COLIBRI Real Estate | Updated Questions and
Answers | Most Recent 2026 Edition
• Buyer's Market . CORRECT ANSWER: A situation in the housing market when there
are many homes available for sale, but few buyers.
• Cost of Money . CORRECT ANSWER: The interest rate that people or businesses
must pay to use another's money for their own purposes.
• Economic Base . CORRECT ANSWER: The main business or industry in an area that
supports and sustains the community.
• Inflation . CORRECT ANSWER: An increase in the cost of goods or services or too
many people wanting too few goods.
• Non-Homogeneity . CORRECT ANSWER: A 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 . CORRECT ANSWER: General swings in real estate activity,
resulting in increasing or decreasing activity and property values, during different
phases of the cycle.
• Scarcity . CORRECT ANSWER: A 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 . CORRECT ANSWER: A situation in the housing market when a large
number of buyers are looking for houses in an area of limited availability.
• Supply and Demand . CORRECT ANSWER: An 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 . CORRECT ANSWER: Every 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 . CORRECT ANSWER: A 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 . CORRECT ANSWER: An 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 . CORRECT ANSWER: The Georgia Real Estate Commission
• Commissioner . CORRECT ANSWER: The real estate commissioner
• Community association . CORRECT ANSWER: An 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 . CORRECT ANSWER: The 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 . CORRECT ANSWER: A person who acts on
behalf of a real estate broker in providing only community association management
services.
• Firm . CORRECT ANSWER: Any business entity, including, but not limited to, a
corporation, partnership, limited liability company, or sole proprietorship.
• Licensee . CORRECT ANSWER: Any person who is licensed as a community
association manager, salesperson, associate broker, or broker.
• Ministerial acts . CORRECT ANSWER: Those 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 . CORRECT ANSWER: Individuals and firms
• Property management services . CORRECT ANSWER: The 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 . CORRECT ANSWER: A person who acquired or attempts to acquire or
succeeds to an interest in land
Answers | Most Recent 2026 Edition
• Buyer's Market . CORRECT ANSWER: A situation in the housing market when there
are many homes available for sale, but few buyers.
• Cost of Money . CORRECT ANSWER: The interest rate that people or businesses
must pay to use another's money for their own purposes.
• Economic Base . CORRECT ANSWER: The main business or industry in an area that
supports and sustains the community.
• Inflation . CORRECT ANSWER: An increase in the cost of goods or services or too
many people wanting too few goods.
• Non-Homogeneity . CORRECT ANSWER: A 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 . CORRECT ANSWER: General swings in real estate activity,
resulting in increasing or decreasing activity and property values, during different
phases of the cycle.
• Scarcity . CORRECT ANSWER: A 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 . CORRECT ANSWER: A situation in the housing market when a large
number of buyers are looking for houses in an area of limited availability.
• Supply and Demand . CORRECT ANSWER: An 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 . CORRECT ANSWER: Every 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 . CORRECT ANSWER: A 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 . CORRECT ANSWER: An 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 . CORRECT ANSWER: The Georgia Real Estate Commission
• Commissioner . CORRECT ANSWER: The real estate commissioner
• Community association . CORRECT ANSWER: An 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 . CORRECT ANSWER: The 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 . CORRECT ANSWER: A person who acts on
behalf of a real estate broker in providing only community association management
services.
• Firm . CORRECT ANSWER: Any business entity, including, but not limited to, a
corporation, partnership, limited liability company, or sole proprietorship.
• Licensee . CORRECT ANSWER: Any person who is licensed as a community
association manager, salesperson, associate broker, or broker.
• Ministerial acts . CORRECT ANSWER: Those 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 . CORRECT ANSWER: Individuals and firms
• Property management services . CORRECT ANSWER: The 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 . CORRECT ANSWER: A person who acquired or attempts to acquire or
succeeds to an interest in land
