Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Colorado Real Estate > Ultimate Test 3 > Flashcards

Ultimate Test 3 Flashcards

1
Q

An Associate Broker must use the Buyout Disclosure when:

A

a) The purchase by the associate is to induce the Seller to list their property in order to purchase another property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A Contract Addendum may not be completed by:

A

d) Buyer’s or Seller’s Brokers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A property is assessed at $129,000 and is taxed at 92 mills (9.2% per $100). What is the tax per annum?

A

b) $11,868.00

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the latest date by which a licensee’s ownership must be disclosed?

A

a) At the time of signature/seller contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

According to the brokerage disclosure given to the buyer, the broker will disclose:

A

a) Whether the broker is a transaction broker and thus also a transaction broker for the buyer
b) That the broker has consent to disclose confidential information to the supervising broker
c) Whether the broker is an agent for the seller
d) All of the above!!!

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Mortgage brokers are licensed by:

A

a) The Division of Real Estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

The square footage disclosure applies to:

A

a) Residential property only

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Security deposits held by a landlord must be refunded:

A

a) Within one month of the termination of the lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A broker who assists one or more parties in a Real Estate transaction without being an advocate for any party is:

A

c) A transaction broker

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Which of the following would not constitute good funds under the Colorado good funds law?

A

a) Cash

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Broker John is engaged by buyer A and seller B as an agent. Buyer A decides to buy seller B’s house. Broker John must provide A and B with:

A

d) A written change of status

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

A buyer’s agent could be accused of abandoning her buyer if:

A

d) She does not provide agreed upon services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The approved buy/sell contract provides that:

A

c) The parties agree to proceed to mediation before commencing arbitration proceedings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A broker acting as an agent for the seller:

A

a) Must counsel the seller

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

A license issued on Feb. 2, 2008 expires on:

A

b) Dec. 31, 2011

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A foreclosure sale of a residential property cannot be held before a minimum of how many days have elapsed after recording of the notice of election and demand:

A

a) 110 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

A buyer’s agent could be accused of abandoning her buyer if:

A

d) She does not provide agreed upon services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

The approved buy/sell contract provides that:

A

c) The parties agree to proceed to mediation before commencing arbitration proceedings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

A broker acting as an agent for the seller:

A

a) Must counsel the seller

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

A license issued on Feb. 2, 2008 expires on:

A

b) Dec. 31, 2011

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

A foreclosure sale of a residential property cannot be held before a minimum of how many days have elapsed after recording of the notice of election and demand:

A

a) 110 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

The owner’s redemption period after the foreclosure sale for a Commercial property is:

A

d) There is no redemption period after the sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

When a property is in foreclosure under a deed of trust, which is authorized to sell the property at a public sale?

A

d) The public trustee of the county

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

If property taxes are to be paid in two installments, when does interest accrue on the outstanding balance?

A

a) March 1 if the first installment is delinquent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Taxpayers in Colorado have two options for paying property tax. One allows two installments and the other is a single payment. If the taxpayer elects the single payment option, the property tax must be paid by:

A

a) April 30

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

In the Colorado contract all of the following are negotiable except:

A

d) Splitting the cost of mediation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

An illegal requirement in a listing would include:

A

a) Limiting sale requirement to only one protected class under Fair Housing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

A contract is considered to be fully executed when:

A

a) All requirements have been fully completed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Closing cost disclosure requirements are regulated by:

A

d) RESPA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

PMI allows a purchaser to:

A

a) Qualify for a higher loan amount

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

A cooperative property reflects:

A

a) A corporate ownership of a building

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Which type description would include “Starting at the old Oak tree. ?”

A

d) Metes and Bounds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

When a contract is acknowledged it means that:

A

d) It has been notarized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

The purpose of a monument is to show:

A

a) Where a lot begins and/or ends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

In an appraisal of a single residential property, the least important consideration would be:

A

d) Capitalization Rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Which of the following always requires an appraisal?

A

b) FHA loan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

The most probable selling price would indicate:

A

c) Market value

38
Q

A Broker has failed to renew their license; 30 days has elapsed. During this time their license is:

A

a) Considered expired and they may not practice Real Estate

39
Q

A Broker’s agency agreement with the Seller continues until:

A

d) Completion of the sale

40
Q

A check for earnest money was presented with the contract. This check must be:

A

b) Referenced within the sales contract

41
Q

If you are working as a Transaction Broker, the only required disclosure is:

A

c) Disclosure of working relationships

42
Q

An unlicensed assistant may:

A

d) Sit an open house

43
Q

A husband and wife purchase a home as joint tenants. The husband wills his ownership interest to his son. Upon his death the son receives:

A

a) Nothing

44
Q

An earnest money deposit does not clear the account. The contract is now:

A

b) Void

45
Q

The secondary market purchases loans from:

A

b) Banks

46
Q

In a foreclosure sale, a lender gives a Quit Claim Deed:

A

a) To eliminate future title claims

47
Q

Taxes are paid in two installments each year. If the property is worth $150,000 and assessed at 80%, with a mill levy of 8.2 percent, each payment would be:

A

d) 4,920

48
Q

Several Brokers have decided to lock in a 7% listing commission, these Brokers have:

A

a) Restricted competition

49
Q

A Buyer met an Inspector at the property and paid for his inspection. This payment would be reported on the closing statement as:

A

b) Paid outside closing

50
Q

A Buyer refused to complete the purchase. The Seller may not force them to perform. The Contract:

A

c) Is an Option Contract

51
Q

A Seller signed a counter offer, before the Buyer was informed a higher offer came in, the Seller:

A

a) May cancel the counter offer and accept the new offer

52
Q

A Title Policy reported a history of who owned the property. This is most likely

A

c) An Abstract

53
Q

A lender provides a loan from their own funds. This lender is most likely:

A

b) A Mortgage Banker

54
Q

The main difference between a CAM and an appraiser is that an Appraiser:

A

c) Determines highest and best use

55
Q

A tenant has a triple net lease. The annual expenses include: Taxes $2,500, Overhead
$3,000, and Insurance $1,100. The tenant’s share of this would be:

A

a) $6,600

56
Q

The purpose of a Tax Certificate is to:

A

a) Show the amount of taxes that must be paid annually

57
Q

A Buyer’s Broker was employed on an hourly fee. The buyer purchased a property. The Broker:

A

c) Will not receive a commission since she was on an hourly wage

58
Q

To receive a commission on an open listing the Broker must prove he was the:

A

a) Procuring cause

59
Q

Discount points are used to:

A

a) Increase the Lender’s yield

60
Q

How is the interest on an assumed loan entered on the closing statement?

A

b) Debit Seller, Credit Buyer

61
Q

A Broker lists a home for a client. He is working as:

A

b) Single agent

62
Q

There are no disclosure requirements for:

A

a) A properly remediated methamphetamine contaminated house

63
Q

A lead based paint disclosure allows for:

A

c) A Buyer to have the home inspected for lead based paint

64
Q

A Broker’s commission is:

A

b) Always negotiable

65
Q

Although carbon monoxide is colorless and odorless, it is:

A

b) Inexpensively tested and mitigated

66
Q

A Broker tells a Buyer that this is the best landscaped home in the neighborhood. After he moves in the Buyer discovers that it isn’t the best landscaped home. The Broker is guilty of:

A

d) Puffing

67
Q

The value of a Property is determined by:

A

d) The Market

68
Q

Who may be legally barred from leasing a Rental Unit?

A

c) A Known Violent and Aggressive Individual

69
Q

An important detail in appraising a home would be the:

A

c) Sales Date

70
Q

A listing contract belongs to the:

A

b) Brokerage Firm

71
Q

A listing would be terminated by:

A

b) Condemnation of the Property

72
Q

Which of the following is the seller’s responsibility?

A

d) Broker compensation

73
Q

Seller must disclose all known material defects EXCEPT:

A

c) Remediated meth labs

74
Q

An out-of-state property owner wants you to set up a management company, you must:

A

a) Ask your employing broker to set up a management agreement and escrow account

75
Q

In an exclusive agency listing contract which of the following is negotiable:

A

d) Length of holdover clause

76
Q

To earn a commission on a real estate security:

A

c) One of the parties must have a securities license

77
Q

It is not appropriate for broker to accept a listing:

A

d) At a high price with intention of reducing it later

78
Q

The agreement to amend/extend may:

A

b) Only amend dates in terms of mutual agreement of the parties

79
Q

Which may be a single agent?

A

d) A broker representing a landlord in leasing transactions

80
Q

In approved Buy and Sell contracts the purchaser may assign the contract:

A

c) Only after obtaining seller’s consent in writing

81
Q

The doctrine of prior appropriation states:

A

b) Water priority is based on date water was first directed for use

82
Q

One of the major advantages of F. H. A. financing is:

A

c) Relatively small down payment

83
Q

Buyer signs a contract which is accepted by the seller. Before closing the seller cancels his offer. The Seller may:

A

a) Unless contract was an option

84
Q

An example of puffing would be:

A

d) This lot definitely has the most beautiful view of the lake

85
Q

What Federal act requires that parties have knowledge of all closing costs?

A

c) Real Estate Settlement Procedures Act

86
Q

If subject is in an improvement district where assessments have been confirmed:

A

a) Purchaser must be informed there will be additional assessments as well as a lien

87
Q

Illegal price fixing occurs when:

A

b) Two agree to identical fee structures

88
Q

What’s the direct benefit of investing in an income property:

A

c) 1031 exchanges

89
Q

A contract is terminated if:

A

a) One of the parties finds it impossible to perform

90
Q

Which of the common law agency duties would a broker find easiest to perform in dual agency

A

c) Accounting

91
Q

Which is true of asbestos?

A

b) Encapsulation is safer than removal

92
Q

A man died leaving property to his daughter in his will. Before taking possession the property must be?

A

c) Probated

Colorado Real Estate (28 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions