In Colorado, a 'mechanic's lien' can be filed by:
Why B. Any contractor, subcontractor, or supplier who provides labor or materials for improving real property and is not paid Is Correct
Answer B: B. Any contractor, subcontractor, or supplier who provides labor or materials for improving real property and is not paid
In Colorado, the mechanics' lien statute, C.R.S. 38-22-101, gives a lien to a broad group: those who supply laborers, machinery, tools or equipment, and mechanics, materialmen, contractors, subcontractors and builders. Architects, engineers and others who furnish designs, plans or specifications for a structure or improvement on land are also covered. The lien attaches to the property for the value of the labor, materials or services furnished. Strict statutory filing steps and deadlines apply, so a claimant must follow the statute carefully.
Exam Tip: Escrow & Title
Escrow questions test the neutral third-party role and the sequence of closing events. Remember that the escrow agent acts as a dual agent for both buyer and seller and cannot advocate for either side.
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Key Terms to Know
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
State-Specific Concepts
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