Colorado Real Estate Exam Questions And Answers
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 o...
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Colorado Real Estate Exam Questions And
Answers
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 possible
The broker property manager is responsible for
depositing all funds in the trust account per the times required by state law
the type of listing that allows more than one brokerage firm to list the property is known as a
open listing
replacement cost is best described as the
cost of building a property of equivalent utility with the same or similar materials
offer and acceptance are required in order to have
mutual agreement
if a signed sales contract is canceled by mutual agreement between the parties, the commission
earned by the broker involved is
still earned and potentially collectible
the actual amount that a parcel of property sells for is the
market price
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