Colorado Real Estate Broker

Under Colorado's Statute of Frauds (§ 38-10-108, C.R.S.) a land sale contract not subscribed by the seller is void (no legal effect from the start), whereas a voidable contract (e.g., one entered under duress) is valid and enforceable unless the party entitled to disaffirm does so within a period of time.

Assuming and agreeing to pay makes the buyer personally responsible on the original note along with the seller, while taking title subject to the loan leaves the buyer with no personal liability on the note (sellers usually prefer assumption).

For an assumed loan (already amortized), annual interest is divided by 12 months then by the actual calendar days in the closing month; for a new loan, annual interest is divided by 365 days to get the per diem.

Per CP-17 and Rules 1.49/1.57, a Single Agent must be specifically agreed upon and provides full agency representation with fiduciary duties, while Transaction-Broker is the default Colorado relationship with limited duties.

A Consumer is any member of the public seeking real estate brokerage services (buyer, seller, tenant, or landlord), while a Customer (§ 12-10-402(2), C.R.S.) is a party who is not represented and receives only limited/ministerial services.

Under CP-7, all Listing Contracts, consumer relationships, and subsequent commissions are owned by the Brokerage Firm, not the Designated Broker, and it is the firm that holds the rights within the Listing Contracts.

Under CP-6, if the earnest money deposit is held by a third party such as a title company or attorney, the Brokerage Firm is not responsible for its disposition.

Under an exclusive right-to-sell the broker earns the full commission no matter who sells, including the seller personally; under an exclusive agency the seller retains the right to sell independently without owing a commission.

Novation substitutes an entirely new contract for the existing one and discharges the old obligation, an amendment modifies existing terms, and an addendum adds new terms or provisions (and may be added after execution by mutual agreement).

A latent defect is hidden and not visible or discoverable by ordinary inspection (and known ones must be disclosed), while a patent defect is visible and obvious.

'So long as' language creates a fee simple determinable where title passes automatically to the holder of the possibility of reverter upon violation, whereas a condition subsequent requires the grantor to bring a court action to assert the right of reentry.

Joint tenancy requires the four unities (time, title, interest, possession) and carries the right of survivorship; a tenancy in common has no survivorship, so a deceased co-owner's interest passes to heirs or devisees through probate.

An independent contractor pays their own income and Social Security taxes, while for employees the broker withholds Social Security and income taxes and must also pay unemployment compensation tax on wages.

A special assessment is a lien only against the specific properties that directly benefit from a public improvement, while ad valorem taxes are levied on all properties in the taxing jurisdiction based on assessed value.

With a purchase money mortgage the buyer receives legal title at closing and grants the seller a security interest; under a land contract the seller retains legal title until all payments are made (buyer holds equitable title).

GRM uses monthly gross rent and applies to one- to four-unit residential properties with no other income, while GIM uses annual gross income and applies to properties of five or more units and commercial properties.

Eminent domain is the government's power to take private property for public use, while condemnation is the legal process through which that power is exercised and just compensation is determined.

A deed in lieu does not eliminate junior liens and the lender typically loses FHA, VA, or private mortgage insurance rights, whereas a formal foreclosure of the senior lien sells the property free of the foreclosing mortgage and all junior liens.