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life - colorado law exam
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life - colorado law exam
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life - colorado law examAbandonment - 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 Upon default, all the principal installments come
due to immediately
Accesion - ANSWER 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 feet
Action 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 this type of 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-payment mortgage, this is the
portion of the debt service that reduces the principle.
Amortized Loan - ANSWER A financial debt that is paid off over a period of time by
a series of periodic payments. A loan can be fully amortized of partially amortized
requiring a balloon payment to satisfy the debt at the end of the term.
Annual Percentage Rate (APR) - ANSWER The yearly cost of credit. interest rate
plus finance charge.
Appraisal - ANSWER An opinion or estimate of value performed by a person
licensed to do so.
Appreciation - ANSWER An increase in Value
Appurtenance - ANSWER Any right of privilege which belongs to and passes with
land.
Arms-Length Transaction - ANSWER Transaction which occurs between willing
buyer and willing seller with each party completely knowledgeable about the market.
Not a purchase of a property between relatives (father & Son)
Arrears - ANSWER Not on time; Late in making payments or completing work.
Interest can be paid like this.
As is - ANSWER A phrase which disclaims any promises or warranties. A person
purchasing real estate in this form, takes it in exactly the condition in which it is
found. Seller cannot hide latent defects.
Assembledge - ANSWER Bringing two or more lots together under one ownership.
Assessed Value - ANSWER The value placed on property, by tax assessor, for the
purpose of determining the property tax.
Assignment - ANSWER 1) the means by which a person transfers contract rights;
2) occurs when the lessee parts with the entire estate, retaining no interest
Attachment - ANSWER The process of taking a person's property into legal custody
by a court order call writ of attachment. Property is Frozen.
Attestation - ANSWER The act of witnessing a person's signing of an instrument by
a notary public.
, Attorney in Fact - ANSWER A person given the authority to act on behalf of another
under a power of attorney.
Attorney's Opinion of Title - ANSWER A statement issued by an attorney after
analyzing an abstract as to quality of title.
Avulsion - ANSWER Occurs in cases where there is sudden loss of land through
natural influences; i.e Storms
Bad Title - ANSWER Title with defects making it unmarketable
Balloon Payment - ANSWER The remaining balance, at maturity, on a loan that has
not been completely repaid through periodic payments. Once paid, the outstanding
balance is Zero. Partially amortized loan.
Bargain and Sale Deed - ANSWER An instrument conveying title which recites a
valuable consideration and commonly uses the words "bargain and sale" or words of
similar import.
Bench Mark - ANSWER A bronze disk permanently placed and precisely identified
by government survey teams.
Bilateral Contract - ANSWER A contract in which a promise is given for the promise
of another. It becomes binding when mutual promises are communicated. (A real
estate contract)
Bill of Sale - ANSWER A document used to transfer ownership of personal
property.
Blanket Mortgage - ANSWER A mortgage which covers more than one piece of
real estate. Often used by a developer in the financing of undeveloped lots. Contains
partial release clause.
Block A - ANSWER Means of subdividing large tracts of land into smaller sections,
each of which is numbered for example, Lot 4, Block 8.
Blockbusting - ANSWER Any activity which attempts to drive prices down for the
purpose of causing transition from one ethnic group to another. This is a violation of
Federal Fair Housing Laws. Also called "panic selling".
Bounds - ANSWER Refers to boundaries; used with the word "metes" in the
method of land description
Breach of Contract - ANSWER A failure to preform, as promised, at the time the
performance was due.
Buffer Zone - ANSWER A means by which planners use space to separate two
adjoining districts which have incompatible uses. A buffer zone consists of uses
which are compatible with uses in each adjoining district.
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