Colorado Law and Practice - PSI REAL ESTATE EXAM Verified Answers

Colorado Law and Practice - PSI REAL ESTATE EXAM Verified Answers Abandonment ️Non-payment of taxes Abstract of title ️A history of the ownership of parcel of land which lists transfers of title, rights, and liabilities. Acceleration Clause ️Upon default, all the principal installments come due to immediately Accesion ️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 ️Refers to land which is accumulated by the gradual washing or motion of water Accrued ️An accumulation Acknowledgement ️A formal declaration made by the grantor conveying the property to the grantee - a necessary element for validity of a deed. Acre ️A measure of land equal to 43,560 square feet Action to quiet Title ️The lawsuit filed by a person to remove or clear the claims against property. Actual Notice ️The actual knowledge that a person has about the existence of a particular fact. Ad Valorem ️A prefix meaning "based on value". Most local governments levy this type of tax on property. Adverse Possession ️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 ️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 ️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 ️The eight to use, control and occupy the space above a particular parcel of land Alienation Clause ️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 ️The free and full ownership of rights in land by individuals, which is the basis of real property in the united states Amortization ️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 ️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) ️The yearly cost of credit. interest rate plus finance charge. Appraisal ️An opinion or estimate of value performed by a person licensed to do so. Appreciation ️An increase in Value Appurtenance ️Any right of privilege which belongs to and passes with land. Arms-Length Transaction ️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 ️Not on time; Late in making payments or completing work. Interest can be paid like this. As is ️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 ️Bringing two or more lots together under one ownership. Assessed Value ️The value placed on property, by tax assessor, for the purpose of determining t