COLORADO REAL ESTATE EXAM 2024 NEWEST 2
VERSIONS (VERSION A, AND B ) AND PRACTICE
QUESTIONS 300 QUESTIONS WITH DETAILED VERIFIED
SOLUTIONS (100% CORRECT) /A+ GRADE ASSURED
every valid contract must meet all of the following requirements except - ANSWER:
earnest money
to have a valid contract four elements are needed - ANSWER: 1) competent parties
2) mutual consent
3) legal consideration
4) legal object
mutual consent - ANSWER: the offer and acceptance of the offer
legal consideration - ANSWER: promises, something of value, an act, giving up the
right to act, etc,
legal object - ANSWER: the parties are agreeing to do something that is legal and not
against public policy so that the contract is legally enforceable in a court of law
in law a trade fixture is - ANSWER: personal property
if a party to a valid real estate contract becomes bankrupt while the contract is
executory the contract - ANSWER: terminates
all contracts are terminated by - ANSWER: bankruptcy
compared to physical life economic life is usually - ANSWER: shorter
the deed covenant that states that the grantor owns the property and has the right
to convey it is the covenant of - ANSWER: seisin
a prospective buyer gave a deposit to a broker and signed the usual form of an offer
to purchase property. the deposit form included the statement "this offer is for 5
days" a day later before the offer had been accepted by the seller, the buyer
contacted the broker and withdrew his offer and demanded the return of his
deposit. the broker: - ANSWER: must return the deposit to the buyer as demanded
an offer is not legally binding until it becomes a - ANSWER: contract
alienation in real estate could result from all of the following - ANSWER: eminent
domain proceedings
adverse possession
delivery of a deed
, alienation can be - ANSWER: voluntary or involuntary
if there is a default on a mortgage, the mortgagor, after the foreclose sale may have
the statutory right of - ANSWER: redemption
the best way to avoid legal problems is by - ANSWER: putting all terms in writing
the clause in a promissory note and the mortgage or deed of trust that allows the
lender to demand full and immediate payment if the borrower is in default is known
as the: - ANSWER: acceleration clause
the main north and south line in a government survey from which townships are
located is called a - ANSWER: principal meridian
a leasing agent has received a security deposit for a lease, what is her next step -
ANSWER: give it to the broker as soon as possible
The broker property manager is responsible for - ANSWER: depositing all funds in the
trust account per the times required by state law
the type of listing that allows more than one brokerage firm to list the property is
known as a - ANSWER: open listing
replacement cost is best described as the - ANSWER: cost of building a property of
equivalent utility with the same or similar materials
offer and acceptance are required in order to have - ANSWER: mutual agreement
if a signed sales contract is canceled by mutual agreement between the parties, the
commission earned by the broker involved is - ANSWER: still earned and potentially
collectible
the actual amount that a parcel of property sells for is the - ANSWER: market price
a contract must have certain specific elements in order for it to be valid. All of the
following are essential for a contract to be valid - ANSWER: offer
acceptance
consideration
a broker lists a home for sale. the seller and broker are both aware that the roof
leaks but conceal this information from the buyer. after the buyer moves in, she
discovers the leaking roof. the actions of the seller and broker represent all of the
following except - ANSWER: unintentional misrepresentation
an interest-only loan is known as - ANSWER: straight
VERSIONS (VERSION A, AND B ) AND PRACTICE
QUESTIONS 300 QUESTIONS WITH DETAILED VERIFIED
SOLUTIONS (100% CORRECT) /A+ GRADE ASSURED
every valid contract must meet all of the following requirements except - ANSWER:
earnest money
to have a valid contract four elements are needed - ANSWER: 1) competent parties
2) mutual consent
3) legal consideration
4) legal object
mutual consent - ANSWER: the offer and acceptance of the offer
legal consideration - ANSWER: promises, something of value, an act, giving up the
right to act, etc,
legal object - ANSWER: the parties are agreeing to do something that is legal and not
against public policy so that the contract is legally enforceable in a court of law
in law a trade fixture is - ANSWER: personal property
if a party to a valid real estate contract becomes bankrupt while the contract is
executory the contract - ANSWER: terminates
all contracts are terminated by - ANSWER: bankruptcy
compared to physical life economic life is usually - ANSWER: shorter
the deed covenant that states that the grantor owns the property and has the right
to convey it is the covenant of - ANSWER: seisin
a prospective buyer gave a deposit to a broker and signed the usual form of an offer
to purchase property. the deposit form included the statement "this offer is for 5
days" a day later before the offer had been accepted by the seller, the buyer
contacted the broker and withdrew his offer and demanded the return of his
deposit. the broker: - ANSWER: must return the deposit to the buyer as demanded
an offer is not legally binding until it becomes a - ANSWER: contract
alienation in real estate could result from all of the following - ANSWER: eminent
domain proceedings
adverse possession
delivery of a deed
, alienation can be - ANSWER: voluntary or involuntary
if there is a default on a mortgage, the mortgagor, after the foreclose sale may have
the statutory right of - ANSWER: redemption
the best way to avoid legal problems is by - ANSWER: putting all terms in writing
the clause in a promissory note and the mortgage or deed of trust that allows the
lender to demand full and immediate payment if the borrower is in default is known
as the: - ANSWER: acceleration clause
the main north and south line in a government survey from which townships are
located is called a - ANSWER: principal meridian
a leasing agent has received a security deposit for a lease, what is her next step -
ANSWER: give it to the broker as soon as possible
The broker property manager is responsible for - ANSWER: depositing all funds in the
trust account per the times required by state law
the type of listing that allows more than one brokerage firm to list the property is
known as a - ANSWER: open listing
replacement cost is best described as the - ANSWER: cost of building a property of
equivalent utility with the same or similar materials
offer and acceptance are required in order to have - ANSWER: mutual agreement
if a signed sales contract is canceled by mutual agreement between the parties, the
commission earned by the broker involved is - ANSWER: still earned and potentially
collectible
the actual amount that a parcel of property sells for is the - ANSWER: market price
a contract must have certain specific elements in order for it to be valid. All of the
following are essential for a contract to be valid - ANSWER: offer
acceptance
consideration
a broker lists a home for sale. the seller and broker are both aware that the roof
leaks but conceal this information from the buyer. after the buyer moves in, she
discovers the leaking roof. the actions of the seller and broker represent all of the
following except - ANSWER: unintentional misrepresentation
an interest-only loan is known as - ANSWER: straight
