Colorado psi real estate
practice test with complete
answers(verified for accuracy)
Legal descriptions using the government survey system are NOT
generally used in - answer the original 13 states.
Real property can be converted to personal property by - answer
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? - answer 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 - answer 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, - answer
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? - answer : 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? -
answer 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? -
answer 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? -
answer A court may order the return of the property to the original
owner.
New sidewalks installed only on one particular street will probably
be paid for by - answer a special assessment.
An appraiser MUST be licensed or certified to handle Federally
related work on residential property valued at more than - answer
$250,000.
According to the principle of progression, a three-bedroom, one-
story home is MOST likely to bring the highest sales price if located
in a neighborhood in which - answer most homes are larger than
the sale home.
A formal appraisal will ALWAYS be REQUIRED when the - answer
lender wants to sell the mortgage to the secondary market.
practice test with complete
answers(verified for accuracy)
Legal descriptions using the government survey system are NOT
generally used in - answer the original 13 states.
Real property can be converted to personal property by - answer
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? - answer 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 - answer 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, - answer
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? - answer : 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? -
answer 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? -
answer 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? -
answer A court may order the return of the property to the original
owner.
New sidewalks installed only on one particular street will probably
be paid for by - answer a special assessment.
An appraiser MUST be licensed or certified to handle Federally
related work on residential property valued at more than - answer
$250,000.
According to the principle of progression, a three-bedroom, one-
story home is MOST likely to bring the highest sales price if located
in a neighborhood in which - answer most homes are larger than
the sale home.
A formal appraisal will ALWAYS be REQUIRED when the - answer
lender wants to sell the mortgage to the secondary market.
