Colorado Real Estate Exam Questions With Complete
Solutions
a broker lists a home for sale. the seller and broker are both
aware that the roof leaks but conceal this information from the
buyer. after the buyer moves in, she discovers the leaking roof.
the actions of the seller and broker represent all of the following
except Correct Answer unintentional misrepresentation
a buyer and seller entered into a purchase contract. the seller
later stated that she did not wish to sell the property. in order for
the buyer to force the seller to sell, the buyer may use what
remedy? Correct Answer special performance
a buyers agent in the middle of negotiations just overheard the
listing agent and seller discussing that the seller will accept
5,000 less than the asking price if necessary. what should the
buyers agent do with this information Correct Answer
immediately tell the buyer and no one else
a characteristic of a partially amortized loan is that Correct
Answer a ballon payment exists at the end of the loan term
A contract in which a land owner gives a developer, for a stated
consideration, the right to buy a parcel of land within a specified
time for a fixed price may properly be described as an Correct
Answer option
a contract must have certain specific elements in order for it to
be valid. All of the following are essential for a contract to be
valid Correct Answer offer
,acceptance
consideration
a gas that may be emitted from items such as furniture,
draperies, carpet, and insulation is Correct Answer
formaldehyde
a housing development advertises its units as being available
only to persons over 55. in this case it is Correct Answer legal
if 80% of the residents are age 55 or older
a leasing agent has given a security deposit check to the property
manager broker. the broker should deposit the check in: Correct
Answer a security deposit trust account
a leasing agent has received a security deposit for a lease, what
is her next step Correct Answer give it to the broker as soon as
possible
a listing agent has been asked to provide a second contract with
different terms to take to a lender. What should the agent do?
Correct Answer refuse to do this
a listing agent is posting her new listing to her social media
accounts. in this case, she Correct Answer needs to meet the
same criteria as print advertising
a money judgement of the court, when recorded always becomes
a Correct Answer involuntary lien
, a mortgage is usually associated with a Correct Answer
promissory note
a multiple listing may properly be defined as a listing agreement
in which: Correct Answer a broker with an exclusive listing has
a contractual obligation to distribute the listing among certain
other brokers
A person cannot successfully claim that he did not know about
the content of any recorded document. this is due to the legal
principle known as Correct Answer constructive notice
A person who hires or appoints an agent is called the Correct
Answer principal
a promise to perform in a contract is called Correct Answer
consideration
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: Correct Answer must return
the deposit to the buyer as demanded
a purchase money mortgage is Correct Answer a mortgage
given to the seller by the purchaser as part of the purchase price
Solutions
a broker lists a home for sale. the seller and broker are both
aware that the roof leaks but conceal this information from the
buyer. after the buyer moves in, she discovers the leaking roof.
the actions of the seller and broker represent all of the following
except Correct Answer unintentional misrepresentation
a buyer and seller entered into a purchase contract. the seller
later stated that she did not wish to sell the property. in order for
the buyer to force the seller to sell, the buyer may use what
remedy? Correct Answer special performance
a buyers agent in the middle of negotiations just overheard the
listing agent and seller discussing that the seller will accept
5,000 less than the asking price if necessary. what should the
buyers agent do with this information Correct Answer
immediately tell the buyer and no one else
a characteristic of a partially amortized loan is that Correct
Answer a ballon payment exists at the end of the loan term
A contract in which a land owner gives a developer, for a stated
consideration, the right to buy a parcel of land within a specified
time for a fixed price may properly be described as an Correct
Answer option
a contract must have certain specific elements in order for it to
be valid. All of the following are essential for a contract to be
valid Correct Answer offer
,acceptance
consideration
a gas that may be emitted from items such as furniture,
draperies, carpet, and insulation is Correct Answer
formaldehyde
a housing development advertises its units as being available
only to persons over 55. in this case it is Correct Answer legal
if 80% of the residents are age 55 or older
a leasing agent has given a security deposit check to the property
manager broker. the broker should deposit the check in: Correct
Answer a security deposit trust account
a leasing agent has received a security deposit for a lease, what
is her next step Correct Answer give it to the broker as soon as
possible
a listing agent has been asked to provide a second contract with
different terms to take to a lender. What should the agent do?
Correct Answer refuse to do this
a listing agent is posting her new listing to her social media
accounts. in this case, she Correct Answer needs to meet the
same criteria as print advertising
a money judgement of the court, when recorded always becomes
a Correct Answer involuntary lien
, a mortgage is usually associated with a Correct Answer
promissory note
a multiple listing may properly be defined as a listing agreement
in which: Correct Answer a broker with an exclusive listing has
a contractual obligation to distribute the listing among certain
other brokers
A person cannot successfully claim that he did not know about
the content of any recorded document. this is due to the legal
principle known as Correct Answer constructive notice
A person who hires or appoints an agent is called the Correct
Answer principal
a promise to perform in a contract is called Correct Answer
consideration
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: Correct Answer must return
the deposit to the buyer as demanded
a purchase money mortgage is Correct Answer a mortgage
given to the seller by the purchaser as part of the purchase price
