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Colorado Real Estate Vocabulary
Questions and Correct Answers/ Latest
Update / Already Graded
ground water
Ans: a pervious formation with sides and botton of relatively
impervious materal, in which ground water is held or retained;
also called subsurface water basin
holdover tenant
Ans: Tenant who remains in possession of leased property after
the expiration of the lease term.
Indemnity
Ans: to insure; to secure against loss
independent broker
Ans: requiring two years of active licensed experience, passage
of the Colorado part of the broker licensing exam
installment land contract
All rights reserved © 2025/ 2026 |
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Ans: an agreement for the purchase of Real Estate on an
installment basis, whereby the deed is withheld until all or
specified portion of purchase price is paid
intestate
Ans: dying without leaving a valid will
leasehold
Ans: an estate or right in real property held under a lease
life estate
Ans: an estate or interest in real property held for the duration
of the life of some certain person
Lis Pendens
Ans: filing against specific property, giving public notice that
an action at law is pending that may affect title to land
mill
Ans: one tenth of a cent, 1% of the assessed value of a property
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mutual assent
Ans: "meeting of the minds" agreement of the parties to the
contract, mutually consenting to be bound by its exact terms
obsolescence
Ans: impairment of desirability & usefulness of their property
resulting from economic, functional, physical, fashion or other
changes
party wall
Ans: a wall erected on a line between adjoining properties for
the use of both properties
patent
Ans: an instrument of conveyance of government owned land
to an individual
percentage lease
Ans: a commercial lease of property in which the rent is based
upon a % of the sales volume derived from the leased premises
All rights reserved © 2025/ 2026 |
Colorado Real Estate Vocabulary
Questions and Correct Answers/ Latest
Update / Already Graded
ground water
Ans: a pervious formation with sides and botton of relatively
impervious materal, in which ground water is held or retained;
also called subsurface water basin
holdover tenant
Ans: Tenant who remains in possession of leased property after
the expiration of the lease term.
Indemnity
Ans: to insure; to secure against loss
independent broker
Ans: requiring two years of active licensed experience, passage
of the Colorado part of the broker licensing exam
installment land contract
All rights reserved © 2025/ 2026 |
, Page |2
Ans: an agreement for the purchase of Real Estate on an
installment basis, whereby the deed is withheld until all or
specified portion of purchase price is paid
intestate
Ans: dying without leaving a valid will
leasehold
Ans: an estate or right in real property held under a lease
life estate
Ans: an estate or interest in real property held for the duration
of the life of some certain person
Lis Pendens
Ans: filing against specific property, giving public notice that
an action at law is pending that may affect title to land
mill
Ans: one tenth of a cent, 1% of the assessed value of a property
All rights reserved © 2025/ 2026 |
, Page |3
mutual assent
Ans: "meeting of the minds" agreement of the parties to the
contract, mutually consenting to be bound by its exact terms
obsolescence
Ans: impairment of desirability & usefulness of their property
resulting from economic, functional, physical, fashion or other
changes
party wall
Ans: a wall erected on a line between adjoining properties for
the use of both properties
patent
Ans: an instrument of conveyance of government owned land
to an individual
percentage lease
Ans: a commercial lease of property in which the rent is based
upon a % of the sales volume derived from the leased premises
All rights reserved © 2025/ 2026 |
