and conditions of any contract including closing the transaction; 6. Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed; 7. Disclosing to any prospective seller or landlord all adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the buyer's or tenant's financial ability to perform the terms of the transaction and the buyer's intent to occupy the property as a principal residence; and 8. Informing the parties that as seller and buyer or as landlord and tenant they shall not be vicariously liable for any acts of the transaction-broker; c. To comply with all requirements of this article and any rules promulgated pursuant to this article; and d. To comply with any applicable federal, state, or local laws, rules, regulations, or ordinances including fair housing and civil rights statutes or regulations. 77. a. That a buyer or tenant is willing to pay more than the purchase price or lease rate offered for the property; b. That a seller or landlord is willing to accept less than the asking price or lease rate for the property; c. What the motivating factors are for any party buying, selling, or leasing the property; d. That a seller, buyer, landlord, or tenant will agree to financing terms other than those offered; e. Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property pursuant to section , C.R.S.; or f. Any material information about the other party unless disclosure is required by law or failure to disclose such information would constitute fraud or dishonest dealing. 78. office policy 79. a) buyer; b) seller; Copyright All Rights Reserved 6 Colorado Contracts & Regs (48 credit hrs)

7 c) transaction. 80. a) broker is an agent for seller (landlord) and not an agent for buyer (tenant); b) list of tasks the agent intends to perform with buyer (tenant); c) statement that buyer is not vicariously liable for broker s acts unless buyer (tenant) approves, directs or ratifies such acts. ( (2)(d)) relationship, designated, 81. any party Copyright All Rights Reserved 7 Colorado Contracts & Regs (48 credit hrs)

8 Chapter 14 QUIZ ANSWERS 1. a 2. c 3. b 4. c 5. c 6. d 7. b 8. a 9. b 10. c 11. d 12. a 13. a or c 14. b 15. c 16. d 17. d 18. d 19. b 20. a 21. c 22. d 23. c 24. a 25. d 26. b 27. a 28. b 29. a 30. d Copyright All Rights Reserved 8 Colorado Contracts & Regs (48 credit hrs)

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