In the Colorado CBS contract, who is typically responsible for paying for the owner's title insurance policy?
Why B. As negotiated between the parties (it can be paid by either buyer or seller; custom varies by county in Colorado) Is Correct
Answer B: B. As negotiated between the parties (it can be paid by either buyer or seller; custom varies by county in Colorado)
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
Key Contracts Terms in This Question
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Key Terms to Know
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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