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Colibri Real Estate Test Questions and Answers Fully Solved
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Colibri Real Estate Test
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Colibri Real Estate TestBuyer's Market - answerA situation in the housing market when there are many homes
available for sale, but few buyers.
Cost of Money - answerThe interest rate that people or businesses must pay to use
another's money for their own purposes.
Economic Base - answerThe main business or industry in an area that supports and
sustains the community.
Inflation - answerAn increase in the cost of goods or services or too many people
wanting too few goods.
Non-Homogeneity - answerA characteristic of real property; each piece of land, each
building, and each house is a unique piece of real estate. Also called Uniqueness or
Heterogeneity.
Real Estate Cycles - answerGeneral swings in real estate activity, resulting in
increasing or decreasing activity and property values, during different phases of the
cycle.
Scarcity - answerA physical characteristic of real property that says there is a limited
supply of real estate; the perceived supply of a good or service relative to the demand
for the item.
Seller's Market - answerA situation in the housing market when a large number of
buyers are looking for houses in an area of limited availability.
Supply and Demand - answerAn economic principle that says that for all products,
goods, and services when supply exceeds demand, prices will fall and when demand
exceeds supply, prices will rise.
Agency - answerEvery relationship in which a real estate broker acts for or represents
another by the latter's express authority in a real property transaction.
Associate broker - answerA person who acts on behalf of a real estate broker in
performing any act authorized by this chapter of law to be performed by the broker.
Brokerage agreement - answerAn express written contract wherein the client promises
to pay the real estate broker a valuable consideration or agrees that the real estate
, broker may receive a valuable consideration from another in consideration of the
broker's producing a seller, buyer, tenant, or landlord ready, able, and willing to sell,
buy, or rent the property or in consideration of the broker's performing property
management services or performing community association management services.
Commission - answerThe Georgia Real Estate Commission
Commissioner - answerThe real estate commissioner
Community association - answerAn owner organization of a residential or mixed-use
common interest realty association in which membership is mandatory as an incident of
ownership within the development, such as condominiums, cooperatives, homeowner
associations, timeshares, lot division with restrictions in management, and other forms
of common interest or planned developments wherein there is a common management.
Community association management services - answerThe provision, for a valuable
consideration, to others of management or administrative services on, in, or to the
operation of the affairs of a community association, including, but not limited to,
collecting, controlling, or disbursing the funds; obtaining insurance, arranging for and
coordinating the maintenance to the association property; and otherwise overseeing the
day-to-day operations of the association.
Community association manager - answerA person who acts on behalf of a real estate
broker in providing only community association management services.
Firm - answerAny business entity, including, but not limited to, a corporation,
partnership, limited liability company, or sole proprietorship.
Licensee - answerAny person who is licensed as a community association manager,
salesperson, associate broker, or broker.
Ministerial acts - answerThose acts related to real estate brokerage activities, which a
licensee or a licensee's employee perform and which do not require discretion or the
exercise of the licensee's own judgment.
Person - answerIndividuals and firms
Property management services - answerThe provision, for a valuable consideration, to
another of marketing, including referring prospective tenants; leasing; physical,
administrative, or financial maintenance; and overall management of real property; or
supervision of the foregoing activities for another pursuant to a property management
agreement.
Purchaser - answerA person who acquired or attempts to acquire or succeeds to an
interest in land
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