Colorado Real Estate Exam Review Questions & Answers. Graded A+/ Verified.| Latest Update 2024/25|

COLORADO REAL ESTATE EXAM REVIEW QUESTIONS & ANSWERS. GRADED A+/ VERIFIED. every valid contract must meet all of the following requirements except - -earnest money to have a valid contract four elements are needed - -1) competent parties 2) mutual consent 3) legal consideration 4) legal object mutual consent - -the offer and acceptance of the offer legal consideration - -promises, something of value, an act, giving up the right to act, etc, legal object - -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 - -personal property if a party to a valid real estate contract becomes bankrupt while the contract is executory the contract - -terminates all contracts are terminated by - -bankruptcy compared to physical life economic life is usually - -shorter the deed covenant that states that the grantor owns the property and has the right to convey it is the covenant of - -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: - -must return the deposit to the buyer as demanded an offer is not legally binding until it becomes a - -contract alienation in real estate could result from all of the following - -eminent domain proceedings adverse possession delivery of a deed alienation can be - -voluntary or involuntary if there is a default on a mortgage, the mortgagor, after the foreclose sale may have the statutory right of - -redemption the best way to avoid legal problems is by - -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: - -acceleration clause the main north and south line in a government survey from which townships are located is called a - - principal meridian a leasing agent has received a security deposit for a lease, what is her next step - -give it to the broker as soon as possibl