A Colorado real estate broker is listing a rural property that includes a decreed water right with an 1887 priority date. During a drought year, which statement correctly describes how this water right compares to a neighboring farm's water right with a 1952 priority date?
Correct Answer
C) The 1887 right is senior and will be satisfied in full before the 1952 right receives any water
Colorado's prior appropriation doctrine operates on a strict 'first in time, first in right' basis under C.R.S. § 37-92-101 et seq. The 1887 water right has senior priority and must be satisfied completely before any water is delivered to the 1952 junior right holder. During drought years, junior rights are the first to be curtailed — they may receive no water at all while senior rights are fully honored.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
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