Property OwnershipIntermediateColorado Exam

In Colorado, the 'homeowners association' (HOA) lien priority for unpaid assessments:

Q: In Colorado, the 'homeowners association' (HOA) lien priority for unpaid assessments:

Colorado's CCIOA (C.R.S. § 38-33.3-316) gives HOAs a 'super priority lien' for unpaid assessments covering up to 6 months of assessments. This portion of the HOA lien has priority over the first mortgage. This means a mortgage lender who forecloses may have to pay the super priority portion of unpaid HOA assessments to take clear title.

AA. Always takes priority over the first mortgage

BB. Under CCIOA, HOA liens for unpaid assessments may have a 'super lien' status for a limited number of months of assessments, taking priority over the first mortgage in foreclosureCorrect

CC. Always ranks last among all liens, though many experienced professionals would note some exceptions depending on the circumstances, which most practitioners would generally accept

DD. Simply does not exist anywhere in Colorado under any circumstance for unpaid assessments

Why B. Under CCIOA, HOA liens for unpaid assessments may have a 'super lien' status for a limited number of months of assessments, taking priority over the first mortgage in foreclosure Is Correct

Answer B: B. Under CCIOA, HOA liens for unpaid assessments may have a 'super lien' status for a limited number of months of assessments, taking priority over the first mortgage in foreclosure

Colorado's CCIOA (C.R.

Exam Tip: Property Ownership

Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.

Key Property Ownership Terms in This Question

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

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Key Terms to Know

Lien

A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.

Short Sale

A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.

Discount Points

Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.

Private Mortgage Insurance (PMI)

Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.

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