COLORADO PSI REAL ESTATE PTACTICE TEST ACTUAL
EXAM 2026-2027 QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) ALREADY
GRADED A+
Legal descriptions using the government survey system are NOT generally used
in - ANSWERS-the original 13 states.
Real property can be converted to personal property by - ANSWERS-severance
A homeowner is willing to let his neighbor park an RV in his backyard. He does
NOT want to make the permission permanent in case he dislikes others who
might move next door in the future. What should he give his neighbor? -
ANSWERS-A license.
A broker hires a salesperson as an independent contractor. In order for the
salesperson to be considered an independent contractor for federal income tax
purposes, the broker's written contract with the salesperson MUST specify -
ANSWERS-that the salesperson will not be treated as an employee for federal
income tax purposes.
, The main difference between tenancy in common and joint tenancy is that with
tenancy in common, when a co-owner dies, - ANSWERS-his undivided interest
passes to his heirs.
A property is encumbered by a first mortgage of $60,000 and a second mortgage
of $23,500. The property has just been sold at a foreclosure auction to a
speculating investor for $88,000. Assume that all costs of the foreclosure sale
are included in these balances. Which of the following statements is FALSE
regarding the distribution of funds? - ANSWERS-: The second mortgagee receives
nothing unless he forced the foreclosure auction.
A broker is showing a buyer one of his residential listings. The buyer says he
wants to establish a day care center for seniors in the property. The property has
been used as a day care center for no more than five children. How should the
broker advise this buyer? - ANSWERS-Provide the buyer with contact
information for the local planning and zoning office to confirm the zoning and
determine whether it permits his use.
A landowner wishes to build a neighborhood grocery store on a busy street in an
area zoned for residential use. Which of the following would MOST likely be
used to obtain permission for this store? - ANSWERS-Conditional use permit or
zoning variance
If conditions for property use are included in a deed and these conditions are
violated, what is the most severe potential penalty? - ANSWERS-A court may
order the return of the property to the original owner.
EXAM 2026-2027 QUESTIONS AND CORRECT DETAILED
ANSWERS (100% VERIFIED ANSWERS) ALREADY
GRADED A+
Legal descriptions using the government survey system are NOT generally used
in - ANSWERS-the original 13 states.
Real property can be converted to personal property by - ANSWERS-severance
A homeowner is willing to let his neighbor park an RV in his backyard. He does
NOT want to make the permission permanent in case he dislikes others who
might move next door in the future. What should he give his neighbor? -
ANSWERS-A license.
A broker hires a salesperson as an independent contractor. In order for the
salesperson to be considered an independent contractor for federal income tax
purposes, the broker's written contract with the salesperson MUST specify -
ANSWERS-that the salesperson will not be treated as an employee for federal
income tax purposes.
, The main difference between tenancy in common and joint tenancy is that with
tenancy in common, when a co-owner dies, - ANSWERS-his undivided interest
passes to his heirs.
A property is encumbered by a first mortgage of $60,000 and a second mortgage
of $23,500. The property has just been sold at a foreclosure auction to a
speculating investor for $88,000. Assume that all costs of the foreclosure sale
are included in these balances. Which of the following statements is FALSE
regarding the distribution of funds? - ANSWERS-: The second mortgagee receives
nothing unless he forced the foreclosure auction.
A broker is showing a buyer one of his residential listings. The buyer says he
wants to establish a day care center for seniors in the property. The property has
been used as a day care center for no more than five children. How should the
broker advise this buyer? - ANSWERS-Provide the buyer with contact
information for the local planning and zoning office to confirm the zoning and
determine whether it permits his use.
A landowner wishes to build a neighborhood grocery store on a busy street in an
area zoned for residential use. Which of the following would MOST likely be
used to obtain permission for this store? - ANSWERS-Conditional use permit or
zoning variance
If conditions for property use are included in a deed and these conditions are
violated, what is the most severe potential penalty? - ANSWERS-A court may
order the return of the property to the original owner.
