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1
Q

Licensed Property Manager

A

Negotiates contracts
No entry unless contracted

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2
Q

Colo Warranty of Habitability Act

A

protects tenants
requires tenants to maintain safety, clean, no damages
must provide written notice if defect occurs
must be dangerous or affect tenants health/welfare

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3
Q

Lease Termination possibilities

A

Expiration
Mutual agreement
Breach of lease
Eviction

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4
Q

Notice of termination delivery options

A

direct delivery
deliver to another resident of family over 15
post notice

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5
Q

Eviction options

A

Actual
Constructive
Retaliatory

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6
Q

Termination of Lease options

A

Tenancy at will- 3 days
Estate for years- no specified number of days

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7
Q

Security Deposits reason retained

A

Landlords aren’t governed on how to handle security deposits
Retained for:
-unpaid rent
-utilities
-cleaning
-repair of tenant damages

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8
Q

Method of Returning Security deposits

A

-Landlord/Tenant Laws dictate use and return
-Landlords must provide accounting of deduction from returned deposits
-Must pay treble damages if wrongfully withheld

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9
Q

Fair housing laws

A

Illegal to pick and choose
Legal rejection:
-criminal conviction
-poor credit history
-too low income
-prior eviction lawsuit

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10
Q

Carbon Monoxide

A

Lessor responsible for installation
15 ft from entrance to bedroom

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11
Q

Well change of ownership

A

-first in time, first in right
-must be Permitted
-Div of water resources handles permits

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12
Q

Uniform duties- basic

A

-Reasonable skill and care
-Confidentiality
-Clarifies limitations for broker
-Owed by transaction broker

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13
Q

Additional duties

A

Promoting interests:
-Faith
-loyalty
-fidelity
-Seeking price and terms
-Counseling of known risks and material benefits

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14
Q

Limited agent

A

Statutory and uniform duties

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15
Q

Single agent

A

Uniform and additional duties

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16
Q

Sub agency

A

2 different firms with 2 agents representing seller client
Not practiced in Colo

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17
Q

Designated agency

A

-Employing broker assigns employed broker to a party
-Only used in multiple broker firms
-2 agents can work on one transaction in the same firm
-Designated broker may share info w employing broker

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18
Q

Terminating lease

A

Tenancy at will 3 days
Month to month 10 days
Estate for years specified in contract

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19
Q

Handling security deposits

A

Landlords aren’t required to handle a certain way
Property managers must deposit in 5 days

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20
Q

Security deposits

A

Returned within 30 days not exceeding 60 days

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21
Q

Well- type of information disclosed on addendum

A

-Source and type of potable water
-Water rights
-Type of sewer
-Disclosed on sellers addendum or disclosure

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22
Q

Well change of ownership info

A

Submitted by buyers

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23
Q

Colo property taxes

A

Paid in arrears

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24
Q

Colo tax due date

A

Less than 25-
1 payment
Jan 1-April 30
More than 25-
2 payments
Last day of Feb and June 15

Accrue interest starting May 1

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25
Special tax districts
Costs for services Seller provides disclosure
26
Colo fair housing act
Mrs Murphy allows discrimination only of family
27
Foreclosure
Non agricultural 110-125 Agricultural 215-230 days after recording Can cure default up to sale but not after Notice of cancellation form -
28
CREC seller warranty equity skimming
Buyer won’t assume any loans Class 5 felony
29
Prorated payments- 4
-Taxes -rent -utilities -HOA
30
Buyers closing costs- 9
Appraisal Inspection Doc fees Title insurance Atty fees Loan fees Recording fees Mortgage insurance Tax and insurance reserves
31
Seller costs- 6
Brokers fees Atty fees Recording costs Title insurance Existing liens Withholding tax
32
Closing statements
Broker responsive for accuracy 6 column worksheet optional Doesn’t record lenders fees
33
Closings
Most face to face Most use title company -Title company performs title search -issues title insurance
34
Closing agent
Submits 1099 FIRPTA Colorado non resident withholding
35
Closing legal doc
Listing broker pays doc prep Broker closing their owns transactions may charge for services but not doc
36
File retention
4 years
37
Closing docs include
CD Closing instructions Contract Title Tax cert Lending disclosure Closing statement
38
ILC
Less extensive survey Required by lenders and title insurance companies
39
Off record title section
Seller must deliver to buyer copies of surveys
40
OEC
Owners Extended Coverage may be paid by either buyer or seller
41
Original offer
Brokers must sign
42
Due diligence
Info about financial and physical conditions
43
Mortgage and Deed
Security instruments
44
Promissory note
Describes loan and terms
45
Title theory state
Deed creates a lien
46
Deed payment
Trustee executes deed of reconveyance and releases property
47
Closing Instructions
Give closing agent right to collect info
48
Contract for deed
Transfer noting county treasurer
49
Who withholds FIRPTA at closing
Party who performs closing
50
Material facts
Must disclose ALL in a transaction
51
What creates loan agreement and security for financing and
Promissory note and deed of trust Must be delivered before financing deadline
52
Deed
document to transfer ownership
53
How long retain transaction files
4 years sales and property management
54
Use Variance
must show hardship to qualify
55
Ad information options
only APR but no other credit terms
56
Amendment
changes any existing terms of contract
57
Assistance animals
must permit with no additional costs landlord may not about disability if not obvious
58
SARA innocent landowner defense
superfunds amendment and reauthorization act-
59
Pending Contract
shows how long property was on the market- DOM
60
Addenda
must be drafted by an attorney
61
Tenancy in Common
inheritable
62
Periodic Estate
month to month lease
63
Inactive license renewal
must complete every 3 years or license will expire
64
Price Fixing
must occur to the public in order for price fixing to occur
65
Reconciliation
weighted averaging of two properties or comparable also reconciliation
66
Blockbusting
Change in value due to influx of new demographic
67
Accounting and trust account record keeping
Cash, not accrual Keep hard copies Reconcile monthly
68
Reasonable time
contract necessity
69
LTV ratio
using lesser of the sales price or appraised value
70
UETNA
Universal Electronic Transactions Act State laws take precedence over UETNA
71
Statute of limitations
Deadline written
72
Acceptance of contract
all parties have signed
73
Binding acceptance
offer is delivered
74
Straight mortgage
Interest only
75
Budget
PITI included monthly payment remains the same
76
Adjustable
fluxuates depending on rates
77
Title theory
lender holds title
78
Lien theory state
lender holds lien foreclosure proceedings may be more lengthy
79
Conventional Loans
Offered on the secondary market
80
VA loan
No down payment
81
Balloon Loan
Regular amortized payments Balloon lump sum due at maturity date
82
ARM
Adjustable Rate Mortgage Payment and Interest locked for first period then interest in response to economic index
83
Bridge Loan
delay between sale of old home and purchase of new home
84
Land Contract
seller retains right to title until loan is paid off both buyer and seller have equitable title while loan is being paid off
85
Freddie Mae and Freddie Mac
Govt Sponsored Entities GSE when loans meet their guidelines, they'r less risky, more attractive, lower rates
86
Mortgage bankers
in house processing and underwriting
87
Kickbacks between mortgage broker and agent
illegal under RESPA between service providers
88
Loan Estimate
Dodd Frank Act tells buyer their estimated settlement costs and loan specifics
89
Equal Credit Opportunity Act
protects classes like national origin
90
Underwriters
Collateral, capacity, credit
91
Pre-qualification vs pre- approval
pre-approval lender verification of information pre- qualification unverified info
92
Force of Law termination
bankruptcy of brokers property destruction principal incompetency
93
Sub agency
Agent working w buyer on behalf of another firm's listing
94
Estoppel
making actions based on agreed terms and later denying it
95
Bulk Zoning
regulates density with setbacks and building heights/widths
96
Reverse redlining
charging higher interest rates to non white
97
Blockbusting
inducing owners to sell due to influx of different types of homeowners
98
Cease and desist order
penalties of more than 15k per penalty per day civil penalties up to millions in damages corrective ads may be needed
99
CE at firms
Firms can't dictate where agents get their continuing ed
100
Tax abatement
assessment halted for construction or renovation
101
Indestructibility
land has great value
102
Metes and bounds
first reference to a property when surveying in a lot and block system RGSS or metes and bounds
103
Fee simple estate that ends when owner dies
Life Estate only valid during his lifetime
104
Disposition
right to convey
105
Transfer of title occurs
Owner delivers the deed to the new owner
106
Required elements of deed
Grantor: signs legal age and capacity positive identification act of conveyance may include habendum clause MUST BE RECORDED
107
CLOSING disclosure
Details closing costs due 3 days before closing
108
Closing Estimate
Estimated fees Payment schedule doesn't include final closing costs
109
Deduct taxes
Homeowners are sometimes eligible to deduct if they itemize
110
FHA loan on new build
Requires builder take out third party warranty
111
Correlation
Reconciliation Appraisal process using findings to determine value Using comparable
112
Sales Comparison Approach
1-financing terms and cash equivalency 2-conditions of sale 3-market conditions 4-location 5-physical characteristics
113
Comparable pricing
adjust only the comparable property, not the main property
114
Bracketing
Comparing similar properties
115
Pending sale
Determines DOM days on the market
116
Unbiased opinion of value
Formal Appraisal

Broker (5 decks)

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