licensing requirements

in order to renew an active brokers license each licensee must complete 24 hours of continuing education each year?

False 24 hours is required over each 3 year renewal period.

brokers licenses expire 2 years after the application date

False 3 years on re anniversary date of when the license was issued not the application date

errors and omissions insurance is required only for brokerage firms?

False E&O is mandatory for every active licensed broker and brokerage firm.

business opportunity brokers are exempt from real estate licensing?

False a real estate brokers license is required to sell a business opportunity that includes interest in Real Estate such as a tenants rights under an existing lease

an active licensee may provide advice to a friend as long as he doesn't receive a fee

False am inactive licensee may not perform any services for others that require a license

a broker has a 31 day Grace period to complete CE requirements and lay the renewal fee?

False brokers must have completed all CE. They have 31 days to pay but may not practice real estate

E&O insurance is renewed every 3 years

False every year

a temporary license may be issued to any active real estate broker

False must have at least years of experience

a non resident broker must open an escrow account in colorado if the broker accepts earnest money?

False must keep the money in a Colorado depository could be a title company

licensed coporationsor an PLC need to have E&O insurance

False no need for e&O unless licensed

a broker renewing their license 30 days after expiration will have to pay the renewal fee plus one half the renewal fee?

False only renewal fee

exam prep personal marketing orientation and a BAR ethics class are all approved for continuing education credit?

False only the NAR ethics class.

a broker may take and pass both portions of the state licensing exam to earn 24 hours of continuing education?

False state portion only.

taking any 24 hour approved continuing education course will meet the 3 year requirement?

False the 24 hour brokerage administration course may be used once to fulfill the entire 3 year requirement

laymen got Colorado use tax is made by the seller

False the Colorado use tax is the legal responsibility of the buyer

active brokers must take an annual commission update course every third year?

False the annual update course is required once a year during the 3 year renewal period

brokers who fail to renew their licenses have a 31 day Grace period to continue practicing real estate and pay the fee?

False the broker has 31 days to pay without penalty but may not practice real estate and must have completed all CE before the expiration date.

an associate broker in an office that does not normally do property management may manage a few properties for a friend without informing the employing broker?

False the employing broker must sign the management contract and set up any required trust accounts

the on-site manager of an apartment complex must have a real estate license

False the law provides an exemption if the manager reports to the owner or to a licensee broker,is salaried and does not negotiate leases but performs only the duties of an onsite manager

a licensee renewing 32 days after expiration will need to pay the renewal fees plus a fine of 100$

False the renewal fee plus one half the renewal fee.

passing the national portion of the state exam is equal to 24 hours of continuing education

False the state portion is the only one that will count

to sell options in Real Estate one needs a securities license

False. A real estate license is required

A broker with am inactive license needs errors and omission insurance

False. Only active brokers or those applying for an active license need errors and omission insurance

the sale of real estate options requires am active securities license?

False. an active real estate license is required for real estate options

a non resident broker must have an office open to the public in colorado

False. in the brokers home state

an employee of a corporation purchasing and selling mineral rights must have a real estate license

False. no license is required when working as an employee

inactive brokers must have E&O insurance and an office open to the public?

False. only active licensees need E&O and am office open to the public

an associate broker moving to a different brokerage for. will inform the commission at the next license renewal?

False. the associate and the employing broker must notify the commission immediately

an inactive broker may solicit buyers and sellers to sign listing agreements?

False.An inactive broker may not do anything that requires a license

CENSURE requirements can be fulfilled by taking and passing the state portion of the licensing exam?

True

an inactive broker may be an onsite property manager as an employee of the landlord

True. Since this is exempt from licensing an inactive broker may do it

an inactive broker may sell new homes as an em ppl over of a subdivision developer

True. Since this is exempt from licensing an inactive broker may do it.

a broker may bypass all 3 years of required continuing education by passing the state portion of broker licensing exam

true

a broker selling business opportunities that include a real estate interest would need a real estate license?

true

a broker who has completed all required CE but who fails to renew her license on her anniversary date is considered to have an active license but may not practice real estate?

true

a corporation may apply for a temporary hardship license to replace an employing broker

true

a non resident Colorado broker receiving a few from a Colorado broker must maintain an office in the brokers home state

true

all active brokers must have errors and omissions insurance?

true

an inactive broker does NOT need to maintain an office open to the public?

true

errors and commissions insurance is required when an active license is issued?

true

in order to apply for a real estate license the applicant must have errors and omissions insurance

true

when a brokerage firm changes it's business location the employing broker must notify the commission?

true

all licensed corporations and limited liability companies working in Real Estate must have errors and omissions insurance

true any individual or entity with a real estate license must carry E &O insurance

an inactive licensee may be an onsite property manager or work in New home sales without an active real estate license?

true these do no require a real estate license

am estate administrator selling the real property of the deceased party does NOT need a real estate license?

true. as long as the administrator does not receive commission for the sale