Colorado License LawIntermediateColorado Exam
A Colorado broker who is also a licensed mortgage loan originator must:
ADisclose both licenses to clients involved in transactions where both services are offeredCorrect
BChoose only one license to use at a time
CAutomatically represent both the buyer and the lender, as is customary in this jurisdiction
DCharge a combined fee for both services
Why Disclose both licenses to clients involved in transactions where both services are offered Is Correct
Answer A: Disclose both licenses to clients involved in transactions where both services are offered
A Colorado broker who holds both a real estate broker license and a mortgage loan originator (MLO) license must disclose both licenses to clients and explain any potential conflicts of interest when providing both real estate and mortgage services in the same transaction.
Key Colorado License Law Terms in This Question
People Also Study
Related Colorado Questions
- Colorado's 'Mortgage Loan Originator Licensing Act' requires mortgage brokers and loan officers to be licensed by:Colorado License Law
- Under the SAFE Act, mortgage loan originators in Colorado must be licensed through:Finance
- A Colorado seller wants to provide 'seller financing.' To avoid the SAFE Act's mortgage loan originator licensing requirements, seller financing must meet certain exemptions. One key exemption requires:Finance
- Under the federal 'Secure and Fair Enforcement for Mortgage Licensing Act' (SAFE Act), a Colorado mortgage loan originator must:Finance
- A Colorado broker who is also a licensed attorney and provides both real estate brokerage AND legal services in the same transaction must:Colorado License Law
- A property in Colorado sells for $420,000. The buyer makes a 20% down payment and obtains a conventional mortgage. What is the loan amount?Finance
- A Colorado home has a $280,000 loan at 5% annual interest. The first monthly payment is entirely interest only. What is the first month's interest payment?Real Estate Math
- Under Colorado license law, if a broker receives competing offers on the same property, the broker must:Colorado License Law
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
State-Specific Concepts
Broker Supervision
Practice More Colorado Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →