Colorado Law and Practice - PSI REAL ESTATE EXAM Questions and Correct Answers 2025/2026

Colorado Law and Practice - PSI REAL ESTATE EXAM Questions and Correct Answers 2025/2026 Abandonment - Answer -Non-payment of taxes Abstract of title - Answer -A history of the ownership of parcel of land which lists transfers of title, rights, and liabilities. Acceleration Clause - Answer -States that upon default, all the principal installments come due to immediately Accesion - Answer -The idea that the owner of land is entitled to all the soil produces or all that is added to the land either intentionally or by mistake. Trade fixtures not removed are "assessed" by the owner of the property. Accretion - Answer -Refers to land which is accumulated by the gradual washing or motion of water Accrued - Answer -An accumulation Acknowledgement - Answer -A formal declaration made by the grantor conveying the property to the grantee - a necessary element for validity of a deed. Acre - Answer -A measure of land equal to 43,560 square feetAction to quiet Title - Answer -The lawsuit filed by a person to remove or clear the claims against property. Actual Notice - Answer -The actual knowledge that a person has about the existence of a particular fact. Ad Valorem - Answer -A prefix meaning "based on value". Most local governments levy ad valorem tax on property. Adverse Possession - Answer -A method of acquiring original title to property by open, notorious, and hostile possession for a statutory period of time; also referred to as prescription. POACH Agency - Answer -A relationship in which one party (the principle) authorizes another party (the agent) the act as the principle's representative in dealing with third parties Agent - Answer -One who acts for and in place of a principle for the purpose of affecting the principle's legal relations with third persons. Air rights - Answer -The eight to use, control and occupy the space above a particular parcel of land Alienation Clause - Answer -A provision in a mortgage requiring full payment of the debt upon the transfer of the title to the property, due on sale. Prevents loan assumptions. Allodial - Answer -The free and full ownership of rights in land by individuals, which is the basis of real property in the united states Amortization - Answer -The repayment of a financial obligation over a period of time in a series of periodic installments. In a level-paymentmortgage, this is the portion of the debt service that reduces the principle. Amortized Loan - Answer -A financial debt tha