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CO RE Exam > Unit 4 > Flashcards

Unit 4 Flashcards

1
Q

Any development of ________ or more _________ building sites or units requires registration.

A

20, residential

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2
Q

If not registered or approved by a regional, county, or municipal planning authority, a subdivision developer must register with who?

A

The RE Commission

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3
Q

True or False? ALL residential building conversions, including time-shares, require registration if over 20+ units?

A

True

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4
Q

True or False? Campsites are exempt?

A

True

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5
Q

Name the steps of foreclosure in CO

A
  1. The lender (bank) files a Notice Of Election and Demand (NED) with a public trustee. Every bank has a different amount of patience - no set amount of months.
  2. The public trustee advertises the foreclosure sale
  3. If there is a public trustee or seller carry (seller financed) transactions, the deed is closed in (Judicial) court.
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6
Q

What is a Right-to-cure?

A

A period of time where the borrower must bring current all past-due payments and pay all lender fees (not the total loan balance, just what is due).

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7
Q

How can you stop a foreclosure?

A

Pay all fees that are due during the right-to-cure period.

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8
Q

What notice states how long the borrower has to bring all payments current?

A

Notice Of Election and Demand (NED)

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9
Q

When is the foreclosure sale scheduled?

A

Upon filing of the Notice of Election and Demand

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10
Q

How is the right-to-cure period determined?

A

By the property type

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11
Q

How long is the right-to-cure period for a nonagricultural (residential/commercial) property?

A

110 to 125 days

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12
Q

How long is the right-to-cure period for an agricultural property?

A

215 to 230 days

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13
Q

What is an exceleration clause?

A

If the borrower isn’t paying, the lender is “excelerating” the loan to become due

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14
Q

What is a deficiency judgement?

A

If the amount received at the sale was less than the lien, the lender can file for a deficiency judgement (NOT a default judgement)

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15
Q

What is it called when a party takes over a foreclosure and does not make payments but collects rent?

A

Equity skimming (it is a felony in CO)

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16
Q

What is a homeowner’s exemption?

A

If you default on your property, you get the first 60K (standard) of equity. 90k if you are disabled or 60+ y/o. Most deed of trusts state that the individual waives the right so no one gets it.

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17
Q

Sellers who finance a property should act like a bank and…

A
  • have the buyer waive the seller’s homestead rights
  • supply a mortgagee’s policy
  • have an attorney create the finance docs
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18
Q

What is a conveyance?

A

Conveyance is the act of transferring an ownership interest in a property from one party to another. Conveyance also refers to the written instrument, such as a deed or lease, that transfers the legal title of a property from the seller to the buyer.

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19
Q

How do you convey water rights?

A
  • Real property is conveyed by a deed.
  • Water is not automatically transferred with real property in CO (NOT an appurtenance)
  • May be severed and sold independently from the land
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20
Q

What is an appurtenance

A

In real estate, after something is installed onto a property, it can be called an appurtenance. Meaning it is passed on to a new owner if the property is sold.

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21
Q

What are the most complex type of water rights that we see tied to land?

A

Agricultural property and tied to irrigation canals

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22
Q

2 deeds + a bill of sale gets you what?

A

A house, water rights, and personal rights

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23
Q

What does the Doctrine of prior appropriation do?

A
  1. Governs CO water rights
  2. Used in many state where water is scarce
  3. The first user diverting to beneficial use has the first claim on the water (whoever claimed rights to the water gets it first)
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24
Q

What do well permits allow you the ability to do?

A
  • Use and maintain the water in a well

- Someone else might own it though

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25
Q

Who grants and regulates well permits?

A

The state engineer

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26
Q

Who is notified when a property with a well/well permit is sold?

A

The state engineer

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27
Q

What are ad valorem taxes?

A

Assessed taxes

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28
Q

Where can ad valorem taxes be found?

A

On the tax certificate

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29
Q

When are property taxes effective?

A

Jan. 1

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30
Q

Can taxes be paid in 2 halves?

A

Yes

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31
Q

If taxes are paid in 2 halves, when are they due?

A
  1. Last day of Feb.

2. June 15th

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32
Q

What date is interested accrued on property taxes if the first payment is made but the second one is missed?

A

March 1

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33
Q

If taxes are not paid in halves, when is it due?

A

April 30

34
Q

If taxes are not paid in halves and you miss payment, interest is accused on what date?

A

May 1

35
Q

Where can you buy properties that are delinquent on property taxes?

A

County tax sale

36
Q

How long after a property is sold for being delinquent in taxes can the original owner redeem the property?

A
  • Within 3 years

- If not redeemed, the purchaser can obtain the title

37
Q

What does UCC stand for?

A

Uniform Commercial Code

38
Q

What disclosure does the UCC require?

A
  • Bulk sales of goods of $500+

- Seller must disclose creditors

39
Q

What is a business use tax?

A

Buyer pays a tax on…

  • For residential, it is personal property
  • For commercial, it is trade fixtures
40
Q

Is the Colorado Fair Housing Act more strict than the national?

A

Yes. Whatever is more strict always prevails

41
Q

What is included in the federal Fair Housing Act?

A
  • Familial status
  • Race
  • Sex
  • Handicap
  • Color
  • Religion
  • National origin
42
Q

What protected classes does CO add to the Fair Housing Act?

A
  • Marital Status
  • Creed
  • Sexual orientation
  • Ancestry
43
Q

True or false? The Fair Housing Act applies to both residential and commercial?

A

True

44
Q

True or false? Property managers must apply Fair Housing laws?

A

True

45
Q

True or false? Application requirements for tenants must be the same?

A

True

46
Q

Are PMs required to allow reasonable modifications and make reasonable accommodations to the rules and regulations for someone who is disabled?

A

Yes

47
Q

Can tenants make reasonable changes without permission if the tenant pays for them (adding a ramp)?

A

Yes

48
Q

Are tenants required to remove the modification and repair any damages?

A

Yes

49
Q

If a tenant becomes disabled, the manager must accommodate the disability and cannot require the tenant to move?

A

Yes

50
Q

What does the CCRC stand for and what do they do?

A
  • Colorado Civil Rights Commission

- They handle the fair housing complaints

51
Q

How long do parties have to file a fair housing complaint with the CCRC?

A

1 year

52
Q

How long do parties have to go directly to court for a fair housing complaint?

A

2 years

53
Q

Are property managers required to be licensed?

A

Yes

54
Q

What are environmental impact studies?

A

Show how a property should or could be used

55
Q

What is a Phase II survey on an environmental impact study?

A

It indicates what is going on in the soil or other environmental issues in a piece of land

56
Q

Do property managers or listing agents need to know and disclose environmental impact study information?

A

Yes

57
Q

Under the statue of frauds, how long of a term must a lease be in order for it to be required to be in writing?

A

1 year

58
Q

Do leases of less than one year need to be in writing?

A

No (although not recommended as it is not enforceable in court)

59
Q

How long before a month-to-month lease expires do you need to give notice?

A

10 days

60
Q

How long before a tenancy-at-will lease expires do you need to give notice?

A

3 days

61
Q

How long before an estate for years lease expires do you need to give notice?

A

No noticed because it is a fixed time period (the timeline is given in the lease at the beginning; therefor, notice of termination is given at signing)

62
Q

How long after a property manager receives money do they need to deposit it?

A

5 business days

63
Q

Do associate brokers that are also managing a property that they have an interest in need a separate account for those properties?

A

Yes

64
Q

If an HOA terminates a management agreement, the employing broker must return all original records to the HOA with or without charge?

A

Without

65
Q

True or False? Security deposits must be held in a separate trust account?

A

True

66
Q

If a security deposit is not returned in full, the tenant must be given accounting of why it was kept within _____ month or up to _____ days, if written in the lease.

A

1 month; 60 days

  • if it doesn’t say anything, it is 30 days.
  • it cannot be more than 60 days
67
Q

Can a landlord keep a security deposit for normal wear and tear?

A

No

68
Q

If a longford doesn’t comply to the security deposit rules, how much money are they liable for?

A

Treble (triple) damages

69
Q

Security deposit funds below to the tenant even when they are in the trust account. True or false?

A

True

70
Q

If the management agreement does not sate whether the owner or the broker will keep the security deposit, who keeps the money safe in an escrow account?

A

The broker

71
Q

If a broker notifies the tenant, can the broker turn over the deposit to the owner?

A

Yes

72
Q

Are tenants responsible for knowing where their security deposit is being held?

A

Yes

73
Q

Who is responsible for deposits?

A

Broker

74
Q

What is the rule of seven?

A

A brokerage firm managing fewer than seven properties may keep money, rents, and security deposits in the same earnest money account. (i.e. six or fewer can be in one account)

75
Q

A brokerage firm managing seven or more properties must use _____(#) trust accounts is the brokerage also does sales. What are they called?

A

3

  • Earnest money
  • Rental account
  • Security deposit account
76
Q

Who is a mortgagee?

A

The bank/lendor

77
Q

For UCCC, who sets the limitations for creditors?

A

State Law

78
Q

What is usury?

A

When a lender charges more than the set minimum amounts for credit or usury rates

79
Q

What are the credit rate limitations for creditors (people who provide credit)?

A

21%

80
Q

What are the credit rate limitations for noncreditors (public)?

A

45%

CO RE Exam (10 decks)

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