Colorado Real Estate Exam Questions
And Answers Verified 100% Correct.
statutory right of redemption - ANSWER -right of owner to redeem property after
foreclosure (75 days residential property, 6 months agricultral property & 3 years
tax sale)
restrictive covenant - ANSWER -clause in a deed limiting the use of a property
seisin - ANSWER -actual possession of real estate by a freehold estate owner
tort - ANSWER -a negligent or intentional wrong done to another for which the law
will grant money damages in a civil action
VA mortgage - ANSWER -a mortgage backed by Veterans Administration
guarantee to the lender for a % of the loan amount
Vendee - ANSWER -Buyer
Vendor - ANSWER -Seller
writ of execution - ANSWER -a court order directing an officer of the court,
usually the sheriff to carry out the judgement or decree of the court
appropriator - ANSWER -one who diverts & puts to beneficial use the water of a
stream or other body of water, under a water right obtained through appropriation
appropriation - ANSWER -taking & reducing to personal possession of water
occurring in a stream or body of water & applying such water to beneficial use
,amortization - ANSWER -liquidation or gradual retirement of financial obligation
by periodic installments
alienation - ANSWER -transfer of real property by one person to another
adverse possession - ANSWER -to acquire land against record owner, where
such possession has been actual, notorious, hostile, visible & continuous for 18
years in Colorado
ad valorem - ANSWER -"according to value" normally used to describe a tax
based on the assessed value of property
administrator - ANSWER -a person appointed by the court to administer the
estate of a deceased person who died intestate (without leaving a will)
acceleration clause - ANSWER -clause in contract by which the time for payment
of a debt is advanced usually making the obligation immediately due & payable
because of the breach of a condition
abstract of title - ANSWER -summary of all recorded instruments which effect a
piece of real estate in order of recording date
appurtenace - ANSWER -"runs with the land" example, house, barn, garage, right
of way
assessed valuation - ANSWER -an estimate of value by a unit of government for
taxation purposes
assessment - ANSWER -valuation of property in order to appotion a tax upon it
assignment - ANSWER -transfer to another of a legal right
, Types of Real Property - ANSWER -Residential
Commercial
Mixed Use
Industrial
Agricultural
Special Purpose
Factors Affecting Supply - ANSWER -Labor force, construction, and material
costs
Governmental controls and monetary policy
Factors Affecting Demand - ANSWER -Population
Demographics
Employment and wage levels
Land - ANSWER -Land is defined as the earth's surface extending downward to
the center of the earth and upward to infinity.
Real estate - ANSWER -is defined as land plus all human-made improvements to
the land that are permanently attached (annexed) to it.
Real property - ANSWER -is defined as the interests, benefits, and rights that are
automatically included in the ownership of real estate.
Bundle of legal rights - ANSWER -Possession
Control
Enjoyment
And Answers Verified 100% Correct.
statutory right of redemption - ANSWER -right of owner to redeem property after
foreclosure (75 days residential property, 6 months agricultral property & 3 years
tax sale)
restrictive covenant - ANSWER -clause in a deed limiting the use of a property
seisin - ANSWER -actual possession of real estate by a freehold estate owner
tort - ANSWER -a negligent or intentional wrong done to another for which the law
will grant money damages in a civil action
VA mortgage - ANSWER -a mortgage backed by Veterans Administration
guarantee to the lender for a % of the loan amount
Vendee - ANSWER -Buyer
Vendor - ANSWER -Seller
writ of execution - ANSWER -a court order directing an officer of the court,
usually the sheriff to carry out the judgement or decree of the court
appropriator - ANSWER -one who diverts & puts to beneficial use the water of a
stream or other body of water, under a water right obtained through appropriation
appropriation - ANSWER -taking & reducing to personal possession of water
occurring in a stream or body of water & applying such water to beneficial use
,amortization - ANSWER -liquidation or gradual retirement of financial obligation
by periodic installments
alienation - ANSWER -transfer of real property by one person to another
adverse possession - ANSWER -to acquire land against record owner, where
such possession has been actual, notorious, hostile, visible & continuous for 18
years in Colorado
ad valorem - ANSWER -"according to value" normally used to describe a tax
based on the assessed value of property
administrator - ANSWER -a person appointed by the court to administer the
estate of a deceased person who died intestate (without leaving a will)
acceleration clause - ANSWER -clause in contract by which the time for payment
of a debt is advanced usually making the obligation immediately due & payable
because of the breach of a condition
abstract of title - ANSWER -summary of all recorded instruments which effect a
piece of real estate in order of recording date
appurtenace - ANSWER -"runs with the land" example, house, barn, garage, right
of way
assessed valuation - ANSWER -an estimate of value by a unit of government for
taxation purposes
assessment - ANSWER -valuation of property in order to appotion a tax upon it
assignment - ANSWER -transfer to another of a legal right
, Types of Real Property - ANSWER -Residential
Commercial
Mixed Use
Industrial
Agricultural
Special Purpose
Factors Affecting Supply - ANSWER -Labor force, construction, and material
costs
Governmental controls and monetary policy
Factors Affecting Demand - ANSWER -Population
Demographics
Employment and wage levels
Land - ANSWER -Land is defined as the earth's surface extending downward to
the center of the earth and upward to infinity.
Real estate - ANSWER -is defined as land plus all human-made improvements to
the land that are permanently attached (annexed) to it.
Real property - ANSWER -is defined as the interests, benefits, and rights that are
automatically included in the ownership of real estate.
Bundle of legal rights - ANSWER -Possession
Control
Enjoyment
