Colorado License LawIntermediateColorado Exam
Under Colorado Rules and Regulations, the Seller's Property Disclosure (SPD) form is:
ALegally required in all residential sales
BVoluntary but strongly encouraged; brokers still must disclose known adverse material facts regardlessCorrect
CRequired only for properties built before 1978
DRequired only when the property has known defects, though outcomes can differ depending on circumstances
Why Voluntary but strongly encouraged; brokers still must disclose known adverse material facts regardless Is Correct
Answer B: Voluntary but strongly encouraged; brokers still must disclose known adverse material facts regardless
In Colorado, completing the Seller's Property Disclosure (SPD) is voluntary. However, brokers have an independent legal obligation to disclose all known adverse material facts about the property, regardless of whether an SPD is completed.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
State-Specific Concepts
License Law
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