Colorado Real Estate License Questions with Accurate
Solutions.
Assemblage. - accurate answers-Combining 2 or more adjoining lots into 1
larger one is called?
Appraising residential property or vacant land. - accurate answers-Sales
comparison approach is used for what?
Universal. - accurate answers-Which kind of agent is unauthorized to do all
acts that may be lawful?
Principal. - accurate answers-A general agent has broad powers to act for
the...?
Special. - accurate answers-Which agent has limited, well- defined powers
confined to 1 transaction?
12. - accurate answers-How many banks are the "FED" made of?
Buy and sell securities. - accurate answers-What does the "FED" do?
You Pay P and I AND requires the lender to pay into a lenders account to make
payments for mtg, insurance. - accurate answers-What is a budget loan?
Max increase in interest rate for each adjustment period. - accurate answers-
What is a Cap rate?
Real estate Settlement Procedure Act. - accurate answers-What is RESPA?
No. - accurate answers-Can unearned fees be paid to a lender for referring
customers?
Yes. - accurate answers-Does the buyer need a down payment for an FHA
loan?
Buyer or Seller. - accurate answers-Who pays points with FHA loan?
, NO. - accurate answers-Do FHA loans have prepayment penalties?
The veteran. - accurate answers-Who assumes liablility for VA loans?
Certificate of eligibility. - accurate answers-Veterans must apply for ______ in
order to obtain a VA loan?
Either buyer or seller. - accurate answers-Who pays the points for a VA loan?
Interest rate does not change. - accurate answers-What is a fixed rate loan?
All inclusive Deed of Trust. A second Mortgage the "wraps" 2 loans together.
Can be a loan without a lender. - accurate answers-Wrap around mortgage?
Payments start low and raise over time to reach the fixed rate. - accurate
answers-What is a graduated payment mortgage?
Interest rate is periodically adjusted by adding interest to a current market
rate. - accurate answers-What is an adjustable rate mortgage.
Fannie Mae. - accurate answers-Who is the single largest holder of home
mortgages in US?
Financing was never their goal. - accurate answers-What is an unintentional
investor?
Option contract. - accurate answers-What is a contract that gives one party the
option to buy land for x dollars by a certain date in exchange for a non-
refundable option feel?
A right to obtain legal title at a future time - accurate answers-What is
equitable title?
Oral testimony may be acceptable - accurate answers-Parol Evidence rule is
what?
Fiduciary duties - accurate answers-The following, are what kind of duties
reasonable, loyalty, obedience, accounting disclosure.
Solutions.
Assemblage. - accurate answers-Combining 2 or more adjoining lots into 1
larger one is called?
Appraising residential property or vacant land. - accurate answers-Sales
comparison approach is used for what?
Universal. - accurate answers-Which kind of agent is unauthorized to do all
acts that may be lawful?
Principal. - accurate answers-A general agent has broad powers to act for
the...?
Special. - accurate answers-Which agent has limited, well- defined powers
confined to 1 transaction?
12. - accurate answers-How many banks are the "FED" made of?
Buy and sell securities. - accurate answers-What does the "FED" do?
You Pay P and I AND requires the lender to pay into a lenders account to make
payments for mtg, insurance. - accurate answers-What is a budget loan?
Max increase in interest rate for each adjustment period. - accurate answers-
What is a Cap rate?
Real estate Settlement Procedure Act. - accurate answers-What is RESPA?
No. - accurate answers-Can unearned fees be paid to a lender for referring
customers?
Yes. - accurate answers-Does the buyer need a down payment for an FHA
loan?
Buyer or Seller. - accurate answers-Who pays points with FHA loan?
, NO. - accurate answers-Do FHA loans have prepayment penalties?
The veteran. - accurate answers-Who assumes liablility for VA loans?
Certificate of eligibility. - accurate answers-Veterans must apply for ______ in
order to obtain a VA loan?
Either buyer or seller. - accurate answers-Who pays the points for a VA loan?
Interest rate does not change. - accurate answers-What is a fixed rate loan?
All inclusive Deed of Trust. A second Mortgage the "wraps" 2 loans together.
Can be a loan without a lender. - accurate answers-Wrap around mortgage?
Payments start low and raise over time to reach the fixed rate. - accurate
answers-What is a graduated payment mortgage?
Interest rate is periodically adjusted by adding interest to a current market
rate. - accurate answers-What is an adjustable rate mortgage.
Fannie Mae. - accurate answers-Who is the single largest holder of home
mortgages in US?
Financing was never their goal. - accurate answers-What is an unintentional
investor?
Option contract. - accurate answers-What is a contract that gives one party the
option to buy land for x dollars by a certain date in exchange for a non-
refundable option feel?
A right to obtain legal title at a future time - accurate answers-What is
equitable title?
Oral testimony may be acceptable - accurate answers-Parol Evidence rule is
what?
Fiduciary duties - accurate answers-The following, are what kind of duties
reasonable, loyalty, obedience, accounting disclosure.
