Colorado License LawAdvancedColorado Exam
The Colorado Division of Real Estate (DORA) is responsible for all of the following EXCEPT:
AA. Licensing real estate brokers
BB. Licensing appraisers
CC. Overseeing mortgage loan originators, in general
DD. Setting federal mortgage interest ratesCorrect
Why D. Setting federal mortgage interest rates Is Correct
Answer D: D. Setting federal mortgage interest rates
The Colorado Division of Real Estate (part of the Department of Regulatory Agencies - DORA) licenses and regulates real estate brokers, appraisers, and mortgage loan originators. It does NOT set federal mortgage interest rates — that is the Federal Reserve's domain.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
State-Specific Concepts
License Law
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