Property Ownership
In Colorado, when a property owner dies without a will (intestate), their real property passes according to:
AThe broker's recommendation
BColorado's intestacy statutes, typically to the spouse and/or children✓ Correct
CThe state of Colorado automatically
DThe terms of any outstanding mortgage
Explanation
When a Colorado property owner dies intestate (without a valid will), their real property passes to heirs according to Colorado's intestacy statutes (C.R.
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
State-Specific Concepts
DRE Regulation
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