COLIBRI REAL ESTATE CORRECT STUDYS ANSWERS
AND QUESTIONS SET A+
✔✔Fee Simple Determinable Estate - ✔✔An estate which has been created to exist
only until the occurrence or non-occurrence of a particular event. Returns automatically.
✔✔Fee Simple Estate - ✔✔The maximum possible estate one can possess in real
property; also referred to as fee simple or fee.
✔✔Federal Home Loan Bank Board (FHLBB) - ✔✔A federal agency which oversees
and regulates all federally charted savings and loan associations.
✔✔First Lien - ✔✔Claim with highest priority against property; also known as a superior
to the rights of subsequent enders
✔✔First Mortgage - ✔✔A mortgage on real estate in which the lender's rights are
superior to the rights of subsequent lenders.
✔✔Fraud - ✔✔A misrepresentation of a material fact, which is made with knowledge of
its falsity, and with intent to deceive a party who in fact relies on the misrepresentation
to his or her detriment and injury.
✔✔Freehold Estate - ✔✔Ownership of an estate which continues for an indefinite
period of time. For as "least a lifetime or greater."
✔✔Functional Obsolescence - ✔✔A loss in value due to conditions within the structure
which make the building outdated when compared with a new building.
✔✔Good Title - ✔✔One which is free from encumbrances such as liens, pending
litigation and other such defects.
✔✔Gross Income Multiplier (GIM) - ✔✔A method of appraising income- producing
property based on a multiple of the annual gross income; also called a gross rent
multiplier
, ✔✔Gross Income - ✔✔The actual income received from property before the deduction
for any expenses.
✔✔Graduated Lease Provisions - ✔✔This lease provides for periodic step increases in
the rental payments.
✔✔Gross Rent Multiplier (GRM) - ✔✔A method of appraising single family or duplexes
based on the monthly gross income.
✔✔Highest and Best Use - ✔✔The legal use of a parcel of land, which when
capitalized, will generate the greatest net present value of income.
✔✔Hypothecate - ✔✔Process of pledging something (house) as security, but retaining
possession of it
✔✔Income Approach - ✔✔A traditional means of appraising property based on the
assumption that value is equal to the present worth of future rights to income.
✔✔Implied Agency - ✔✔Agency is created by implication when, from the behavior of the
client and the behavior of the agent that they act as if the agency exists by performing in
such areas where an agency would exist.
✔✔Implied Contract - ✔✔Contract formed through the acts or conduct of the parties
involved.
✔✔Joint Tenancy - ✔✔A form of concurrent ownership, which occurs when two or more
persons own a single estate in land, with right of survivorship. Must have equal shares,
right to partition.
✔✔Intestate - ✔✔Dying without a will.
✔✔Index Lease - ✔✔The rental is tied to some commonly agreed to price index such as
the Consumer Price Index or the Wholesale Price Index.
✔✔Judgment Lien - ✔✔The charge upon the land of a debtor, resulting from the decree
of a court, entered in the judgment docket. Lawsuit.
✔✔Junior Lien - ✔✔An encumbrance, second in priority, to a previously recorded lien or
to a lien to which the encumbrance has been subordinated.
✔✔Lease Purchase Agreement - ✔✔An arrangement whereby part of the rent payment
is applied to the purchase price, and when the prearranged total amount has been paid,
title is transferred.
AND QUESTIONS SET A+
✔✔Fee Simple Determinable Estate - ✔✔An estate which has been created to exist
only until the occurrence or non-occurrence of a particular event. Returns automatically.
✔✔Fee Simple Estate - ✔✔The maximum possible estate one can possess in real
property; also referred to as fee simple or fee.
✔✔Federal Home Loan Bank Board (FHLBB) - ✔✔A federal agency which oversees
and regulates all federally charted savings and loan associations.
✔✔First Lien - ✔✔Claim with highest priority against property; also known as a superior
to the rights of subsequent enders
✔✔First Mortgage - ✔✔A mortgage on real estate in which the lender's rights are
superior to the rights of subsequent lenders.
✔✔Fraud - ✔✔A misrepresentation of a material fact, which is made with knowledge of
its falsity, and with intent to deceive a party who in fact relies on the misrepresentation
to his or her detriment and injury.
✔✔Freehold Estate - ✔✔Ownership of an estate which continues for an indefinite
period of time. For as "least a lifetime or greater."
✔✔Functional Obsolescence - ✔✔A loss in value due to conditions within the structure
which make the building outdated when compared with a new building.
✔✔Good Title - ✔✔One which is free from encumbrances such as liens, pending
litigation and other such defects.
✔✔Gross Income Multiplier (GIM) - ✔✔A method of appraising income- producing
property based on a multiple of the annual gross income; also called a gross rent
multiplier
, ✔✔Gross Income - ✔✔The actual income received from property before the deduction
for any expenses.
✔✔Graduated Lease Provisions - ✔✔This lease provides for periodic step increases in
the rental payments.
✔✔Gross Rent Multiplier (GRM) - ✔✔A method of appraising single family or duplexes
based on the monthly gross income.
✔✔Highest and Best Use - ✔✔The legal use of a parcel of land, which when
capitalized, will generate the greatest net present value of income.
✔✔Hypothecate - ✔✔Process of pledging something (house) as security, but retaining
possession of it
✔✔Income Approach - ✔✔A traditional means of appraising property based on the
assumption that value is equal to the present worth of future rights to income.
✔✔Implied Agency - ✔✔Agency is created by implication when, from the behavior of the
client and the behavior of the agent that they act as if the agency exists by performing in
such areas where an agency would exist.
✔✔Implied Contract - ✔✔Contract formed through the acts or conduct of the parties
involved.
✔✔Joint Tenancy - ✔✔A form of concurrent ownership, which occurs when two or more
persons own a single estate in land, with right of survivorship. Must have equal shares,
right to partition.
✔✔Intestate - ✔✔Dying without a will.
✔✔Index Lease - ✔✔The rental is tied to some commonly agreed to price index such as
the Consumer Price Index or the Wholesale Price Index.
✔✔Judgment Lien - ✔✔The charge upon the land of a debtor, resulting from the decree
of a court, entered in the judgment docket. Lawsuit.
✔✔Junior Lien - ✔✔An encumbrance, second in priority, to a previously recorded lien or
to a lien to which the encumbrance has been subordinated.
✔✔Lease Purchase Agreement - ✔✔An arrangement whereby part of the rent payment
is applied to the purchase price, and when the prearranged total amount has been paid,
title is transferred.
