Colorado Law and Practice - PSI REAL ESTATE EXAM.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Colorado%20Law%20
PSI REAL ESTATE EXAM Colorado Law and Practice
1. Abandonment
ANS Non-payment of taxes
2. Abstract of title
ANS A history of the ownership of parcel of land which lists transfers of title, rights, and
liabilities.
3. Acceleration Clause
ANS Upon default, all the principal installments come due to immediately
4. Accesion
ANS 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.
5. Accretion
ANS Refers to land which is accumulated by the gradual washing or motion of water
6. Accrued
ANS An accumulation
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7. Acknowledgement
ANS A formal declaration made by the grantor conveying the property to the grantee - a
necessary element for validity of a deed.
8. Acre
ANS A measure of land equal to 43,560 square feet
9. Action to quiet Title
ANS The lawsuit filed by a person to remove or clear the claims against property.
10. Actual Notice
ANS The actual knowledge that a person has about the existence of a particular fact.
11. Ad Valorem
ANS A prefix meaning "based on value". Most local governments levy this type of tax on
property.
12. Adverse Possession
ANS 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
13. Agency
ANS 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
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14. Agent
ANS One who acts for and in place of a principle for the purpose of affecting the principle's legal
relations with third persons.
15. Air rights
ANS The eight to use, control and occupy the space above a particular parcel of land
16. Alienation Clause
ANS 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.
17. Allodial
ANS The free and full ownership of rights in land by individuals, which is the basis of real
property in the united states
18. Amortization
ANS 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.
19. Amortized Loan
ANS 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
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the end of the term.
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