The commission enforces the law through the real estate division of the Colorado Department of Regulatory Agencies (DORA). The commission
investigates written complaints and brokers who are suspected of violations
. Under the commission's Rule E-21, brokers must respond to complaints within a stated period of time.
How are real estate commissions determined in Colorado quizlet?
Commissions are not determined by law. Commissions earned by a broker in a real estate sales transaction… Are
determined by agreement of the broker and his/her principal
. Commissions may not be shared with an unlicensed party nor deductible from the earnest money deposit.
What is the purpose of the real estate Commission in Colorado?
The commission enforces the law through the real estate division of the Colorado Department of Regulatory Agencies (DORA). The commission
investigates written complaints and brokers who are suspected of violations
. Under the commission's Rule E-21, brokers must respond to complaints within a stated period of time.
Which of the following actions will the real estate Commission take if after investigating a broker accused of a violation of license law the investigative staff determines that the violation probably occurred?
If a broker is accused of a violation of the license law in a complaint to the commission and the commission investigative staff determines that the violation probably happened, the commission:
May decide to refer the matter to a hearing before an appointed administrative law judge.
How often does the real estate commission meet Colorado?
Real Estate Commission
The Division has a five-member Commission who meet
bi-monthly
to conduct rulemaking hearings, make policy decisions, consider licensing matters, review complaints and take disciplinary action against real estate brokers.
What is the Colorado real estate commission?
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.
How much money does a real estate agent make in Colorado?
According to the Bureau of Labor Statistics data from May 2019, the annual mean salary for a Colorado real estate sales agent is
$76,850
. That makes Colorado the fifth top-paying state for real estate agents, coming in behind New York, Massachusetts, Connecticut, and Alaska.
Can the Colorado Real Estate Commission impose jail time?
Licensed realtors have only 30 days to inform the Colorado Real Estate Commission after they get convicted of certain serious crimes. … A first-time offense of unauthorized brokering is a Colorado misdemeanor, carrying:
up to 6 months in jail
, and/or. up to $500 in fines.
Which of the following is exempt from the real estate licensing law in Colorado?
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
. An associate broker terminates with a broker. The employing broker refuses to turn the license over to the Commission.
Who is responsible for the cost of mediation quizlet?
the prevailing party
all reasonable costs and expense. Do not confuse litigation and arbitration with mediation. Litigation and arbitration is binding and the prevailing party will be awarded costs and expense from the losing party.
Does Colorado law dictate the ethical standards for the real estate industry?
Does Colorado law dictate the ethical standards for the real estate industry?
Colorado License Law does NOT cover ethical standards
. … Indirectly through public wrongs (the law of crimes). Indirectly through private wrongs (the law of torts).
Which type of listing allows a seller to sell the property himself or herself without having to pay any commission to any designated broker?
An open listing
is an exclusive contract. A seller can sell his or her own home and owe no commission if he or she signs an exclusive agency listing. An exclusive listing must always be at least 30 days long.
What is the difference between positive misrepresentation and inadvertent misrepresentation?
What is the difference between positive misrepresentation and inadvertent misrepresentation? Positive means intentional; inadvertent means it
wasn't intentional
. … Misrepresentation falsely represents material facts that a reasonable person would rely upon.
Who appoints the Colorado real estate Commission?
The Oversight Commission is comprised of nine members: three permanent members from state agencies with responsibilities for conservation, and six members appointed by
the Governor
for three-year terms.
How long do you have to keep real estate files in Colorado?
requires all licensees to maintain possession of their transaction files for
4 years
.;Additionally, Commission Rule E-30, identifying employing broker responsibilities, includes the requirement to “Maintain all transaction records”.
How many members make up the Colorado real estate Commission?
The
five Commission
members consist of three real estate brokers, one of whom has substantial experience in property management, and two members of the public. The Commission members serve a three-year term.
