1. Colorado Exam: Part 2 Settlement Statement / 6 Column Worksheet Contracts!!!

2. Colorado Exam: Part 2 Foreclosure in CO Lender files Notice of Election and Demand with Public Trustee MUST notify the borrower within 10 days of filing Trustee publicly advertises the trustee sale for 5 weeks Right-to-Cure by State Law Amount of time to pay off everything that is due against the property Non-Agricultural property: 110 – 125 days Agricultural property: 215 – 230 days No right to redeem or cure after the sale

3. Colorado Exam: Part 2 Subdivisions Defined as a group of 20 or more residential building sites or units Developer must register with CREC when it will be sold to the public Campground developers are exempt Colorado Common Interest Ownership Act Creates statutory liens for HOA dues and assessments Equity Skimming Collecting rents without paying the mortgage Felony in Colorado

4. Colorado Exam: Part 2 Fair Housing in Colorado Federal Classes protected Additionally protected Marital Status Creed – Statement of Belief Ancestry Sexual Orientation Same accommodations for ADA compliance

5. Colorado Exam: Part 2 Property Management Managers required to be licensed General agent for the property owner Management agreements are signed with the employing broker who handles the trust accounts Leases for more than one year must be in writing (Statute of Frauds) Implied warranty of quiet enjoyment but no warranty of habitability Termination notification deadlines: Month to Month: 10 days At Will: 3 days Estate for years: no notice Colorado Landlord & Tenant Act Deposits must be returned to tenants within 30 days unless lease states 60 days Tenant must receive an accounting for any reductions No withholding allowed for wear and tear Landlord may be liable for treble damages for failure to comply with regulations

6. Colorado Exam: Part 2 Water Rights Real Property, conveyed by Deed Do NOT automatically transfer – not an appurtenance Doctrine of Prior Appropriation: Water is first claimed by the order in which one holds the rights – NOT the proximity of a property to the water source Well Permits Granted and regulated by state engineer 35 Acres or larger are automatically eligible for a domestic well permit State must be notified when ownership transfers Homestead Rights Protects the equity in a home against judgments $60,000 standard, $90,000 if disabled or over 60 years old

7. Colorado Exam: Part 2 Subsurface Rights Transferred by separate deed Mechanics Liens and Encumbrances All must be paid by closing Could take priority if work was started prior to closing Usury Anyone lending on more then 5 transactions per year Max interest rate is 21% 5 or less transactions per year Max interest rate is 45%

8. Colorado Exam: Part 2 Taxes and Assessments Ad Valorem Taxes – per property value based on county assessment Calculated in arrears – become a lien against the property January 1 st for the preceding year Paid in two halves: last day of February and June 15 th If second payment is missed, interest begins to accrue on March 1 st on unpaid balance One Payment: April 30 th Interest begins to accrue on May 1 st Delinquent Tax Sale and Redemptive Rights Sold by County Treasurer’s office Owner may redeem the property for up to 3 years after the sale If sold at the tax sale, owner not required to vacate during the 3 year redemptive period