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Exam- Colorado Real Estate Exam|159 Questions with Complete Solutions
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Exam- Colorado Real Estate Exam|159 Questions withComplete Solutions
every valid contract must meet all of the following requirements except Correct Answer-
earnest money
to have a valid contract four elements are needed Correct Answer-1) competent parties
2) mutual consent
3) legal consideration
4) legal object
mutual consent Correct Answer-the offer and acceptance of the offer
legal consideration Correct Answer-promises, something of value, an act, giving up the
right to act, etc,
legal object Correct Answer-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 Correct Answer-personal property
, Exam- Colorado Real Estate Exam|159 Questions with
Complete Solutions
if a party to a valid real estate contract becomes bankrupt while the contract is executory the
contract Correct Answer-terminates
all contracts are terminated by Correct Answer-bankruptcy
compared to physical life economic life is usually Correct Answer-shorter
the deed covenant that states that the grantor owns the property and has the right to convey
it is the covenant of Correct Answer-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: Correct Answer-
must return the deposit to the buyer as demanded
an offer is not legally binding until it becomes a Correct Answer-contract
, Exam- Colorado Real Estate Exam|159 Questions with
Complete Solutions
alienation in real estate could result from all of the following Correct Answer-eminent
domain proceedings
adverse possession
delivery of a deed
alienation can be Correct Answer-voluntary or involuntary
if there is a default on a mortgage, the mortgagor, after the foreclose sale may have the
statutory right of Correct Answer-redemption
the best way to avoid legal problems is by Correct Answer-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: Correct
Answer-acceleration clause
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