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Let Quiz 4,Business - Business Law
1
All federal fair housing classifications also apply to state fair housing law.
2
Subsurface rights can be separated from surface rights and can be conveyed separately.
3
Subsurface rights often belong to a third party.
4
The holder of the subsurface rights has the right to enter the property and remove surface and subsurface rights.
5
Under the UCC (Uniform Commercial Code), buyers will pay the use tax on inventory that is conveyed with the sale.
6
Parties have 2 years to file a fair housing complaint with the Civil Rights Commission and one year to file in a state court.
7
A well is a water right in Colorado.
8
The doctrine of prior appropriation uses the concept of first beneficial use to determine the priority of water rights.
9
Buyers must notify the state engineer when they purchase a property with a well.
10
The most complex water rights tend to be on urban properties.
11
A listing broker should advise a seller who is going to finance the property to have the buyer waive his homestead rights.
12
A landlord who fails to return a damage deposit per the law is liable for treble damages.
13
Colorado fair housing law is the same as the federal law in covering only residential properties.
14
The documentary fee is $0.01 per $100 of the loan amount.
15
A tenant who becomes disabled during the term of a lease may be asked to move.
16
Equity skimming is a felony in Colorado and illegal in all states.
17
A residential development that has been approved as a PUD by a local government does NOT have to register with the Colorado Real Estate Commission.
18
A lender who is still owed money after the foreclosure sale may file a default judgement.
19
A common-interest community is only a condominium or town-home community.
20
CICs are defined as any community with mandatory assessments for common elements.
21
A taxpayer that plans to pay property taxes in one lump sum and fails to pay will start to accrue interest on March 1.
22
A taxpayer that pays the first half of her property tax but fails to pay the second half will begin to accrue interest on March 1.
23
If property taxes are paid in one lump sum, they are due the last day of February.
24
Property taxes in Colorado can be paid in two payments or in one lump sum.
25
The sale of commercial/investment property requires a securities license.
26
The maximum that a seller who is financing a loan may charge is 0.45 annual interest.
27
Colorado brokerage practice assumes a residential property will be conveyed by a special warranty deed.
28
Sexual orientation is protected under Colorado law.
29
A Colorado apartment complex may not be limited to singles only.
30
A landlord may charge a higher damage deposit for students.
31
Colorado homeowners have an automatic homestead exemption of $60,000 to $90,000, which is protection from creditors for all real property owned.
32
The closing company must withhold funds from an out of state seller for potential income tax liability, unless they are exempt from this requirement.
33
The closing entity is always the title company.
34
A property manager must allow a tenant to make reasonable modifications at the landlord's expense.
35
The listing broker must always withhold 2 percent of the selling price from an out-of-state seller for possible state income tax.
36
A mountain lot bordering a stream may take a reasonable amount of water from the stream for domestic use.
37
Colorado water law provides that parcels of 35 acres or more are automatically eligible to apply for a domestic well permit.
38
Every landlord must return a tenant's security deposit or furnish a written statement to the tenant showing the reason(s) for withholding all or part of the deposit within 45 days after termination of the tenancy.
39
A property manager of industrial property would be concerned about environmental issues.
40
With a tenancy at will, the lessee must give 30 days' notice.
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