Colorado Law And Practice Exam Questions And Answers
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Course
Colorado
Institution
Colorado
Colorado Law And Practice Exam Questions And Answers
The term "effective age" when applied to an industrial building means
The observed age of the property in relation to its actual age
An employed broker who both lists and sells has earned:
The agreed upon split from the employing broker f...
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Colorado Law And Practice Exam Questions And
Answers
The term "effective age" when applied to an industrial building means
The observed age of the property in relation to its actual age
An employed broker who both lists and sells has earned:
The agreed upon split from the employing broker for each side of the transaction
If a borrower must pay one discount point on a 250,000 loan, the charge will be:
2,500
Federal Fair Housing law provides that possible discrimination exists in the following circumstances
A tenant who is disabled is only shown apartments on the first floor
A veteran borrower has paid off a VA-guaranteed loan and applies for another VA loan on a different
primary residence. He/she:
Has entitlement restored upon paying off the first loan
Which is NOT true about a joint tenancy
Different amounts of interest may be given to the individual grantees
At the moment of mutual execution of a sales contract, the buyer
acquires equitable title
A seller instructs the listing broker to refrain from advertising in the largest circulation newspaper in
the region. This instruction
Is valid and must be obeyed
All of the following statements about property management are correct EXCEPT
A property manager is always paid 10% of the rental income
Authorized to do all acts that may be lawfully delegated to an agent is descriptive
Universal agent
Which type of deed offers the maximum number of warranties and covenants
General Warranty Deed
A lease for a period of 11 months and 10 days is a/an
Estate for years
As the money supply for mortgages tightens
Interest rates tend to increase
,The purpose of charging discount points on a loan is to
Increase yield to the investor
A proper legal description lists
Lot, block, subdivision, city, county, and state
In reconciling the three approaches to value, the appraiser
Accords more weight to the method most suited to the type of property
The broker, who has listed a property for sale, has the obligation to ___
Do whatever the owner has instructed him to do legally
If a wheelchair-bound person rents an apartment, the landlord may legally
Evict the tenant for excessive noise
An involuntary transfer of title is:
Escheat
Eminent domain
Erosion or Avulsion
Which BEST describes the role of a fiduciary
A fiduciary relationship is established when a property manager agrees to represent an owner in
leasing the owner's property
When appraising a residential property, an appraiser would be LEAST concerned with
the cost to replace the building
After listing a home with a broker, the seller told the broker NOT to disclose a major structural defect
in the house. What should the broker do?
Tell the buy of the defect prior to the writing of an offer or refuse the listing
Puffing is best characterized as which of the following?
Subjective opinion
If a buyer agent writes an offer of a property listed by another brokerage firm, what is the relationship
between the two brokers?
There is no relationship
Obedience of the agent to the principal means that:
The agent must follow those instructions regardless of personal feelings about them, as long as they
do not violate the state or federal laws
A mortgage that requires no money down by the borrower is most likely a(n)
Va-guaranteed loan
, A buyer obtains an 80% loan on the purchase of a 188,500 property. This would be shown on the
settlement statement
150,800 single-entry credit buyer
The benefit, interest or value that induces a promise in a contract is a(n)
Consideration
An exclusive agency listing differs from an exclusive right-to-sell listing in that the exclusive agency
listing
Preserves the principal's right to sell his or her own home without owing a commisssion
Setting into motion a series of events which results in a sale is known as
Procuring cause
Riparian Rights are along
A running flow of water
Under the Federal Fair Housing Amendments of 1988, which of the following is the BEST example of
the familial status protected class?
A single person seeking legal guardianship of a 15 year old
An appraiser is usually paid a fee:
Based on the amount of time and effort expended
A broker lists a property as agent of the sell for 260,000. The broker later encourages a prospective
buyer to submit a low offer because the seller is desperate. The buyer offers $248,000 and the seller
accepts. The broker:
Violated the fiduciary relationship
The essential elements of a contract include all of the following EXCEPT
Notarized signatures
Which is not an economic characteristic of land?
Immobility
Which principle of value BEST applies to a home whose value is maintained by being enveloped by
similiar-type homes
Conformity
A property management agreement would have all EXCEPT
Statement of lessee's purpose
The leasehold estate most commonly used by property managers is an estate
for years
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