KCOLORADO LAW AND PRACTICE -
PRACTICE TEST QUESTIONS AND
ANSWERS
The broker who has listed a property for sale, has the obligation to __________ - do whatever the owner
has instructed him to do legally.
Two brokers agree to use the same listing fees to stop undercutting each other's profit margins. Such an
agreement - violates the Sherman Anti-Trust Act.
Agency may be established: - by implication (what you might say or do) without a written contract
The essential elements of a contract include all of the following EXCEPT: - Notarized signatures.
The terms of an agreement in which a seller withdraws his property from the market for a specified time
and a certain price, but grants a person the right to purchase at a fixed sale price, would best be
accomplished through a(n) - Option.
Property management agreements should include the following: - Description of trust accounts.
If a borrower must pay one discount point on a $250,000 loan, the charge will be: - $2,500
When appraising a residential property, an appraiser would be LEAST concerned with: - the cost to
replace the building.
The Rural Economic and Community Development is: - A and B only.
Obedience of the agent to the principal means that: - the agent must follow those instructions regardless
of personal feelings about them, as long as they do not violate the state or federal laws.
A competent and impartial person authorized by another person to sign a contract of sale is most likely
a(n): - Attorney in fact.
A perperty management agreement would have all EXCEPT: - statement of lessee's purpose.
Which BEST describes the role of a fiduciary? - A fiduciary relationship is established when a property
manager agrees to represent an owner in leasing the owner's property.
The benefit, interest or value that induces a promise in a contract is a(n): - consideration.
Under the Federal Fair Housing Amendments of 1998, which of the following is the BEST example of the
familial status protected class? - A single person seeking legal guardianship of a 15 year old.
At the moment of mutual execution of a sales contract, the buyer - acquires equitable title.
The leasehold estate most commonly used by property managers is an estate: - for years.
PRACTICE TEST QUESTIONS AND
ANSWERS
The broker who has listed a property for sale, has the obligation to __________ - do whatever the owner
has instructed him to do legally.
Two brokers agree to use the same listing fees to stop undercutting each other's profit margins. Such an
agreement - violates the Sherman Anti-Trust Act.
Agency may be established: - by implication (what you might say or do) without a written contract
The essential elements of a contract include all of the following EXCEPT: - Notarized signatures.
The terms of an agreement in which a seller withdraws his property from the market for a specified time
and a certain price, but grants a person the right to purchase at a fixed sale price, would best be
accomplished through a(n) - Option.
Property management agreements should include the following: - Description of trust accounts.
If a borrower must pay one discount point on a $250,000 loan, the charge will be: - $2,500
When appraising a residential property, an appraiser would be LEAST concerned with: - the cost to
replace the building.
The Rural Economic and Community Development is: - A and B only.
Obedience of the agent to the principal means that: - the agent must follow those instructions regardless
of personal feelings about them, as long as they do not violate the state or federal laws.
A competent and impartial person authorized by another person to sign a contract of sale is most likely
a(n): - Attorney in fact.
A perperty management agreement would have all EXCEPT: - statement of lessee's purpose.
Which BEST describes the role of a fiduciary? - A fiduciary relationship is established when a property
manager agrees to represent an owner in leasing the owner's property.
The benefit, interest or value that induces a promise in a contract is a(n): - consideration.
Under the Federal Fair Housing Amendments of 1998, which of the following is the BEST example of the
familial status protected class? - A single person seeking legal guardianship of a 15 year old.
At the moment of mutual execution of a sales contract, the buyer - acquires equitable title.
The leasehold estate most commonly used by property managers is an estate: - for years.
