1
REAL ESTATE COLORADO LAW & CONTRACTS FINAL
EXAM REVIEW QUESTIONS AND ANSWERS, 100%
ACCURATE, VERIFIED.| latest update 2024/25|
Two lots of the same size are sold on a street. The lot on the corner sells for
$20,000 more than the in the lot in the middle of the street. Which of the
following characteristics most likely explains the price difference - (answers)situs
When preparing to sell a house using an installment land contract you should: -
(answers)have the parties contact an attorney representing one of them to
prepare the contract
If a buyer informs the seller of an electrical problem to be fixed before closing,
and the seller does not fix the problem, the Contract to Buy and Sell Real Estate
may be: - (answers)terminated
The Buy/Sell contract has an Off Record Title Objection Deadline - (answers)for
the buyer to object to Off Record Matters
Broker Bob is working with Buyer Sam as a transaction broker and Buyer Sam
wants to make an offer on a For Sale By Owner - (answers)Broker Bob is a
transaction broker for both parties
The Sellers have accepted a Buy/Sell Contract and decide to correct their names
as listed on the Contract - (answers)Sellers can do an Amend and Extend
, 2
Nancy has recently contracted to purchase a home for $185,500 and applied for a
90% LTV mortgage at 6.75% interest. If he closes on this loan on July 11th, how
would the entry for prepaid interim interest appear on the closing statement?
Figure 365 days for this problem - (answers)$1697.01 Debit Buyer
When writing a Buy/Sell contract, what are the essential elements -
(answers)Mutual assent, consideration, competent parties, legal purpose
When must a listing broker disclose to the buyer the broker's working relationship
with the seller? - (answers)In writing before providing specific real estate services
According to the Rules and Regulations, the Listing Contract has 17 Uniform
duties. Is it a requirement to do all Uniform duties as an agent - (answers)yes,
with additional duties as an agent
Joseph has recently sold his house for $653,330 which is 54% more than he had
originally paid 15 years ago. How much did he pay for the house? -
(answers)$424,240
In the Buy/Sell Contract it states that if the Buyer receives the Associate
documents after the deadline, Buyer at Buyer's option - (answers)terminate the
contract on or before closing
Using 30 day/360 year method Gerald has recently sold his house for $253,330
which is 54% more than he had originally paid. How much did he pay for the
house? - (answers)$164,500
REAL ESTATE COLORADO LAW & CONTRACTS FINAL
EXAM REVIEW QUESTIONS AND ANSWERS, 100%
ACCURATE, VERIFIED.| latest update 2024/25|
Two lots of the same size are sold on a street. The lot on the corner sells for
$20,000 more than the in the lot in the middle of the street. Which of the
following characteristics most likely explains the price difference - (answers)situs
When preparing to sell a house using an installment land contract you should: -
(answers)have the parties contact an attorney representing one of them to
prepare the contract
If a buyer informs the seller of an electrical problem to be fixed before closing,
and the seller does not fix the problem, the Contract to Buy and Sell Real Estate
may be: - (answers)terminated
The Buy/Sell contract has an Off Record Title Objection Deadline - (answers)for
the buyer to object to Off Record Matters
Broker Bob is working with Buyer Sam as a transaction broker and Buyer Sam
wants to make an offer on a For Sale By Owner - (answers)Broker Bob is a
transaction broker for both parties
The Sellers have accepted a Buy/Sell Contract and decide to correct their names
as listed on the Contract - (answers)Sellers can do an Amend and Extend
, 2
Nancy has recently contracted to purchase a home for $185,500 and applied for a
90% LTV mortgage at 6.75% interest. If he closes on this loan on July 11th, how
would the entry for prepaid interim interest appear on the closing statement?
Figure 365 days for this problem - (answers)$1697.01 Debit Buyer
When writing a Buy/Sell contract, what are the essential elements -
(answers)Mutual assent, consideration, competent parties, legal purpose
When must a listing broker disclose to the buyer the broker's working relationship
with the seller? - (answers)In writing before providing specific real estate services
According to the Rules and Regulations, the Listing Contract has 17 Uniform
duties. Is it a requirement to do all Uniform duties as an agent - (answers)yes,
with additional duties as an agent
Joseph has recently sold his house for $653,330 which is 54% more than he had
originally paid 15 years ago. How much did he pay for the house? -
(answers)$424,240
In the Buy/Sell Contract it states that if the Buyer receives the Associate
documents after the deadline, Buyer at Buyer's option - (answers)terminate the
contract on or before closing
Using 30 day/360 year method Gerald has recently sold his house for $253,330
which is 54% more than he had originally paid. How much did he pay for the
house? - (answers)$164,500
