Term
| What was the Conway-Bogue Decision |
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Definition
| is a court case that gave real estate agents in the state of Colorado the right by to assist buyers and sellers in the legal aspect of real estate. |
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Term
| Broker rules to follow when giving legal advice (4) |
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Definition
A. The broker must be connected to the transaction (he cannot prepare any legal documents as a favor, as a business, with or without pay);
B. The broker must not charge any additional money for preparing documents that are part of the transaction;
C. The documents must be prepared on standard, pre-printed approved forms (the broker is allowed only to fill in the blanks of these pre-printed forms);
D. The broker must advise all parties that they can hire an attorney to create some or all documents and that all parties have the right to be represented by legal counsel. |
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Term
| Who is responsible for the correct preparation of legal documents |
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Definition
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Term
| When can a broker pass along some closing costs other than legal document preparation |
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Definition
| When the parties agree in writing |
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Term
| When should commission approved forms be used |
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Definition
| brokers are required to use Commission-approved forms unless written by the broker's attorney. Brokers are also permitted to fill in the blanks of other pre-printed, standardized forms. Otherwise, forms must be prepared by an attorney representing one of the parties to the transaction. |
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Term
| What statement must be on every contract, in bold print, capitalized and not smaller than 80% of the contract title |
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Definition
| DIFFERENT BROKERAGE RELATIONSHIPS ARE AVAILABLE WHICH INCLUDE BUYER AGENCY, SELLER AGENCY, OR TRANSACTION-BROKERAGE |
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Term
| What is the Uniform Commercial Code |
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Definition
| any sale of personal property valued over $500 must be in writing to be enforceable in a court of law. |
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Term
| What happens when real estate contracts in Colorado are not signed by the seller |
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Definition
| real estate contracts not signed by the seller are void, not voidable |
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Term
| What is the Parol Evidence Rule |
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Definition
| It provides that an agreement in writing shows that the parties intend it as the final and complete expression of their agreement. Evidence of any earlier oral or written statements is not admissible to vary, add to or contradict the terms of the writing. |
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Term
| What is the Uniform Power of Attorney Act |
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Definition
| a standardized form in which an individual (principal) could give to another (agent) power to act for the individual in dealing with the individual's property (personal and real), financial matters, and other affairs. The Power of Attorney gives an agent the power to act for the individual without the individual's consent, in any way that the individual could act for his/her self. The form allows the individual to design (limit) the powers of the agent to specific acts. A main purpose of this act is to insure to third parties that they can rely and act upon the agent's actions without liability to the individual. |
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Term
| What are violations under the Federal Civil Rights Act |
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Definition
| Real estate licensees could not discriminate based on race, color, religion, sex and national origin. |
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Term
| What are violations under the 1988 Federal Fair Housing Amendments Act |
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Definition
| unlawful discrimination against protected classes (mental and physical disabilities) and familial status. |
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Term
| What is prohibited under the 1959 Colorado Fair Housing act |
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Definition
| The act prohibits discrimination based on race, creed, color, national origin or ancestry in the renting or purchasing of housing. Sexual orientation was added in 2008 |
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Term
| What type of property does the Colorado Fair Housing Act cover |
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Definition
| All property, including commercial leasehold interests |
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Term
| What are the time limits on discrimination complaints |
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Definition
◦A complaint can be filed within one year with "The Commission;"
◦A civil action filed by the attorney general within 18 months;
◦Or an individual filing a civil action in US District Court within 2 years. |
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Term
| How does the Appraisal Licensing Act define "Appraisal" |
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Definition
| The law defines an appraisal "as a written analysis, opinion or conclusion as to the nature, quality, value, or utility of specified interests in or aspects of identified real estate." |
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Term
| What was resolved in the CBA vs. Title Guarantee lawsuit |
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Definition
| title and abstract companies could not prepare for others (and charge for), nor give legal advice about, documents as such action was deemed outside of their business. Only at such time as the "companies" were loaning their own personal funds could they prepare documents (deeds of trust, mortgage, and notes). |
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Term
| What may be added to a commission approved form |
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Definition
| Firm name, address, telephone, e-mail, trademark or other identifying information may be added outside the body of the contract form (above the box that says, 'The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission,' or at the very end). |
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Term
| What may a broker omit from a Contract to Buy and Sell Real Estate if not applicable |
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Definition
1) Inclusions in it’s entirety
2) Seller Concessions
3) New loan
4) Assumption
5) Seller of Private Financing
6) Financing Conditions
7) Appraisal Provisions
8) Common Interest Community Governing Documents
9) Special Taxing Districts
10) Right of First Refusal or Contract Approval
11) Leased Base Paint
12) Source of Potable Water
13) Carbon Monoxide Alarms
14) Methamphetamine Disclosure
15) Status and Transfer Letter Fees
16) Local Transfer Tax
17) Sales and Use Tax
18) Rents
19) Association Assessments |
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Term
| When can the Additional Provisions section be used |
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Definition
| For transaction-specific terms or acknowledgments that result from negotiation of the parties or instructions from one of the parties. |
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Term
| When can a broker add "common clauses" to the additional provisions section |
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Definition
| When they are a principal party to the contract |
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Term
| How must the additional provisions section begin |
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Definition
| The following additional provisions have not been approved by the Colorado Real Estate Commission |
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Term
| If an addendum is prepared by a broker's attorney, what disclosure must appear on each page of the addendum |
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Definition
| 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. |
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Term
| When can a transaction broker insert personal provisions into a contract |
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Definition
| At no time may a broker working as T-B or Agent for a principal insert personal provisions, personal disclaimers or exculpatory language in favor of the broker in an addendum. |
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Term
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Definition
| An owner, promoter or sales agent who promotes, sells, or leases all or part of a subdivision |
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Term
| What are the civil penalties for housing discrimination |
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Definition
A) $10,000 maximum first offense
B) $25,000 maximum if one offense in past 5 years.
C) $50,000 maximum if two or more offenses in past 7 years |
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