Colorado Real Estate Broker License: Free Study Course

Colorado real estate glossary: 698 terms

Every trade word from the course in plain English, A to Z. Each links to the lesson that teaches it.

1 3 A B C D E F G H I J K L M N O P Q R S T U V W Z

1

10% tolerance: A bucket of charges (recording and shoppable services from the lender's list) whose total may rise up to 10%. TRID: Loan Estimate and Closing Disclosure timing

3

365-day year: A calendar year using the actual number of days. Prorations: taxes in arrears, rent, HOA dues

A

Abandonment of a water right: Loss of a right when the owner intends to stop using it permanently. Land, real property and personal property (fixtures, air, mineral and water rights)
Acceleration clause: Lets the lender demand the entire balance on default. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Acceptance: A clear yes to the exact terms of an offer. Changing a term makes it a counteroffer. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Acceptance: Agreeing to every term of the current proposal, creating a contract. Counterproposals, amend/extend, notices, inspection objection and resolution
Accrued item: Something earned or owed but not yet paid. Prorations: taxes in arrears, rent, HOA dues
Acknowledgment of receipt: A signature showing the person received the disclosure; it is not a contract with the broker. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Acre: 43,560 square feet. Legal descriptions and measuring land and buildings
Active / inactive status: Active means you may do licensed work. Inactive means the license exists but you may not do licensed work. Your first week: employing broker, office policy, E&O, the transaction file
Active license: A license in good standing that may be used for brokerage work. Who needs a license, and who runs the system (Commission, Division, license levels)
Actually known: Something the broker truly knows; the broker need not investigate but cannot ignore what he knows. Property disclosures: condition, environmental hazards, material facts
Addendum: An extra form attached to the main contract to cover a special topic. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Additional provision: Extra or changed wording added to a form; must come from the parties' negotiation or instruction (Rule 7.3). Commission-approved forms and the practice of law
Additional Provisions: Extra terms the parties add in a section of the form, from their own negotiation. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Adjustment: Dollars added to or subtracted from a comp's sold price to account for differences from the subject home. The listing appointment with real numbers (CMA, net sheet, listing contract)
Administrative action: Discipline by the Real Estate Commission, such as a fine, suspension or revocation. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Administrative fine: A penalty set by an agency after a hearing; up to $2,500 per offense for the Commission. What gets brokers in trouble: common complaints and how to stay clean
Administrative law judge (ALJ): A state hearing officer who conducts disciplinary hearings. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Adverse action notice: The written notice, with reasons, when credit is denied or offered on worse terms. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Adverse material fact: A fact that would significantly affect the value, use or desirability of a property or a party's ability to perform. Agency basics: who you work for, duties, how relationships start and end
Adverse material fact: A bad fact that would matter to a reasonable buyer or tenant in deciding whether to buy and at what price. Property disclosures: condition, environmental hazards, material facts
Adverse material fact: A fact that would matter to a party's decision and that is bad news about the property or the other side's ability to perform. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Adverse material fact: A fact that would significantly affect value, or a person's decision, which a broker actually knows. The listing appointment with real numbers (CMA, net sheet, listing contract)
Adverse possession: Gaining ownership by openly occupying someone else's land against their rights for the full legal period. Colorado general period: 18 years. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Advertising: Promotion, solicitation, or representation of services requiring a license, including social posts. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Affiliated business arrangement: A referrer owns more than 1% of, or is affiliated with, the provider it refers to. Allowed only with written disclosure and no required use. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Affiliated business arrangement: A provider with an affiliate or more than 1 percent ownership interest in another provider and who refers business to it. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Affiliated business arrangement: A setup where a broker refers clients to a business the broker has an ownership interest in; it requires written disclosure. Referrals and referral fees: how a referral-only license earns
Agent: A person authorized to act for another (the principal) and bind them in dealings with others. Agency basics: who you work for, duties, how relationships start and end
Agent: A person who acts for another (the principal) and owes loyalty to that person. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Aggregate limit: The most an insurance policy pays in total for all claims in a year. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Agreement to Amend/Extend: The standard form used to change terms or extend deadlines after signing. Counterproposals, amend/extend, notices, inspection objection and resolution
Air rights: The right to use the space above the land. Land, real property and personal property (fixtures, air, mineral and water rights)
Amendment: A signed written change to an existing contract. Counterproposals, amend/extend, notices, inspection objection and resolution
Amortization: Paying off a loan through regular payments that cover interest and part of principal. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Amortization: Paying off a loan in level payments over a set time, part interest and part principal. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Amortization: A payment schedule that pays a loan off over time, such as 30 years. Seller financing in Colorado: notes, deeds of trust, the public trustee
Annual Commission Update: A 4-hour course the Commission writes each year; part of the 12 required Commission credit hours. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Antitrust: Laws that protect competition by banning agreements that restrain trade. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Antitrust law: Laws that forbid competitors from fixing prices or limiting competition. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Application (for TRID): Six facts: name, income, Social Security number, property address, property value estimate, and loan amount. TRID: Loan Estimate and Closing Disclosure timing
Appraisal: A written value opinion by a state-credentialed appraiser. Value: appraisal, the three approaches, CMA, BPO, AVM
Appraisal: A licensed appraiser's written opinion of the home's market value, ordered by the lender. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Appraisal: A licensed appraiser's formal written opinion of value, usually ordered by a lender. The listing appointment with real numbers (CMA, net sheet, listing contract)
Appraisal: A licensed appraiser's written opinion of a property's value, ordered by the lender. From contract to closing: the deadline calendar
Appraisal gap: The cash difference between the loan the buyer planned and the smaller loan allowed when the appraisal is below the price. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Appraisal gap: The difference between the contract price and a lower appraised value. Negotiation, counterproposals and multiple offers
Appraisal gap clause: A buyer's promise to cover some or all of an appraisal shortfall in cash. Negotiation, counterproposals and multiple offers
Appraised value: The value a licensed appraiser reports; a lender lends on the lower of price or value. Negotiation, counterproposals and multiple offers
Appurtenant easement: An easement tied to a neighboring parcel (dominant parcel benefits, servient parcel is burdened). It goes with the land. Encumbrances: liens, easements, encroachments, licenses, adverse possession
APR: Annual percentage rate: the yearly cost of credit including fees; usually higher than the note rate. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
APR: Annual percentage rate: the yearly cost of the loan, including interest and some fees, shown as a percent. TRID: Loan Estimate and Closing Disclosure timing
ARM: Adjustable-rate mortgage: the rate resets after a start period as index plus margin, within caps. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Asbestos: A fiber in older insulation and tiles that is harmful when it is disturbed and breathed in. Property disclosures: condition, environmental hazards, material facts
Assessment: The dues or special charges an owners' association can impose. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Assignee: The person who receives the contract rights. Investors, assignments and a licensee buying for themself
Assignment: Handing your rights in a contract to someone else; the one assigning is generally still liable. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Assignment: Passing your rights under a contract to another person who steps into your shoes. Investors, assignments and a licensee buying for themself
Assignor: The person who passes contract rights on. Investors, assignments and a licensee buying for themself
Assistance animal: An animal that helps a person with a disability, which housing law lets the person keep even under a no-pets rule. Fair housing: federal and Colorado law, ADA, advertising
Associate broker: Entry level. Works under an employing broker's supervision. Who needs a license, and who runs the system (Commission, Division, license levels)
Associate broker: A broker who works under the supervision of an employing broker. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Associate broker: A broker who works under the supervision of an employing broker. Your first week: employing broker, office policy, E&O, the transaction file
Attorney form: A form drafted by a Colorado attorney for the broker or firm; usable only if no Commission form fits. Commission-approved forms and the practice of law
Attorney-in-fact: A person authorized by a power of attorney to sign for an owner. Who needs a license, and who runs the system (Commission, Division, license levels)
Audit: A check of a licensee's business accounts and records by the Division. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Audit: An official review of your records by the Commission. Records: what to keep, how long, ledgers, reconciliation
AVM: Automated valuation model: a computer estimate from public data. Value: appraisal, the three approaches, CMA, BPO, AVM

B

Backup offer: An accepted position behind the primary contract that takes effect if the first falls through. Negotiation, counterproposals and multiple offers
Balloon payment: A large lump sum of the remaining balance due at the end of a short loan term. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Balloon payment: A large final payment of the unpaid balance at the end of a short loan term. Seller financing in Colorado: notes, deeds of trust, the public trustee
Banker's year: A 360-day year where every month counts as 30 days. Prorations: taxes in arrears, rent, HOA dues
Bargain and sale deed: A deed that says the seller owns and transfers the property with little or no promise about defects. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Bargain and sale deed: A deed that conveys the property with few or no promises about title defects. Closing documents and deeds
Base line: The east-west reference line of the rectangular survey. Legal descriptions and measuring land and buildings
Beneficial use: Putting water to a useful, non-wasteful purpose. Land, real property and personal property (fixtures, air, mineral and water rights)
Beneficiary: On a deed of trust, the lender who is paid first. In seller financing, the seller. Seller financing in Colorado: notes, deeds of trust, the public trustee
Beneficiary: A person whose money sits in a trust account and who has a ledger there. Property management money: rents, security deposits, disbursements, audits
Bill of sale: A document that transfers ownership of personal property, such as appliances. Closing documents and deeds
Blockbusting: Pushing owners to sell by claiming people of a protected class are moving in; also called panic selling. Fair housing: federal and Colorado law, ADA, advertising
BPO: Broker price opinion: a broker's value opinion, usually for a lender or investor. Not an appraisal. Value: appraisal, the three approaches, CMA, BPO, AVM
Broker: In Colorado, any person licensed to do brokerage acts for pay. One word covers all license levels. Who needs a license, and who runs the system (Commission, Division, license levels)
Broker engagement contract: A written contract in which a residential seller, buyer, landlord or tenant becomes a broker's client (C.R.S. 12-10-403.5). Agency basics: who you work for, duties, how relationships start and end
Broker engagement contract: A written contract in which a consumer hires a broker and promises or allows payment (C.R.S. 12-10-403.5). Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Broker engagement contract: The written agreement hiring a broker for a residential client, with statute-set limits. One full deal simulated start to finish
Brokerage: The acts listed in the broker definition that need a license when done for compensation. Investors, assignments and a licensee buying for themself
Brokerage disclosure: The written statement of the relationship a broker offers and the other relationships available. The listing appointment with real numbers (CMA, net sheet, listing contract)
Brokerage disclosure: The written explanation of working relationships given before confidential information is discussed. One full deal simulated start to finish
Brokerage firm: The licensed business (sole proprietor, LLC, corporation) that employs or engages brokers. Who needs a license, and who runs the system (Commission, Division, license levels)
Brokerage firm: The licensed company that signs the listing; the individual broker works under it. The Exclusive Right-to-Sell Listing Contract
Brokerage firm: The business through which brokers offer services to the public, such as a company or sole proprietorship. Your first week: employing broker, office policy, E&O, the transaction file
Brokerage relationship disclosure: Written notice to a consumer of what the broker is, and is not, to them. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Brokerage split: The share of a commission a brokerage keeps versus pays the agent. Referrals and referral fees: how a referral-only license earns
Building code: Rules for how a building must be built so it is safe. Land use controls: government powers and private controls
Bundle of rights: The set of rights of ownership: possess, use, enjoy, exclude, dispose. Land, real property and personal property (fixtures, air, mineral and water rights)
Business day: An ordinary working day; weekends and legal holidays do not count toward deadlines counted in business days. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Business email compromise: A scam where a hacker uses a real or lookalike email account to send fake payment instructions. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Buyer agreement: A written contract between a buyer and a broker stating the services and the pay. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Buyer agreement: A written contract in which a buyer hires a brokerage, with a definite end date and the pay terms. Working with a buyer and writing an offer with real numbers
Buyer's agent: A single agent working for the buyer, owing loyalty and advocacy. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Buyer's agent: A broker who represents the buyer under a written agreement; a limited agent. Working with a buyer and writing an offer with real numbers

C

Calendar day / business day: A calendar day counts every day; a business day skips weekends and holidays. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
CAN-SPAM: The federal law setting rules for commercial email, including opt-out. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
CAN-SPAM: The federal law setting rules for commercial email, including opt-out. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Cap: The most an escalation clause allows the buyer to pay. Negotiation, counterproposals and multiple offers
Capitalization rate: NOI divided by price: the yearly return a buyer expects. Value: appraisal, the three approaches, CMA, BPO, AVM
Cash at closing: What the buyer still must bring at closing after earnest money and the loan. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Cash basis: An accounting method that records money when actually received or paid. Records: what to keep, how long, ledgers, reconciliation
Cash to close: The buyer's debits minus the buyer's credits: the money the buyer must bring. Reading a closing statement: debits and credits
Cash to close: The final amount the buyer must bring to closing: all debits minus all credits. Seller's net proceeds and buyer's cash to close
CC&Rs: Covenants, conditions and restrictions: a recorded set of rules for a subdivision or community. Land use controls: government powers and private controls
CCIOA: Colorado Common Interest Ownership Act, C.R.S. 38-33.3, the state law that governs HOAs and similar communities. Land use controls: government powers and private controls
Censure: A formal reprimand from the Commission. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Censure: A formal reprimand placed on a licensee's record. What gets brokers in trouble: common complaints and how to stay clean
Change of Status form: The Commission-approved form a broker gives when moving from single agent to assisting both sides as transaction-broker (Rule 6.9). Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Class 2 misdemeanor: A mid-level crime; the penalty for acting as a broker without a license. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Client: A party the broker has agreed to represent or assist under a brokerage relationship. Agency basics: who you work for, duties, how relationships start and end
Client form: A form provided by the party the broker works for; broker only inserts deal details. Commission-approved forms and the practice of law
Closing: The event where documents are signed, money moves, and ownership is transferred and recorded. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Closing: The meeting or process where the buyer and seller sign the papers that transfer the property and the money. Who does what at closing, and the broker's duty for an accurate closing statement
Closing agent: The neutral person or company (usually a title company) that holds documents and money, follows the instructions, and pays everyone. Who does what at closing, and the broker's duty for an accurate closing statement
Closing day ownership: The rule that decides whether the buyer or the seller counts the closing day as theirs. Prorations: taxes in arrears, rent, HOA dues
Closing Disclosure: Form showing final terms and costs; the borrower must receive it at least 3 business days before consummation. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Closing disclosure: The federal form showing the buyer's final loan terms and closing costs. One full deal simulated start to finish
Closing Disclosure (CD): The 5-page form with final loan terms and costs, which the borrower must receive at least 3 business days before closing. TRID: Loan Estimate and Closing Disclosure timing
Closing entity: A title company or lawyer that runs the closing and handles the settlement money. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Closing instructions: A signed form telling the closing agent when to record, what to pay, and what must happen first. Who does what at closing, and the broker's duty for an accurate closing statement
Closing statement: The itemized list of every dollar going in and out for the buyer and seller. Who does what at closing, and the broker's duty for an accurate closing statement
Closing statement: The document listing every debit and credit for one party, which the broker must give an accurate, signed copy of to the client. One full closing worked start to finish
Closing statement: The final accounting of money in a transaction, signed by the broker. What gets brokers in trouble: common complaints and how to stay clean
Closing statement: The final accounting of money in and out for each party at closing. From contract to closing: the deadline calendar
CMA: Comparative market analysis: a broker's comparison with recent sales and listings to set a price. Not an appraisal. Value: appraisal, the three approaches, CMA, BPO, AVM
CMA: Comparative market analysis: a broker's estimate of value built from similar recent sales; not an appraisal. The listing appointment with real numbers (CMA, net sheet, listing contract)
Combined notice: The public trustee's single notice covering the sale, the right to cure and the right to redeem. Seller financing in Colorado: notes, deeds of trust, the public trustee
Commingling: Mixing client money with the broker's own money. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Commingling: Mixing client money with the broker's own money, which is prohibited. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Commingling: Mixing client money with the broker's own money. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Commingling: Mixing your own money with money you hold for others. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Commingling: Mixing a client's money with your own or your brokerage's operating money. One full deal simulated start to finish
Commission-approved form: A form issued by the Colorado Real Estate Commission for current use; brokers must use it when it exists and fits. Commission-approved forms and the practice of law
Commission-approved form: A form the Real Estate Commission publishes for brokers to use when it fits the deal. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Common interest community: A development whose owners must belong to an association and pay assessments. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Common interest community: A development with an owners' association and mandatory dues. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Comp: A comparable sale: a similar nearby home that sold recently. The listing appointment with real numbers (CMA, net sheet, listing contract)
Comparable (comp): A similar property that recently sold, used to estimate the subject's value. Value: appraisal, the three approaches, CMA, BPO, AVM
Compensation sharing: The seller's or buyer's pay is split between the two brokerages. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Complaint: A written claim to the Commission that a licensee broke the law. What gets brokers in trouble: common complaints and how to stay clean
Concurrent writing: A separate written statement signed at the same time as the contract. Investors, assignments and a licensee buying for themself
Condemnation: The court process by which the government takes private land by eminent domain. Land use controls: government powers and private controls
Condominium: You own your unit plus an undivided share of common elements. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Confidential information: Things like finances, motives, or willingness to take less or pay more, which a broker must protect. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Confidential information: Facts a broker may not reveal without informed consent, such as the seller's lowest price. Negotiation, counterproposals and multiple offers
Conflict of interest: A real or apparent competing interest that may influence how you serve a client. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Conflict of interest: A situation where your own interest could affect advice you give a client. What gets brokers in trouble: common complaints and how to stay clean
Conflict of interest: A situation where your own gain could pull against a client's interest. Investors, assignments and a licensee buying for themself
Conforming loan: A loan that meets Fannie Mae and Freddie Mac size limits and rules, so it can be sold to them. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Conformity: Value is highest when a property matches its neighborhood. Value: appraisal, the three approaches, CMA, BPO, AVM
Consideration: Something of value each side gives. Without it a promise is only a gift. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Consideration: The value given in exchange for the property, usually the price. Closing documents and deeds
Consumer: A person who may use a broker's services, whether or not they sign an agreement. The Rules often use the capital-C word. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Consummation: The moment the borrower becomes legally bound to the loan, usually at signing. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Consummation: The moment the borrower becomes legally bound to the loan, usually signing day. TRID: Loan Estimate and Closing Disclosure timing
Consummation date: The closing date of a transaction; the four-year clock starts here. Records: what to keep, how long, ledgers, reconciliation
Contingency: A condition in the contract that lets a party walk away or renegotiate if it is not met. From contract to closing: the deadline calendar
Contingency (condition): A clause that lets the buyer (or seller) end or change the deal if something checks out badly, as long as they act by the deadline. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Continuing education (CE): Required classes taken after licensing to renew; 24 hours per three-year cycle. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Contract to Buy and Sell: The Commission-approved form used to make and accept offers on a residential sale. Working with a buyer and writing an offer with real numbers
Conventional loan: A mortgage not insured or guaranteed by a government agency. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Conversion: Using someone else's money for your own benefit. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Cooperating broker: The broker for the other side of a deal. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Cooperative: A corporation owns the building; residents own shares and have proprietary leases. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Cooperative commission: The share of the commission a listing broker offers to another broker who brings the buyer. Referrals and referral fees: how a referral-only license earns
Copyright: The creator's exclusive legal right to copy, share, and display their work. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Cost approach: Land value + cost to rebuild - depreciation. Value: appraisal, the three approaches, CMA, BPO, AVM
Counterproposal: A reply that changes terms and replaces the offer it answers. Counterproposals, amend/extend, notices, inspection objection and resolution
Counterproposal: A written reply that changes some terms of an offer; it rejects the old offer and creates a new one. Negotiation, counterproposals and multiple offers
Credit: An amount added in a party's favor on the closing statement. Prorations: taxes in arrears, rent, HOA dues
Credit: An amount in a party's favor on the closing statement. Reading a closing statement: debits and credits
Creditor: The lender responsible for giving the TRID forms. TRID: Loan Estimate and Closing Disclosure timing
Cure: The refund a lender gives when a charge exceeds its tolerance. TRID: Loan Estimate and Closing Disclosure timing
Customer: A party to a transaction with whom the broker has no brokerage relationship because the party has not engaged a broker (C.R.S. 12-10-402(2)). Agency basics: who you work for, duties, how relationships start and end
Customer: A party the broker has no brokerage relationship with because that party did not engage the broker. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Customer: A party you assist but do not represent. Your first week: employing broker, office policy, E&O, the transaction file

D

Daily rate (per diem): The bill divided by the days in its period. Prorations: taxes in arrears, rent, HOA dues
Dates and Deadlines table: The section listing each task, its due date and time. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Deadline: A date in the contract by which a party must act, or lose a right. From contract to closing: the deadline calendar
Debit: An amount charged against a party on the closing statement. Prorations: taxes in arrears, rent, HOA dues
Debit: An amount a party owes or pays out on the closing statement. Reading a closing statement: debits and credits
Debit and credit: On a closing statement, a debit is money a party owes; a credit is money the party has paid or is given. Seller's net proceeds and buyer's cash to close
Debt-to-income ratio (DTI): Monthly debt payments divided by gross monthly income. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Declaration / bylaws: Declaration: recorded document creating the community and its rules. Bylaws: how the association itself is run. Land use controls: government powers and private controls
Deductible: The part of a claim the insured pays before insurance pays. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Deed: The signed document that transfers ownership of real property. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Deed: The signed document that transfers ownership of real estate. Closing documents and deeds
Deed of trust: The security instrument Colorado uses: it pledges the property as collateral, with a trustee holding title as security. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Deed of trust: A recorded document that pledges a house as security for a loan. It names a grantor, a public trustee and a beneficiary. Seller financing in Colorado: notes, deeds of trust, the public trustee
Deed of trust: The document that makes a property security for a loan; in Colorado it names a public trustee. Closing documents and deeds
Deed of trust: Colorado's loan security document; property secures the loan. Title commitments, title insurance, recording, wire fraud
Deed restriction: A private limit on land use written into a deed. Land use controls: government powers and private controls
Default: Breaking the contract without a legal excuse. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Deficiency: The unpaid loan balance remaining after a sale. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Definitions of Working Relationships: The Commission's written plain-language definitions of the relationships, given when a consumer asks about one the firm doesn't offer. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Delivery: Getting a notice to the other party in a way the contract allows. Counterproposals, amend/extend, notices, inspection objection and resolution
Delivery and acceptance: The grantor's intent to pass title now and the grantee's acceptance; both are needed. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Deposit in transit: Money you deposited that has not yet shown on the bank statement. Records: what to keep, how long, ledgers, reconciliation
Depreciation: Loss of value from wear (physical), outdated design (functional), or outside factors (external). Value: appraisal, the three approaches, CMA, BPO, AVM
Designated broker: An individual broker designated in writing by the employing broker to serve a specific party. Agency basics: who you work for, duties, how relationships start and end
Designated broker: The individual broker named in writing to serve a particular client within a firm. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Disbursement: A payment out of an account. Property management money: rents, security deposits, disbursements, audits
Disclosure: A written statement of facts the other party is entitled to know. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Disclosure form: A form that only provides information about the property or area and does not create or waive legal rights. Commission-approved forms and the practice of law
Discount point: Prepaid interest to buy a lower rate. 1 point = 1% of the loan amount. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Disparate impact: A neutral policy that hurts a protected class far more and is not needed for a real business reason. Fair housing: federal and Colorado law, ADA, advertising
Disparate treatment: Intentionally treating people differently because of a protected class. Fair housing: federal and Colorado law, ADA, advertising
Diversion: Using one person's money for the benefit of another person. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Division of Real Estate: The state office, headed by a director, that carries out and enforces the law and audits licensees. Who needs a license, and who runs the system (Commission, Division, license levels)
Division of Real Estate: The state office staff that investigates, audits and enforces under the Commission. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Do Not Call Registry: A national list of phone numbers whose owners do not want telemarketing calls. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Documentary fee: A state fee on recorded deeds: one cent per $100 of price (major fraction counts as a full hundred). Closing documents and deeds
Documentary fee: A county fee on recorded deeds, one cent per one hundred dollars of price (major fraction rounds up). Seller's net proceeds and buyer's cash to close
Double close: Two back-to-back closings: you buy the property, then immediately sell it, instead of assigning. Investors, assignments and a licensee buying for themself
Double-entry item: An item that appears on both the buyer and seller sides as opposite entries, like price and prorations. Reading a closing statement: debits and credits
Down payment: The part of the price the buyer pays in cash rather than borrowing. Working with a buyer and writing an offer with real numbers
Dual agency: Acting as agent for both sides of the same deal; banned in Colorado by C.R.S. 12-10-406. Agency basics: who you work for, duties, how relationships start and end
Dual agency: Representing both sides as an advocate; banned in Colorado (12-10-406). Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Due diligence: The buyer's investigation period for inspections, title, documents, and financing. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Due diligence: The buyer's own homework on the property: leases, insurance, zoning, environmental, title, HOA. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Due-on-sale clause: Lets the lender demand payment in full if the property is sold or transferred. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Duplicate: A legible copy, including electronic copies bearing electronic signatures (Rule 1.21). Counterproposals, amend/extend, notices, inspection objection and resolution

E

E&O insurance: Errors and omissions insurance; pays claims that a licensee's mistake cost a client money. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
E&O insurance: Errors and omissions insurance: coverage for claims that a licensee's mistake or omission harmed a client. Your first week: employing broker, office policy, E&O, the transaction file
Earnest money: A buyer's good-faith deposit toward the price, held by a neutral party until closing. Commission-approved forms and the practice of law
Earnest money: A deposit a buyer puts down to show good faith, held by a neutral holder until closing. The Exclusive Right-to-Sell Listing Contract
Earnest money: The buyer's good-faith deposit, held by a neutral holder. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Earnest money: The buyer's good-faith deposit, held by a broker or title company, applied to the price at closing. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Earnest money: A deposit by the buyer, held by a broker or title company, to show good faith. Who does what at closing, and the broker's duty for an accurate closing statement
Earnest money: The buyer's good-faith deposit, held per the contract and credited to the buyer at closing. Seller's net proceeds and buyer's cash to close
Earnest money: A good-faith deposit from a buyer that is credited to the buyer at closing; held for the deal until it closes or ends. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Earnest money: A deposit showing the buyer is serious; credited at closing, and may be lost if the buyer defaults. Working with a buyer and writing an offer with real numbers
Earnest money: The buyer's good-faith deposit, held by a neutral holder until closing. From contract to closing: the deadline calendar
Easement: A right to use part of another person's land for a stated purpose, like a driveway or utility line. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Easement in gross: An easement that belongs to a person or company, not a parcel, like a utility line. Encumbrances: liens, easements, encroachments, licenses, adverse possession
ECOA: Equal Credit Opportunity Act: bans credit discrimination on protected bases. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Electronic record: A record made, sent, received or stored electronically (Rule 1.23). Counterproposals, amend/extend, notices, inspection objection and resolution
Electronic record: A record created or stored by electronic means, such as a saved PDF. Records: what to keep, how long, ledgers, reconciliation
Emblements: Crops planted and harvested each year; treated as personal property. Land, real property and personal property (fixtures, air, mineral and water rights)
Eminent domain: The government's power to take private land for public use with fair payment. Land, real property and personal property (fixtures, air, mineral and water rights)
Eminent domain: The government's power to take private land for public use, paying just compensation. Land use controls: government powers and private controls
Employing broker: Level that may employ or engage other brokers. Needs two years active plus Brokerage Administration. Who needs a license, and who runs the system (Commission, Division, license levels)
Employing broker: The broker responsible for the firm and for supervising its associates. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Employing broker: The broker who runs the brokerage firm and employs other brokers. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Employing broker: A broker who hires and supervises other brokers and holds their licenses. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Employing broker: The broker responsible for and supervising the associate brokers in a firm, and who holds control and custody of their licenses. Your first week: employing broker, office policy, E&O, the transaction file
Employing broker: The broker who holds an associate's license and supervises their work. Referrals and referral fees: how a referral-only license earns
Encroachment: A structure, like a fence or shed, that crosses onto a neighbor's land. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Encroachment: A structure that crosses a boundary line. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Encumbrance: Any claim, right, or limit held by someone else on land. The owner keeps title, but the claim goes with the land. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Equal Housing Opportunity logo: The HUD symbol used in ads to show the advertiser follows fair housing law. Fair housing: federal and Colorado law, ADA, advertising
Equitable interest: A right in a property that comes from a signed purchase contract before closing. Investors, assignments and a licensee buying for themself
Equity purchaser: A person, not buying as a personal residence, who acquires title to a residence in foreclosure; the law lists exceptions. Seller financing in Colorado: notes, deeds of trust, the public trustee
Escalation clause: An offer term to pay a set amount above any higher offer, up to a stated cap. Negotiation, counterproposals and multiple offers
Escheat: Return of property to the state when an owner dies with no will and no heirs. Land use controls: government powers and private controls
Escrow account: An account the lender holds to pay property tax and insurance for the borrower. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Escrow account: A lender-held account holding the borrower's payments for property taxes and insurance. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Escrow deposits (impounds): Months of taxes and insurance the lender collects in advance and holds to pay those bills later. Seller's net proceeds and buyer's cash to close
Estate: The degree, quantity or length of a person's interest in land. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Evidence of debt: A writing that shows a promise to pay money, such as a note, bond, loan agreement or court judgment. Seller financing in Colorado: notes, deeds of trust, the public trustee
Exceptions: Matters the policy will not cover, like easements and covenants. Title commitments, title insurance, recording, wire fraud
Exclusion: Something the seller keeps. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Exclusive agency: One brokerage is hired, but the seller can sell it themselves and owe no commission. The Exclusive Right-to-Sell Listing Contract
Exclusive Right to Buy: A written contract where a buyer hires one brokerage who is paid if the buyer buys during the term. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Exclusive right to sell: One brokerage is hired and is paid if the property sells during the term, even if the seller finds the buyer. The Exclusive Right-to-Sell Listing Contract
Exclusive Right-to-Sell listing: A listing where one brokerage is hired and earns the fee if the property sells during the listing period, no matter who finds the buyer. The listing appointment with real numbers (CMA, net sheet, listing contract)
Exclusive Tenant contract: The renter version of the buyer agreement. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Exculpatory language: Wording that excuses someone from blame or liability; brokers may not insert it in their own favor (Rule 7.4.B). Commission-approved forms and the practice of law
Executed: Fully performed; all promises done. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Executory: Not yet fully performed; some promises are still to be done. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Expired license: A license that was not renewed in time; it may be reinstated for a fee. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Extended coverage: Policy that removes some standard exceptions; costs more and may need a survey or affidavit. Title commitments, title insurance, recording, wire fraud

F

Familial status: Having children under 18 in the household, being pregnant, or being in the process of securing custody. Fair housing: federal and Colorado law, ADA, advertising
Federally related mortgage loan: A residential loan with federal ties, such as being made or insured by a federally regulated lender. Referrals and referral fees: how a referral-only license earns
Fee simple absolute: The fullest ownership: forever, free to sell or leave to heirs, no conditions. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Fee simple defeasible: Ownership that ends if a stated condition is broken. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
FHA loan / MIP: A loan insured by the Federal Housing Administration. The borrower pays mortgage insurance premium (MIP) up front and monthly. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Fiduciary: Someone held to the highest duty of trust and loyalty toward another person. Agency basics: who you work for, duties, how relationships start and end
Fiduciary: Someone who must handle another person's money or interests with top loyalty and care. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Finance charge: The total dollar cost of credit, including interest and certain fees. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Fingerprint background check: A CBI and FBI criminal history check required before applying. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
FIRPTA: Federal law requiring withholding when a foreign person sells U.S. real estate. Closing documents and deeds
Fixed by law: A claim that a fee is mandatory; commissions are never set by law. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Fixture: Something that began as personal property but became part of the real property by attachment. Land, real property and personal property (fixtures, air, mineral and water rights)
Fixture: An item attached to the property so it is treated as part of it, like a built-in oven or furnace. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Foreclosure consultant: A person who, for pay and without taking title, offers to stop or delay a foreclosure or help the owner keep the home. Seller financing in Colorado: notes, deeds of trust, the public trustee
Four unities: Time, title, interest, possession. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Funding: The moment the lender sends the loan money and the closing agent has confirmed every dollar has arrived. Who does what at closing, and the broker's duty for an accurate closing statement

G

General lien: A lien on all of a debtor's property, such as a recorded court judgment. Encumbrances: liens, easements, encroachments, licenses, adverse possession
General warranty deed: A deed in which the seller promises good title against all claims, past and present. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
General warranty deed: A deed in which the grantor promises good title against all claims, including old ones. Closing documents and deeds
Good funds: Money that has arrived and can be withdrawn right away; a broker may not disburse before this. Who does what at closing, and the broker's duty for an accurate closing statement
Good funds: Money that is received and available for immediate withdrawal; required before a broker may disburse (Rule 6.19.E). One full closing worked start to finish
Grantee: The person receiving the property in a deed. Closing documents and deeds
Grantor: On a deed of trust, the borrower who pledges the property. Seller financing in Colorado: notes, deeds of trust, the public trustee
Grantor: The person giving (conveying) the property in a deed. Closing documents and deeds
Gross lease: Flat rent; the landlord pays property costs. Property management and landlord-tenant basics
Gross living area: Finished, heated, above-grade living space; usually excludes garage and unfinished basement. Legal descriptions and measuring land and buildings
Ground lease: A long lease of land only; tenant owns the buildings he adds. Property management and landlord-tenant basics
Group boycott: Competitors agreeing together not to deal with someone. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision

H

HELOC: Home equity line of credit: a revolving credit line secured by the home. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Highest and best use: The legal, possible, workable use that gives the greatest value. Value: appraisal, the three approaches, CMA, BPO, AVM
HOA: Homeowners association, a group that collects dues to run a community. Prorations: taxes in arrears, rent, HOA dues
HOA: Homeowners association: the group that runs a community and collects dues. Seller's net proceeds and buyer's cash to close
HOA capital contribution: A one-time fee to the homeowners association paid by a new buyer. One full closing worked start to finish
HOA documents: The papers of the homeowners association: rules, budget, dues, and any pending special assessment. From contract to closing: the deadline calendar
Holdover: A seller staying in the home past the agreed possession date. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Holdover (protection) period: Time after the listing ends in which the brokerage may still be owed pay for buyers it had already introduced. The Exclusive Right-to-Sell Listing Contract
Holdover clause: A listing clause that pays a commission after expiration for people the broker negotiated with. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Home-sale contingency: A condition that the buyer must first sell their own home. Negotiation, counterproposals and multiple offers
Housing for older persons: Housing for 62+ or with at least 80% of occupied units having a person 55+; exempt from the familial status rule. Fair housing: federal and Colorado law, ADA, advertising

I

Improvement Location Certificate (ILC): A simple surveyor's drawing showing where buildings sit relative to lot lines. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Imputation: Treating what one person knows as known by another, such as the rest of the firm. Agency basics: who you work for, duties, how relationships start and end
Imputation of knowledge: Treating what one person knows as known by another. Colorado limits it for designated brokers and transaction-brokers. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
In arrears: Paid after the period it covers; Colorado property taxes are paid this way. Prorations: taxes in arrears, rent, HOA dues
Inactive license: A license held but not used for licensed work; it still must renew. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Inactive license: A license on file but not permitted to engage in brokerage services. Referrals and referral fees: how a referral-only license earns
Inclusion: Something the contract says goes with the house. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Income approach: Value = NOI / cap rate. Value: appraisal, the three approaches, CMA, BPO, AVM
Independent broker: Level that needs two years of active licensure. Works without supervision, does not employ others. Who needs a license, and who runs the system (Commission, Division, license levels)
Independent broker: A broker who may work independently; needs 2 years active as an associate first. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Independent contractor: A worker paid by results who controls how the work is done, not on payroll. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Index and margin: The index is a published market rate; the margin is the fixed points the lender adds to it. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Injunction: A court order to stop an act. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Inspection Objection: The buyer's written list of problems and requested fixes. Counterproposals, amend/extend, notices, inspection objection and resolution
Inspection Objection Deadline: The date by which the buyer must say, in writing, that they accept, object, or terminate after inspections. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Inspection Resolution: The signed agreement settling an objection. Counterproposals, amend/extend, notices, inspection objection and resolution
Inspection Resolution Deadline: The date by which buyer and seller must agree in writing on repairs or credits after an objection. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Interest-only loan: A loan where, for a period, the borrower pays only interest and the balance does not fall. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Interpleader: A court filing by a holder of disputed funds asking the court to decide who gets them. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination

J

Joint tenancy: Co-ownership with equal shares and a right of survivorship; must be declared in Colorado. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Journal: The chronological record of every receipt and payout for one trust account. Records: what to keep, how long, ledgers, reconciliation
Journal: A time-ordered list of every deposit and withdrawal in the trust account. One full deal simulated start to finish
Jumbo loan: A loan bigger than the conforming limit; it usually needs more down payment and stronger credit. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Just compensation: Fair payment, based on market value, owed to the owner when land is taken for public use. Land use controls: government powers and private controls

K

Kickback: A payment for sending business, banned by RESPA in covered transactions. Referrals and referral fees: how a referral-only license earns
Kickback / referral fee: Money or anything of value paid for sending settlement business to someone; illegal under RESPA Section 8. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act

L

Land: The earth's surface, with the air above and the minerals below in theory. Land, real property and personal property (fixtures, air, mineral and water rights)
Land contract (contract for deed): Seller financing where the seller keeps legal title until the buyer has paid enough or all of the price. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Land survey plat: A full boundary survey showing lines, easements and improvements. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Lead-based paint: Old paint containing lead, a toxic metal. Federal disclosure rules apply to housing built before 1978. Property disclosures: condition, environmental hazards, material facts
Lead-based paint disclosure: A federal form for homes built before 1978 listing known lead paint and giving the buyer a test window. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Leasehold estate: A tenant's right to possess property for a limited time. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Ledger: A running record of the money in and out for one specific person or property inside the trust account. Records: what to keep, how long, ledgers, reconciliation
Ledger: A record that tracks the money of each person in the trust account. One full deal simulated start to finish
Legal description: The exact written location of a parcel, enough for a surveyor to find it without a street address. Legal descriptions and measuring land and buildings
Lender's policy: Insurance protecting the lender's loan against title defects. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Lender's policy: Insurance for the lender's lien, up to the loan amount. Title commitments, title insurance, recording, wire fraud
Letter of admonition: A letter for small misconduct; the licensee has 20 days to ask for a formal hearing. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Letter of intent: A non-binding letter stating terms a party might agree to; must say it creates no legal rights. Commission-approved forms and the practice of law
License: The state's permission to do a regulated job. A broker license comes from the Real Estate Commission. Who needs a license, and who runs the system (Commission, Division, license levels)
License: Revocable personal permission to use land. Not an interest in the land. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Licensing cycle: The three-year calendar period, January 1 of year one to December 31 of year three. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Lien: A legal claim on property that secures a debt. It can force a sale if the debt is not paid. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Life estate: Ownership lasting for someone's lifetime. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Limited agent: Colorado's label for a single agent whose duties are the ones listed in the statute. Agency basics: who you work for, duties, how relationships start and end
Limited agent: An agent whose duties are only those set by statute plus any written additions. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Liquidated damages: An amount agreed in advance as the money remedy for a breach, often the earnest money. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Liquidated damages: A set amount, here usually the earnest money, agreed up front as the cost of a breach. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Lis pendens: A recorded notice that a lawsuit affecting title to property is pending. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Listing contract: A written agreement where a brokerage firm is hired by a seller or landlord to provide services. The Exclusive Right-to-Sell Listing Contract
Loan Estimate: Lender's estimate of terms and costs, due within 3 business days after application. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Loan Estimate: The lender's official document of estimated loan terms and costs. Working with a buyer and writing an offer with real numbers
Loan Estimate (LE): The 3-page form with estimated loan terms and costs, due within 3 business days after application. TRID: Loan Estimate and Closing Disclosure timing
Loan Termination Deadline: The date by which the buyer must cancel if the loan will not work, to get the earnest money back. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Loan-to-value (LTV): Loan amount divided by the lower of price or appraised value. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Lock box: A key box on a listed property; E&O must cover it up to $25,000 per occurrence. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Lockbox: A small locked box on a door holding a key so brokers can show the home. The Exclusive Right-to-Sell Listing Contract
Lot and block: A description by lot number, block number and subdivision on a recorded plat. Legal descriptions and measuring land and buildings

M

Management agreement: The written contract between owner and manager stating duties, fees, authority, and term. Property management and landlord-tenant basics
Management agreement: The written contract between a brokerage firm and a property owner for managing the property. Property management money: rents, security deposits, disbursements, audits
Management fee: The firm's pay for managing, often a percent of rent collected. Property management money: rents, security deposits, disbursements, audits
Market allocation: Competitors agreeing to split territories, customers, or product types. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Market value: The most likely price in an open sale where both sides know the facts and neither is forced. Value: appraisal, the three approaches, CMA, BPO, AVM
Marketable title: Title free from reasonable doubt that a reasonable buyer would accept. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Markup: An extra amount added to a vendor's charge before billing the owner; needs written consent. Property management money: rents, security deposits, disbursements, audits
Mechanic's lien: A lien by a contractor or supplier who worked on or supplied a property and was not paid. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Mediation: A meeting with a neutral helper who aids settlement but decides nothing. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Metes and bounds: A description that walks the boundary using distances and directions from a point of beginning. Legal descriptions and measuring land and buildings
Metropolitan district: A special district that finances roads and utilities for a development using bonds repaid by property tax. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Mill levy: Property tax rate. One mill is $1 per $1,000 of assessed value. Land use controls: government powers and private controls
Mill levy: A property tax rate: $1 of tax per $1,000 of assessed value per mill. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Mill levy: A property tax rate; one mill is $1 per $1,000 of assessed value. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Mineral rights: The right to oil, gas, coal and other minerals under the land; can be owned apart from the surface. Land, real property and personal property (fixtures, air, mineral and water rights)
Ministerial task: A routine task, like showing a property or passing along offers, that gives no advice and takes no side. Seller financing in Colorado: notes, deeds of trust, the public trustee
Ministerial task: Routine work needing no judgment, like scheduling or sending forms. What gets brokers in trouble: common complaints and how to stay clean
Ministerial tasks: Routine help for a customer such as showing a property or conveying offers, which does not create an agency (Rule 6.8). Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Ministerial tasks: Simple tasks that need no judgment or advice, like showing a property or carrying an offer, allowed for a customer. Your first week: employing broker, office policy, E&O, the transaction file
Misdemeanor: A crime less serious than a felony. Acting as a broker without a license is a class 2 misdemeanor. Who needs a license, and who runs the system (Commission, Division, license levels)
Mitigation: Work that reduces a hazard, such as a radon fan system. Property disclosures: condition, environmental hazards, material facts
Mitigation: Fixing a hazard, such as a radon vent system. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
MLS: Multiple listing service: a shared database where brokers list homes for sale. The Exclusive Right-to-Sell Listing Contract
MLS: Multiple listing service, a shared database of homes for sale used by brokers. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Money Belonging to Others: Client funds such as rent, deposits, and earnest money that must be held in trust accounts. Property management and landlord-tenant basics
Money Belonging to Others: Any money a broker or firm holds that is not theirs: earnest money, rents, security deposits, advance fees. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Money Belonging to Others: Money a brokerage holds for someone else, such as earnest money or security deposits. One full deal simulated start to finish
Monument: A fixed reference marker such as an iron pin or stone. Legal descriptions and measuring land and buildings
Mortgage insurance: A charge that protects the lender when the buyer puts down less than 20%. Working with a buyer and writing an offer with real numbers
Mortgage lender's loan-to-value: The percent of the lower of price or appraised value that the lender will lend. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
MT: Mountain Time, the time zone used for deadlines. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Multiple offers: Two or more offers on a property at the same time. Negotiation, counterproposals and multiple offers
Mutual execution: The date when both parties have signed the contract. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Mutual execution: The date when both parties have signed and the contract is in force. Working with a buyer and writing an offer with real numbers

N

NAR: National Association of REALTORS, a trade group whose rules bind its members and local MLSs. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
NAR settlement (2024): A national court settlement that changed MLS pay-offer rules and led to written buyer agreements before touring. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
National Do-Not-Call Registry: The federal list of phone numbers telemarketers may not call. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Negative amortization: The loan balance grows because payments are smaller than the interest due. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Negative ledger: A ledger balance below zero, meaning others' money was used; never allowed. Records: what to keep, how long, ledgers, reconciliation
Negotiable: Open to bargaining; commissions are not set by law. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Net lease: Tenant pays rent plus some or all property costs (single, double, triple net). Property management and landlord-tenant basics
Net listing: The seller names a net amount and the broker keeps anything above it; risky because of the conflict of interest. The Exclusive Right-to-Sell Listing Contract
Net operating income (NOI): Yearly rent minus vacancy and operating costs, before loan payments. Value: appraisal, the three approaches, CMA, BPO, AVM
Net proceeds: The seller's credits minus the seller's debits: the money the seller receives. Reading a closing statement: debits and credits
Net proceeds: The money the seller actually receives at closing after all seller charges are subtracted from the price. Seller's net proceeds and buyer's cash to close
Net to seller: The cash the seller keeps after fees, loan payoff, concessions and costs. Negotiation, counterproposals and multiple offers
New associate broker: An associate broker with less than two years of accumulated active experience; gets a High-Level of Supervision. Your first week: employing broker, office policy, E&O, the transaction file
Non-exclusive agreement: A buyer agreement where the buyer may use other brokers; the broker is paid only if they produce the home. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Nonconforming use: A use that was legal before a zoning change, allowed to continue (grandfathered). Land use controls: government powers and private controls
Normal wear and tear: Deterioration from ordinary use without negligence or abuse; it cannot be deducted from a deposit. Property management and landlord-tenant basics
Normal wear and tear: Ordinary aging of a unit from regular use; may not be charged to a deposit. Property management money: rents, security deposits, disbursements, audits
Notice to Terminate: A written notice ending the contract using a right granted inside it. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Notice to Terminate: A written notice ending the contract under a right inside it. Counterproposals, amend/extend, notices, inspection objection and resolution
Novation: Replacing a party with a new one, with everyone's agreement, so the old party is released. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)

O

Objection: Written notice from a party that something found about the property or title is unacceptable. From contract to closing: the deadline calendar
Objectively ascertainable: Able to be worked out by anyone from the written terms, like a percentage or flat dollar amount. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Off-record matter: A right or claim not in the public records, such as a tenant's rights or an unrecorded easement. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Offer: A clear promise to do something on stated terms, which the other side can accept. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Offer: A proposal to buy on stated terms. Counterproposals, amend/extend, notices, inspection objection and resolution
Offer of compensation: A listing-side promise to pay the buyer's broker; no longer allowed in the MLS. Commissions after the 2024 national settlement: buyer agreements, negotiable fees, disclosure
Office policy: A firm's written policy listing the relationships it offers and how confidential information is protected (C.R.S. 12-10-408(1)(a)). Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Office policy manual: The written rules an employing broker gives each associate. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Office Policy Manual: The written manual of policies every employing broker must give to and have signed by each associate. Your first week: employing broker, office policy, E&O, the transaction file
Open listing: The seller hires many brokers; only the one who produces the buyer is paid. The Exclusive Right-to-Sell Listing Contract
Option: A paid right to buy at a set price within a set time. The holder is free to walk away; the owner is bound. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Option: A right to buy a property at a set price within a set time. Investors, assignments and a licensee buying for themself
Option dealer: A person who takes a paid right to buy (an option) in order to resell or lease the property to someone else. Who needs a license, and who runs the system (Commission, Division, license levels)
Origination fee: The lender's charge for making the loan, often a percent of the loan. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Outstanding check: A check you wrote that has not yet cleared the bank. Records: what to keep, how long, ledgers, reconciliation
Owner draw: The payout of an owner's money from the owner's ledger. Property management money: rents, security deposits, disbursements, audits
Owner's policy: Insurance protecting the buyer against hidden title defects. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Owner's policy: Insurance for the buyer's ownership, lasting as long as the buyer or heirs hold title. Title commitments, title insurance, recording, wire fraud
Owner's title policy: Insurance protecting the buyer against covered title defects for as long as he owns. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate

P

Payoff: The amount needed to clear the seller's old loan on the closing date. Reading a closing statement: debits and credits
Payoff: The amount needed to clear the seller's existing mortgage at closing. One full deal simulated start to finish
Payoff statement: A lender's written figure for what it takes to clear the seller's loan on a given day, including interest. Seller's net proceeds and buyer's cash to close
Per diem: A daily amount; used for interest and prorations. Reading a closing statement: debits and credits
Per diem: Latin for 'per day': the amount of interest or dues for one day. One full closing worked start to finish
Percentage lease: Base rent plus a share of the tenant's sales. Property management and landlord-tenant basics
Personal property: Movable things that are not attached to land, also called chattels or personalty. Land, real property and personal property (fixtures, air, mineral and water rights)
Personal property: Movable items like a fridge or furniture that go only if the contract says so. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Personal representative's deed: A deed given by the person managing a deceased owner's estate. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Personal representative's deed: A deed signed by a court-appointed person handling a dead owner's estate. Closing documents and deeds
PITI: Principal, interest, taxes, insurance: the full monthly housing payment. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Plat: A surveyor's map of a subdivision filed in the county records. Legal descriptions and measuring land and buildings
PMI: Private mortgage insurance: required on conventional loans with less than 20% down, protects the lender. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
PMI: Private mortgage insurance: a monthly charge on a conventional loan with under 20% down. It protects the lender. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Point of beginning (POB): The fixed starting point of a metes-and-bounds description, to which the description must return. Legal descriptions and measuring land and buildings
Police power: The government's power to make laws protecting public health, safety, morals, and welfare. No payment is owed to the owner. Land use controls: government powers and private controls
Possession: The right to occupy the property and hold the keys. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Possession: The date the buyer takes physical control of the property. One full closing worked start to finish
Possession: The date the buyer gets the keys and the right to occupy the property. From contract to closing: the deadline calendar
Potable water: Water safe to drink. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Practice of law: Drafting legal documents or giving advice about legal rights; only licensed attorneys may do it. Commission-approved forms and the practice of law
Pre-approval: A lender's letter after checking income, assets and credit, stating the amount it is prepared to lend. Working with a buyer and writing an offer with real numbers
Pre-qualification: A lender's quick estimate of what a buyer may borrow, based on what the buyer says. Working with a buyer and writing an offer with real numbers
Prepaid interest: Loan interest the buyer pays at closing for the days from closing to the end of that month. Reading a closing statement: debits and credits
Prepaid interest: Interest from closing day to the end of the month, collected at closing. One full closing worked start to finish
Prepaid item: Something paid before the period it covers, such as HOA dues paid ahead. Prorations: taxes in arrears, rent, HOA dues
Prepaids: Costs paid at closing before they come due, such as a year of insurance, early interest, and escrow deposits. Seller's net proceeds and buyer's cash to close
Prepayment penalty: A fee charged for paying a loan off early. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Prepayment penalty: A fee for paying the loan off early; adding one after the CD restarts the 3-day wait. TRID: Loan Estimate and Closing Disclosure timing
Prescriptive easement: A right to use land gained by open, unpermitted, continuous use for the time the law requires. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Price fixing: Competitors agreeing on prices or commission rates. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Principal: The real party in the deal: the person buying or owning for himself or herself. Who needs a license, and who runs the system (Commission, Division, license levels)
Principal: The person who hires the agent and for whom the agent acts. Agency basics: who you work for, duties, how relationships start and end
Principal: The client an agent works for. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Principal: A person acting for themself in a deal as buyer or seller, not as someone's representative. Investors, assignments and a licensee buying for themself
Principal meridian: The north-south reference line of the rectangular survey. Legal descriptions and measuring land and buildings
Prior appropriation: Colorado's water system: first in time, first in right. Land, real property and personal property (fixtures, air, mineral and water rights)
Priority: The order in which lien holders are paid. Tax and special assessment liens come first; most others go first in time, first in right. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Probation: Keeping a license under terms set by the Commission. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Probation: A period where a licensee keeps the license under conditions set by the Commission. What gets brokers in trouble: common complaints and how to stay clean
Proceeds: The money the seller takes home after all payments. One full deal simulated start to finish
Promissory note: The borrower's written promise to repay a loan. It is the debt itself. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Promissory note: A written promise to pay a set amount of money, with interest, on set dates. It is the 'evidence of debt.' Seller financing in Colorado: notes, deeds of trust, the public trustee
Promissory note: The borrower's written promise to repay a loan. Closing documents and deeds
Promissory note: A written promise to pay a set amount on a later date. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Promulgate: To issue officially, as the Commission does with its forms and Rules. Commission-approved forms and the practice of law
Property management: Licensed work of leasing, collecting rent, and maintaining property for an owner for pay. Property management and landlord-tenant basics
Property management: Managing rental property for an owner: finding tenants, collecting rent, paying bills, and handling repairs. Property management money: rents, security deposits, disbursements, audits
Proration: Splitting a recurring cost between buyer and seller by days owned. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Proration: Splitting a bill between buyer and seller by the number of days each owns or uses the property. Prorations: taxes in arrears, rent, HOA dues
Proration: Splitting a bill between buyer and seller by the number of days each owns the property. Seller's net proceeds and buyer's cash to close
Proration: Splitting a bill between buyer and seller by days of ownership. One full closing worked start to finish
Proration: Splitting a recurring cost, like property tax, between buyer and seller by the days each owned the property. The listing appointment with real numbers (CMA, net sheet, listing contract)
Protected class: A group of people the law shields from housing discrimination. Fair housing: federal and Colorado law, ADA, advertising
Protected class: A group fair housing law protects from discrimination, such as race, religion, familial status. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Protection period: A period after the agreement ends where the broker may still be owed pay for a home already shown. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Psychologically impacted (stigmatized) property: A property that bothers people for emotional reasons, such as a death or crime. In Colorado these facts are not material and need not be disclosed. Property disclosures: condition, environmental hazards, material facts
Psychologically impacted property: Property with a stigma such as a past death or crime; its disclosure is limited by C.R.S. 38-35.5-101. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Public accommodation (ADA Title III): A business open to the public, such as a store, office or leasing office, that must be accessible. Fair housing: federal and Colorado law, ADA, advertising
Public trustee: The county official in Colorado who handles foreclosure sales and releases of deeds of trust. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Public trustee: A county officer who runs foreclosures on deeds of trust in Colorado. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Public trustee: A county officer who runs Colorado foreclosure sales under a deed of trust. Seller financing in Colorado: notes, deeds of trust, the public trustee
Pur autre vie: A life estate measured by another person's life. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)

Q

Quarter section: One quarter of a section: 160 acres. Legal descriptions and measuring land and buildings
Quitclaim deed: A deed passing whatever interest the signer has, with no promises. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Quitclaim deed: A deed with no promises that passes whatever interest the grantor has, if any. Closing documents and deeds

R

Race-notice: A recording rule: the buyer without notice who records first wins (C.R.S. 38-35-109(1)). Title commitments, title insurance, recording, wire fraud
Race-notice statute: A recording law where the first to record wins only if he took without notice of an earlier claim. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Radon: A natural radioactive gas from soil that can collect in basements. The EPA action level is 4.0 pCi/L. Property disclosures: condition, environmental hazards, material facts
Radon: A radioactive gas from soil that can collect indoors and cause lung cancer. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Rate cap: A limit on how far an ARM rate can rise at the first change, each later change, or over the life of the loan. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Ratify: To approve an act after it was done, which can make a client responsible for it. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Real estate: Land plus anything permanently attached to it, by nature or by people. Land, real property and personal property (fixtures, air, mineral and water rights)
Real Estate Commission: The five-member board, appointed by the governor, that makes the rules and decides on licenses. Who needs a license, and who runs the system (Commission, Division, license levels)
Real Estate Commission: The five-member board, appointed by the governor, that licenses and disciplines brokers. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Real property: Real estate plus the legal rights of owning it. Land, real property and personal property (fixtures, air, mineral and water rights)
Reasonable accommodation: A change in a rule, policy or service so a person with a disability can use housing equally. Fair housing: federal and Colorado law, ADA, advertising
Reasonable cause: Actual introduction of business, a contractual referral fee relationship, or a contractual cooperative brokerage relationship. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Reasonable cause: Colorado's test for a referral fee: actual introduction, a referral fee contract, or a cooperative brokerage contract. Referrals and referral fees: how a referral-only license earns
Reasonable modification: A physical change to a unit for a person with a disability, normally at the tenant's expense in private housing. Fair housing: federal and Colorado law, ADA, advertising
Recognized depository: A bank or similar institution, in Colorado and insured by a U.S. agency, where trust funds may be kept. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Reconciled bank balance: The bank statement balance plus deposits in transit minus outstanding checks. Records: what to keep, how long, ledgers, reconciliation
Reconciliation: Matching your records to the bank statement to prove they agree. One full deal simulated start to finish
Record title: Ownership and claims shown in the public records. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Recording: Filing the deed with the county clerk and recorder so the public record shows the new owner. Who does what at closing, and the broker's duty for an accurate closing statement
Recording: Filing a deed or deed of trust with the county clerk and recorder to give public notice. Title commitments, title insurance, recording, wire fraud
Rectangular survey: The government survey grid of townships, ranges and sections. Legal descriptions and measuring land and buildings
Redemption: Getting back foreclosed property by paying what is owed within the allowed period. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Redlining: Refusing credit, insurance or service in a whole area because of who lives there. Fair housing: federal and Colorado law, ADA, advertising
Referral fee: Money paid for sending a client or business to someone else. Who needs a license, and who runs the system (Commission, Division, license levels)
Referral fee: A fee paid to a person for sending business, other than a cooperative commission. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Referral fee: Money paid by a licensee to any person or entity for sending business, other than a cooperative commission between listing and selling brokers. Referrals and referral fees: how a referral-only license earns
Reinstatement: Restoring an expired license by paying the renewal fee plus any reinstatement fee. Getting and keeping a Colorado license: levels, E&O insurance, renewal, continuing education, inactive status
Release: A recorded document that clears a paid-off deed of trust. Title commitments, title insurance, recording, wire fraud
Remainder: A named third person's right to take the property when a life estate ends. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Rental receipts: Rent money collected on behalf of an owner. Property management money: rents, security deposits, disbursements, audits
Requirements: The to-do list that must be satisfied before the policy is issued, such as payoffs and releases. Title commitments, title insurance, recording, wire fraud
Rescission: The right to cancel a contract. A foreclosure consulting contract can be cancelled at any time. Seller financing in Colorado: notes, deeds of trust, the public trustee
Resolution: The signed agreement between buyer and seller that settles an objection. From contract to closing: the deadline calendar
RESPA: Real Estate Settlement Procedures Act: the federal law (12 U.S.C. 2601 et seq.) that bans kickbacks and requires closing-cost disclosure. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
RESPA: The federal Real Estate Settlement Procedures Act, which bans kickbacks for settlement referrals. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
RESPA: The federal Real Estate Settlement Procedures Act, which bans kickbacks for settlement-service referrals. Referrals and referral fees: how a referral-only license earns
Retainer: An up-front fee paid to start work, which may be credited toward the final fee. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Retainer: An advance payment for services; non-refundable ones must be agreed in writing. Property management money: rents, security deposits, disbursements, audits
Reverse mortgage: A loan for owners 62 and older that pays them cash and is repaid when they sell, move out or die. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Reversion: The grantor's right to get the property back when the estate ends with no remainder person named. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Revocation: A permanent loss of the license; reapply only after a year. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Revocation: Permanent loss of the license. What gets brokers in trouble: common complaints and how to stay clean
Right of first refusal: A right to match another buyer's offer before the owner can sell to that buyer. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Right of survivorship: A dead owner's share goes to the surviving owners, not to heirs. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Right to cure: The right to stop a foreclosure by paying what is owed before the sale. Seller financing in Colorado: notes, deeds of trust, the public trustee

S

Safe harbor: A rule that protects you from penalty if you meet its conditions. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Sales comparison approach: Estimates value from adjusted sales of similar homes. Adjust the comp, not the subject. Value: appraisal, the three approaches, CMA, BPO, AVM
Schedule A: The part of a commitment that states the insured, current owner, legal description, and policy amount. Title commitments, title insurance, recording, wire fraud
Scrivener: A person who only fills in the blanks on a form, without advice. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Secret profit: Compensation or gain not revealed to the person you work for. What gets brokers in trouble: common complaints and how to stay clean
Secret profit: Any undisclosed compensation or gain a licensee takes in a deal. It is a ground for discipline. Investors, assignments and a licensee buying for themself
Section: One square mile, 640 acres, 1/36 of a township. Legal descriptions and measuring land and buildings
Security deposit: Money held to secure the tenant's performance of a residential lease (C.R.S. 38-12-102(6)). Property management and landlord-tenant basics
Security deposit: Money a tenant gives a landlord that must be returned unless the tenant owes damages. Prorations: taxes in arrears, rent, HOA dues
Security deposit: Money a tenant pays to cover possible damage or unpaid rent; belongs to the tenant until lawfully applied. Property management money: rents, security deposits, disbursements, audits
Seller concession: A set dollar amount the seller agrees to pay toward the buyer's closing costs. Commission-approved forms and the practice of law
Seller concession: Money the seller agrees to credit the buyer toward the buyer's costs. Reading a closing statement: debits and credits
Seller concession: Money the seller agrees to pay toward the buyer's closing costs. Working with a buyer and writing an offer with real numbers
Seller concession (credit): Money the seller gives toward the buyer's costs. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Seller credit (concession): Money the seller agrees to give the buyer toward costs; it lowers the seller's net and the buyer's cash to close. Seller's net proceeds and buyer's cash to close
Seller financing: The seller lends part of the price to the buyer and is paid over time. Also called owner financing or a seller carry-back. Seller financing in Colorado: notes, deeds of trust, the public trustee
Seller net sheet: A list of estimated costs of selling that shows the cash the seller will take home. The listing appointment with real numbers (CMA, net sheet, listing contract)
Seller's agent / buyer's agent: Single agents for the seller or the buyer; landlord's and tenant's agents are the leasing versions. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Seller's Property Disclosure: A standard form where the seller states what he knows about the property's condition. It is the seller's statement, not the broker's. Property disclosures: condition, environmental hazards, material facts
Seller's Property Disclosure: The seller's written statement of what the seller knows about the property's condition. Contract to Buy and Sell, part 3: inspections, due diligence, appraisal, loan, disclosures
Seller's Property Disclosure: A Commission-approved form where the seller states what they know about the property's condition. The listing appointment with real numbers (CMA, net sheet, listing contract)
Senior water right: An older, higher-priority water right that is served first. Land, real property and personal property (fixtures, air, mineral and water rights)
Settlement agent (closing agent): The person or company that collects the funds, pays the bills, and records documents at closing. One full closing worked start to finish
Settlement fee: The fee the closing agent charges for running the closing. Reading a closing statement: debits and credits
Settlement service: A service tied to a closing, such as title, lending, appraisal, inspection or escrow. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Settlement services: Services needed to close a sale: loan, appraisal, title, escrow, inspection, brokerage. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Settlement services: Services needed to close a sale, such as lending, title work, appraisal and brokerage. Referrals and referral fees: how a referral-only license earns
Severalty: Ownership by one owner alone. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Short sale: A sale for less than the loan balance, approved by the lender. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Short sale: A sale at a price below the mortgage balance, needing the lender's approval. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Shortfall clause: A term where the buyer pays the gap if the seller's offered pay is less than the agreed fee. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Sign crossing: Soliciting a consumer who is under another broker's exclusive listing. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Single agent: A broker engaged by and representing only one party in a transaction (seller's, buyer's, landlord's or tenant's agent). Agency basics: who you work for, duties, how relationships start and end
Single agent: A broker who is engaged by and represents only one party in a deal (C.R.S. 12-10-402(6)). Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Single agent: A broker who works only for one side and owes that side loyalty and advocacy. The Exclusive Right-to-Sell Listing Contract
Single-entry item: An item that appears once, such as the new loan, earnest money, a payoff, or a commission. Reading a closing statement: debits and credits
Source of income: Where a renter's money comes from, including public housing assistance; protected in Colorado rental housing. Fair housing: federal and Colorado law, ADA, advertising
Special assessment: An extra charge on properties that benefit from a local improvement. It is a lien ahead of a mortgage. Land use controls: government powers and private controls
Special assessment: A one-time extra charge an HOA collects from owners for a big expense, such as a roof. From contract to closing: the deadline calendar
Special Flood Hazard Area: A FEMA-mapped area with a high flood risk where lenders require flood insurance. Property disclosures: condition, environmental hazards, material facts
Special taxing district: A local government unit that levies its own property tax. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Special taxing district: A local district that can levy extra property tax to repay its debts. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Special warranty deed: A deed in which the seller promises only against defects arising during his own ownership. Transfer of title: deeds, title insurance, recording; foreclosures, short sales, probate
Special warranty deed: A deed where the seller promises only that the seller did not harm the title during the seller's own ownership. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Special warranty deed: A deed in which the grantor promises only about problems that arose during the grantor's own ownership. Closing documents and deeds
Specific lien: A lien on one named property, such as a deed of trust or a property tax lien. Encumbrances: liens, easements, encroachments, licenses, adverse possession
Specific performance: A court order to do what the contract promised, such as convey the property. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Specific performance: A court order forcing a party to complete the sale. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Split: How a commission is divided between the brokerage and the broker. One full deal simulated start to finish
Stakeholder: A neutral holder of funds that must not choose between competing claimants. Contract to Buy and Sell, part 4: closing, possession, default, earnest money disputes, termination
Standard coverage: The base policy, with standard exceptions for unrecorded or off-record matters. Title commitments, title insurance, recording, wire fraud
Standard form: A pre-written form a broker is allowed to complete, such as a Commission-approved form or an attorney form (C.R.S. 12-10-403(4)). Commission-approved forms and the practice of law
Statute of Frauds: The rule that certain contracts, including land sales and leases over one year, must be in writing and signed (C.R.S. 38-10-108). Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Statutory damages: A set dollar amount per violation that a law allows, without proof of actual loss. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Steering: Guiding a person toward or away from an area or home because of a protected class. Fair housing: federal and Colorado law, ADA, advertising
Steering: Guiding people toward or away from areas or housing based on protected traits. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Stipulation: A written agreement settling a case; stipulations and final orders are public. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Strike-through: A legible line through deleted text so the original is still readable. Commission-approved forms and the practice of law
Subagent: A broker hired by another broker to act for the principal; not permitted for Colorado single agents or transaction-brokers. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Subject property: The home being priced. The listing appointment with real numbers (CMA, net sheet, listing contract)
Subpoena: A legal order to appear and testify or hand over records. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Substitution: A buyer will pay no more than the cost of an equal substitute. Value: appraisal, the three approaches, CMA, BPO, AVM
Survey: A licensed surveyor's measurement and map of the property's boundaries and improvements. Property disclosures: condition, environmental hazards, material facts
Suspension: A temporary loss of the license. The Commission's powers: investigations, hearings, discipline, the Recovery Fund
Suspension: A temporary loss of license for a set time. What gets brokers in trouble: common complaints and how to stay clean

T

Taxes in arrears: Paid after the tax year ends. The 2026 bill is paid in 2027, so the seller credits the buyer at a 2026 closing. Seller's net proceeds and buyer's cash to close
Taxes in arrears: Property taxes paid after the year ends. One full closing worked start to finish
TCPA: The federal law restricting autodialed calls, prerecorded messages, and texts without consent. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
TCPA: Telephone Consumer Protection Act, the federal law limiting autodialed calls, texts, and robocalls. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
TD-1000: The Real Property Transfer Declaration that reports a sale price to the county assessor. Closing documents and deeds
Team: Two or more brokers in one firm who cooperate on an ongoing basis (Rule 1.52). Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Team: A group of brokers working together under one firm; team members must be designated as a group on a listing (Rule 6.6.B). Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Team: Two or more brokers in one firm who work together on an ongoing basis. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Tenancy in common: Co-ownership of undivided shares, with no right of survivorship. Ways to own: estates and forms of ownership (severalty, tenants in common, joint tenancy, condo, co-op, timeshare, trusts, entities, life estates)
Thing of Value: Money plus tangible non-money assets. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Three-way reconciliation: A monthly check that the journal balance, the sum of ledger balances, and the reconciled bank balance all match. Records: what to keep, how long, ledgers, reconciliation
Tie-in: Requiring a client to buy one service to get another. Running a clean practice: antitrust, do-not-call, social media, employee vs contractor, supervision
Time is of the essence: A legal phrase meaning dates are firm and late performance is a breach. Contract to Buy and Sell Real Estate (Residential), part 1: parties, price, terms, deadlines
Time is of the essence: A phrase meaning deadlines are strictly enforced. Counterproposals, amend/extend, notices, inspection objection and resolution
Title: Legal ownership of a property and the claims attached to it. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Title: Legal ownership of property. Title commitments, title insurance, recording, wire fraud
Title commitment: The title company's written promise to issue a policy if listed conditions are met. Title commitments, title insurance, recording, wire fraud
Title commitment: The title company's written promise to insure the buyer, listing liens and exceptions on the property. From contract to closing: the deadline calendar
Title company: A business that researches who owns a property, sells title insurance, and often runs the closing. Who does what at closing, and the broker's duty for an accurate closing statement
Title insurance commitment: A title company's promise to issue a policy, listing requirements and exceptions. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Title objection: The buyer's written notice that a title item is unacceptable. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Tolerance: How far a final charge may exceed the Loan Estimate before the lender must refund the difference. TRID: Loan Estimate and Closing Disclosure timing
Township: A 6-mile by 6-mile square of 36 sections. Legal descriptions and measuring land and buildings
Trade fixture: An item a business tenant attaches to run the business; usually removable by the tenant before the lease ends. Land, real property and personal property (fixtures, air, mineral and water rights)
Trade name: A business name a firm uses other than its legal name; it must be filed with the Commission. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing
Transaction file: The records the firm keeps for a deal, including relationship disclosures. Disclosures of brokerage relationship (the Brokerage Disclosure to Buyer/Seller/Tenant/Landlord)
Transaction file: The broker's record of the deal, kept for four years after consummation (Rule 6.20). One full closing worked start to finish
Transaction file: The set of documents kept for each sale or listing, such as contract, disclosures, and closing statement. Records: what to keep, how long, ledgers, reconciliation
Transaction file: The folder holding all required documents for one transaction; kept four years. Your first week: employing broker, office policy, E&O, the transaction file
Transaction file: The broker's saved set of documents for a deal, kept four years. From contract to closing: the deadline calendar
Transaction-broker: A broker who assists one or more parties without being an agent or advocate for any party; the Colorado default. Agency basics: who you work for, duties, how relationships start and end
Transaction-broker: A broker who helps both sides without being either side's agent. Property disclosures: condition, environmental hazards, material facts
Transaction-broker: A neutral broker who helps with the transaction but is not an agent or advocate for any party (12-10-402(8)). Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Transaction-broker: A broker who helps both sides without being anyone's advocate. The Exclusive Right-to-Sell Listing Contract
Transaction-broker: A neutral broker who helps both sides without advocating for either. The Exclusive Right-to-Buy contract and other buyer/tenant agreements
Transaction-broker: A broker who helps both sides without being the advocate of either. Who does what at closing, and the broker's duty for an accurate closing statement
Transfer: Moving a license to a different employing broker, done in the manner the Commission accepts and with a fee. Your first week: employing broker, office policy, E&O, the transaction file
Treble damages: Three times the actual loss, awarded as a penalty. Property management and landlord-tenant basics
Treble damages: A penalty of three times the amount wrongly withheld. Property management money: rents, security deposits, disbursements, audits
TRID: TILA-RESPA Integrated Disclosure rule: the federal rule requiring the Loan Estimate and Closing Disclosure. TRID: Loan Estimate and Closing Disclosure timing
Trigger term: An ad term (down payment, number of payments, payment amount, finance charge) that forces the ad to give full credit terms. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Trust (escrow) account: A bank account used only to hold other people's money, labeled with the word trust or escrow and its purpose. Trust money: earnest money, who holds it, deposit deadlines, commingling and conversion
Trust account: A separate bank account where a brokerage holds money belonging to others, also called an escrow account. One full deal simulated start to finish
Truth in Lending Act / Regulation Z: The federal law and rule (12 C.F.R. 1026) that require consistent disclosure of credit costs. Lending laws: RESPA, Truth in Lending, TRID, Equal Credit Opportunity Act
Two-factor sign-in: A login that needs a password plus a second proof, like a code on your phone. Wire fraud, data privacy, AI and social media advertising, fair housing in ads

U

Unauthorized practice of law: Giving legal advice or doing lawyer work without being a lawyer. What gets brokers in trouble: common complaints and how to stay clean
Underground storage tank: A buried fuel tank that may leak into soil and groundwater. Property disclosures: condition, environmental hazards, material facts
Underwriting: The lender's review of credit, capacity, capital, and collateral to decide on the loan. Financing basics: note, deed of trust, LTV, PMI, points, interest, PITI, underwriting
Unenforceable: A court will not make the parties follow it, even if it is a real agreement. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Unlicensed assistant: A non-licensed employee who may do only ministerial, no-judgment tasks. What gets brokers in trouble: common complaints and how to stay clean
Unlicensed on-site manager: An unlicensed person doing limited leasing and collecting tasks under the rules (Rule 1.61). Property management and landlord-tenant basics
Unlicensed on-site manager: An unlicensed rental manager limited to scrivener, showing, quoting set rents, maintenance and rent collection. Licensee conduct rules: advertising, commissions, referral fees, rebates, conflicts, unlicensed assistants, sign crossing

V

VA loan / funding fee: A loan partly guaranteed by the Department of Veterans Affairs, with no down payment required; a one-time funding fee applies. Kinds of loans: conventional, FHA, VA, USDA, ARM, balloon, interest-only, reverse, HELOC, construction, rehab, bridge, seller financing
Valuable consideration: Anything of worth given for a service, not only cash. Referrals and referral fees: how a referral-only license earns
Variance: Official permission to break a zoning rule because of hardship. Land use controls: government powers and private controls
Vicarious liability: Being held responsible for someone else's acts; a Colorado client is not liable for the broker's acts unless approved, directed or ratified. Agency basics: who you work for, duties, how relationships start and end
Vicarious liability: Being held responsible for someone else's acts. Clients are not liable for acts of their broker they did not approve. Colorado brokerage relationships: single agent, transaction broker, designated broker, customer
Void: No legal effect from the start. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Voidable: Valid until the protected party chooses to cancel it. Contract law in plain words (valid, void, voidable, Statute of Frauds, options, remedies)
Voluntary / involuntary lien: Voluntary: the owner agreed to it (a loan). Involuntary: placed by law without the owner's consent (taxes, judgment, mechanic's lien). Encumbrances: liens, easements, encroachments, licenses, adverse possession

W

Waiver: Giving up a right, such as by not objecting before the deadline. Contract to Buy and Sell, part 2: title, survey, HOA documents, objections
Warranty of habitability: The landlord's implied promise that a rental is fit to live in. Property management and landlord-tenant basics
Well permit: State engineer permission to use a well, with limits on use. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Wholesaler: An investor who puts a property under contract, then assigns the contract to another buyer for a fee. Investors, assignments and a licensee buying for themself
Wire fraud: Tricking a buyer into wiring closing funds to a criminal using fake instructions. Addenda and disclosure forms (seller disclosure, lead paint, short sale, square footage, source of water, wire fraud)
Wire fraud: A scam where criminals pose as the title company by email and send fake wiring instructions. Who does what at closing, and the broker's duty for an accurate closing statement
Wire fraud: Scam where criminals trick a buyer into wiring closing money to the wrong account. Title commitments, title insurance, recording, wire fraud
Wire fraud: Theft by tricking someone into wiring money to a criminal's account. Wire fraud, data privacy, AI and social media advertising, fair housing in ads
Wire transfer: A fast bank-to-bank electronic payment that is very hard to reverse. Who does what at closing, and the broker's duty for an accurate closing statement
Wire transfer: An electronic bank-to-bank money transfer that is very hard to undo. Wire fraud, data privacy, AI and social media advertising, fair housing in ads

Z

Zero tolerance: Charges that cannot rise at all, such as the lender's origination charge. TRID: Loan Estimate and Closing Disclosure timing
Zoning: Local rules that divide land into districts and control use, height, lot size, and setbacks. Land use controls: government powers and private controls