Colorado Real Estate Exam Prep 2023 with 100% correct answers

Title Theory lender owns, borrower has equitable title Hypothecation pledging property as collateral for a loan without giving up possession Mortgagee Lender Mortgagor borrower Non Judicial foreclosure *CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure No sale. Full legal title given to lender, loss of equity for borrower Judicial foreclosure done through courts in *Title Theory states Conversion illegal use of entrusted money Comingling mixing client monies or mixing with personal monies Express Agency Actual, formal written agreement establishing terms and conditions Gross Income Multiplyer =sale price/gross ANNUAL income large rental or commercial property Government deed limitations Police power eminent domain taxation escheat Private deed limitations deed restrictions mortgages leases easements Tennancy at Sufference tenant has remained past lease terms can be evicted Township squares 6x6 mi wide squares Periodic Tenancy No specific duration but notice must be given ex. week to week, month to month Tenancy for years specific time limit no notice to vacate unless written in Terminating an estate eminent domain voluntary alienation adverse possession Eminent domain right of government to acquire private property for public use Bounds direction Ranges 6 mi wide strips running north and south parallel to principal meridians Transaction Broker disclose known defects and material facts help to explain and understand without prejudice or advise negotiate sale without representation section 640 acres 1 square mile 36 per township square brokerage the business of bringing parties together negligent misrepresentation broker SHOULD HAVE known and is liable for damages E and O insurance will cover township tiers 6 mi wide strips running east and west parallel to base lines