Colorado Real Estate Exam: Questions &
Answers: Guaranteed A+ Score : Latest Updated
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
...
Colorado Real Estate Exam: Questions &
Answers: Guaranteed A+ Score : Latest Updated
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
a buyers agent in the middle of negotiations just overheard the listing agent and seller discussing
that the seller will accept 5,000 less than the asking price if necessary. What should the buyers
agent do with this information - answer immediately tell the buyer and no one else
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