Test Prep/Day Six

Question 1

Two. Which of the following uses has the lowest preference under Colorado water law? 
A. Domestic. 
B. Agricultural 
C. Industrial
D. Recreational

Answer 1

D. Recreational

Question 2

Three. The doctrine of water rights which is excepted in Colorado is the: A. Correlating of user.
B. Doctrine of prior appropriation
C. riparian rights.
D. Littoral rights

Answer 2

B. Doctrine of prior appropriation

Question 3

Four. The change in the prior appropriation water rights from a lesser agricultural use to a higher residential use may be accomplished by:. 
A. Escheat. 
B. Eminent domain 
C. Condemnation 
D. Variance

Answer 3

C. Condemnation

Question 4

Five. In Colorado, a person who wants to drill a well on a non-– tributary watershed should seek permission from: 
A. The watershed board 
B. The state engineer 
C. The groundwater commission 
D. Either B or C

Answer 4

D. Either B or C

Question 5

Six. Under Colorado water law, a parcel of land larger than 35 acres and titles the owner to:
A. An automatic well permit.
B. All water rights.
C. Only such rights that are purchased by the owner.
D. Riparian rights

Answer 5

C. Only such rights that are purchased by the owner.

Question 6

Seven. Money in trust which becomes due to a broker must be withdrawn:
A. 72 hours after the due date.
B. Two weeks after the due date.
C. Promptly
D. Cannot be withdrawn without an interpleader.

Answer 6

C. Promptly

Question 7

Eight. An amount at a closing for lending purposes cannot be paid by: a. And out-of-state bank tellers check. B. A certified check.
C. A broker’s trust account check drawn on a local account.
D. Cash

Answer 7

C. A broker’s trust account check drawn on a local account.

Question 8

Nine. To attend the closing and sign documents on behalf of the seller, you must have: 
A. A current listing only 
B. Power of attorney
C. A financial interest in the property 
D. Permission from the title company

Answer 8

B. Power of attorney

Question 9

10. The brokers office policy is to offer seller agency only. If a buyer ask about buyer agency, the broker:
    A. Must give written definitions to the buyer of all brokerage relationship, even those which the broker does not offer.
    B. Let’s give the buyeronly buyer agency definitions.
    C. Need not do anything further.
    D. Must refer the buyer to a broker who offers buyer agency.

Answer 9

A. Must give written definitions to the buyer of all brokerage relationship, even those which the broker does not offer

Question 10

11. A sellers broker rebating a portion of her commission to a seller is:
    A. in violation of RESPA.
    B. In violation of licensing law.
    C. And breach of her fiduciary duty
    D. Not in violation of licensing law prohibiting sharing of a commission with an unlicensed person.

Answer 10

D. Not in violation of licensing law prohibiting sharing of a commission with an unlicensed person.

Question 11

12. Which of the following is unlawful commingling by a broker?
    A. Withdrawing one clients funds to pay another clients liability.
    B. Depositing 10 security deposits and one escrow account.
    C. Depositing security deposits collected on for residential units in an earnest money escrow account.
    D. Depositing sufficient broker funds to operate an escrow account.

Answer 11

A. Withdrawing one clients funds to pay another clients liability.

Question 12

13. By Colorado statute, when is it presumed there has been a delivery of deed?
    A. Acceptance by the grantee.
    B. Both parties have signed the settlement sheet.
    C. Acknowledgment and recording.
    D. Received by the grantor.

Answer 12

C. Acknowledgment and recording.

Question 13

One. In Colorado, water rights are considered: 
A. Personal property. 
B. Real property. 
C. Public property. 
D. Right to use.

Answer 13

B. Real property.