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10 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Colorado water right are governed by |
Prior appropriation |
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A rancher lost his property to a foreclosure. How long does he have after the sale to reclaim the property? |
He has no rights after the sale |
The new foreclosure process brought new changes in Jan 1 2008. There is no longer a statutory right of redemption following the sale. The equitable redemption period was extended from 110-125 for non agricultural property and 215-230 for agricultural after the recording of election and demand |
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What is not one of the requirements making the use of the foreclosure act addendum mandatory |
Must be a short sale |
The property doe not necessarily have to be a short sale. |
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Contracts with original signatures are required |
If requested |
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The loan is being assumed and there are taxes from the previous year still owed. The closing is set for February 27th. The entry on the settlement worksheet would he |
Debit the seller credit the buyer |
This example is an assumed loan when the lender is escrowing for taxes. If taxes are unpaid, usually for a closing before the end if april, charge the seller and credit the buyer. The lender with then pay the taxes out of the escrow when they become due. You will see a large reserve balance to cover this payment. |
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When a seller carries back a purchase money mortgage, the entry would be |
Debit the seller credit the buyer |
This is one that test seller will not get in cash at closing = debit. Money tell buyer will not have to being in cash to closing = credit. |
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When completing the exclusive right to sell listing agreement. Which monetary encumbrances does the seller list |
All encumbrances known to the seller |
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If an earnest money check is not honored by the buyers bank. The broker should |
Notify the seller and ask what the seller wishes to do next. |
If the earnest money us dishonored, the broker must contact the seller immediately and ask for instructions. |
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When must the earnest money be deposited in the trust account |
Within 72 hours after the notice of acceptance. |
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A colorado associate broker can collect compensation from |
His or her employing broker & commission from a previous employing broker from a closed transaction before transfer. |
The associate broker can only receive current compensation from his or her employing broker. The associate can also receive compensation from a previous employer for transactions that closed after the associate transferred his license to a new brokerage firm. |
