Colorado Law and Practice - PSI REAL
ESTATE Exam Review Questions With
Verified Solutions.
Abandonment - 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.
ESTATE Exam Review Questions With
Verified Solutions.
Abandonment - 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.
