Answers to the Quiz for Real Estate Lawyers
| Publication year | 1984 |
| Pages | 1635 |
1984, September, Pg. 1635. Answers to the Quiz for Real Estate Lawyers
In the August 1984 issue of The Colorado Lawyer, a quiz for real estate lawyers was published in this column. The quiz consisted of fifteen multiple choice questions and was prepared for the students in the 1984 Colorado Real Estate Practice Course given to Colorado lawyers for CLE credit by the DU College of Law, Program of Advanced Professional Development. The following answers were prepared by the instructor of the course, Willis V. Carpenter.
1. Answer (b)---The question asked the status of title preferred by a knowledgeable lawyer of real property. Marketable (merchantable) title is considered preferable to good, safe, insurable or record title. Good or safe title may still require litigation to make it marketable; and insurable title may be neither good nor marketable if the title company can be induced to insure it. Record title is merely what the record discloses---possibly not good, safe, marketable or even insurable.
2. Answer (c)---The question asked about Rule 105 actions. Generally, all actions concerning real property come under Rule 105; e.g., boundary disputes, ejectment, common law foreclosure, quiet title or adverse possession. However, forcible entry, unlawful detainer and mechanic's lien foreclosure actions are statutory in nature. Although the Colorado Rules of Civil Procedure apply to them if not inconsistent with the provisions of the statute, they are not actions under Rule 105.
3. Answer (a)---Admittedly a trivia question, those who delight in such details know that when a Colorado corporation is dissolved, the title to its real property remains in the corporation, but may still be conveyed by a majority of the surviving members of its last acting board of directors, as named in the files of the Secretary of State [CRS § 7-8-122(2)]. If no directors survive, the statute refers to CRS § 38-34-104, which provides that the public trustee of the county wherein the property is situated shall have the same powers as the last surviving director.
4. Answer (a)---The question indicated that L, a lawyer, might be in trouble because he took a year's sabbatical after processing a public trustee's foreclosure through sale on July 1, 1983. L's E&O carrier can relax. The six-month redemption period on this agricultural land expired January 1, 1984 [CRS § 38-39-102(2)]. A public trustee's deed is...
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