Test Prep/Day 10

Question 1

Two. Which of the following are lawful charges which can be recovered by a licensed broker/property manager?
A. Fees for drafting the contract of the lease
B. Fees for preparing the power of attorney.
C. A marked up on repairs authorized by him.
D. An hourly fee for managing the building

Answer 1

D. An hourly fee for managing the building

Question 2

3. Tennessee at will :
   A. Terminates on sale of the property unless otherwise agreed to by the parties.
   B. Is not affected by the sale of the property.
   C. Does not terminate on the death of the tenant.
   D. Does not terminate on the death of the landlord.

Answer 2

A. . Terminates on sale of the property unless otherwise agreed to by the parties

Question 3

4. How would you enter the pay off on an existing loan on a closing settlement worksheet? 
A. Debit the buyer 
B. Debit the seller 
C. Debit the broker 
D. Debit the lender

Answer 3

B. Debit the seller

Question 4

5. In Colorado, dual contracting: 
A. Will not affect the closing. 
B. Requires the consent of the Byron seller in writing. 
C. Requires to trust deeds. 
D. Is a criminal offense

Answer 4

D. Is a criminal offense

Question 5

6. And Colorado's fair housing law, it is unlawful to discriminate on the basis of: 
A. Sexual preference 
B. Transsexuality 
C. Age
D. Marital status

Answer 5

D. Marital status

Question 6

7. In Colorado, two separate contracts concerning the same parcel of real property. One of which states the true an actual purchase price and one of which states a higher price, and is used to obtain a higher loan amount is:
A. A criminal offense 
B. Equity skimming 
C. Legal in Colorado 
D. And equity loan

Answer 6

A. A criminal offense

Question 7

8. A broker must use the licensee buyout addendum:
   A. When buying a property from another licensee.
   B. When purchasing a property consists currently with listing as a result of an agreement to induce a seller to list with him.
   C. When purchasing property from a seller who is listed with him.
   D. When purchasing property from a “for sale by owner.”

Answer 7

B. . When purchasing a property consists currently with listing as a result of an agreement to induce a seller to list with him

Question 8

9. The documentary fee represents: 
A. One half the sale price. 
B. 1000 of the sale price. 
C. One 10,000 of the sale price. 
D. Government grade.

Answer 8

C. One 10,000 of the sale price.

Question 9

10. To terminate the tenancy at will, how much notice is required? 
A. 10 days 
B. Three days 
C. 30 days 
D. 60 days

Answer 9

B. Three days

Question 10

11. To terminate a month to month tenancy, how much minimum notice is required? 
A. Three days 
B. 10 days 
C. 30 days 
D. 90 days

Answer 10

B. 10 days

Question 11

One. Unless otherwise agreed, who in Colorado pays the” use tax”?

A. Seller
B. Buyer
C. Lender
D. Broker

Answer 11

B. Buyer