COLIBRI REAL ESTATE MAIN TIPS ANSWERS AND
QUESTIONS SET A+
✔✔]
✔✔Attorney's Opinion of Title - ✔✔A statement issued by an attorney after analyzing an
abstract as to quality of title.
✔✔Avulsion - ✔✔Occurs in cases where there is a sudden loss of land through nature.
✔✔Balloon Payment - ✔✔The remaining balance, at maturity, on a loan that has not
been completely repaid through periodic payments. Once paid, the outstanding balance
is zero. Partially amortized loan.
✔✔Bargain and Sale Deed - ✔✔An instrument conveying title which recites a valuable
consideration and commonly uses the words "bargain and sale" or words of similar
import.
✔✔Bilateral Contract - ✔✔A contract in which a promise is given for the promise of
another. It becomes binding when mutual promises are communicated. (A real estate
contract).
✔✔Blanket Mortgage - ✔✔A mortgage which covers more than one piece of real estate.
Often used by a developer in the financing of undeveloped lots. Contains a partial
release clause.
✔✔Blockbusting - ✔✔Any activity which attempts to drive prices down for the purpose
of causing transition from one ethnic group to another. This is a violation of Federal Fair
Housing Laws. Also called "panic selling."
✔✔Buffer Zone - ✔✔A means by which planners use space to separate two adjoining
districts which have incompatible uses.
✔✔Bundle of Rights - ✔✔The rights of an owner to possess, control, enjoy, sell, lease,
mortgage, and dispose of the property.
, ✔✔Caveat Emptor - ✔✔Latin for "let the buyer beware."
✔✔Chain of Title - ✔✔A history of the ownership affecting title to a parcel of land.
✔✔Civil Rights Act of 1866 - ✔✔A law which prohibits discrimination in all real estate
transactions based on race.
✔✔Cloud on Title - ✔✔Any claim affecting title to property.
✔✔Color of Title - ✔✔Adverse possession.
✔✔Community Property - ✔✔Any property acquired in certain states by purchase, or as
compensation by either spouse during the period of marriage, is considered to be
owned in an undivided half interest by each.
✔✔Common Elements - ✔✔Property jointly owned on a pro- rata basis with other unit
owners in a condominium regime.
✔✔Commingling - ✔✔Illegally mixing deposits or monies, collected from a client, with
one's personal or business account. Taking money out too soon or putting it into escrow
too late.
✔✔Comparative Analysis - ✔✔A method of determining the value of property in which
the selling prices of similar properties are used as the basis for estimating the value of
the subject property.
✔✔Conveyance - ✔✔The transfer of title to land from one party to another.
✔✔Cost Approach - ✔✔A method of estimating value based on the economic principle
of substitution; the value of a building cannot be greater than the cost of purchasing a
similar site and constructing a building of equal utility.
✔✔Curtesy - ✔✔The rights that a husband acquires in the wife's property upon her
death.
✔✔Covenant of Seisin - ✔✔Gives the assurance that the grantor has the exact estate in
the quantity and quality which is being conveyed. "I own and I have the right to sell it."
✔✔Covenant of Quiet Enjoyment - ✔✔A promise that no one has superior or paramount
title to that of the grantor; assures the grantee of peaceful possession without fear of
being ousted by a person with a superior claim to the property.
QUESTIONS SET A+
✔✔]
✔✔Attorney's Opinion of Title - ✔✔A statement issued by an attorney after analyzing an
abstract as to quality of title.
✔✔Avulsion - ✔✔Occurs in cases where there is a sudden loss of land through nature.
✔✔Balloon Payment - ✔✔The remaining balance, at maturity, on a loan that has not
been completely repaid through periodic payments. Once paid, the outstanding balance
is zero. Partially amortized loan.
✔✔Bargain and Sale Deed - ✔✔An instrument conveying title which recites a valuable
consideration and commonly uses the words "bargain and sale" or words of similar
import.
✔✔Bilateral Contract - ✔✔A contract in which a promise is given for the promise of
another. It becomes binding when mutual promises are communicated. (A real estate
contract).
✔✔Blanket Mortgage - ✔✔A mortgage which covers more than one piece of real estate.
Often used by a developer in the financing of undeveloped lots. Contains a partial
release clause.
✔✔Blockbusting - ✔✔Any activity which attempts to drive prices down for the purpose
of causing transition from one ethnic group to another. This is a violation of Federal Fair
Housing Laws. Also called "panic selling."
✔✔Buffer Zone - ✔✔A means by which planners use space to separate two adjoining
districts which have incompatible uses.
✔✔Bundle of Rights - ✔✔The rights of an owner to possess, control, enjoy, sell, lease,
mortgage, and dispose of the property.
, ✔✔Caveat Emptor - ✔✔Latin for "let the buyer beware."
✔✔Chain of Title - ✔✔A history of the ownership affecting title to a parcel of land.
✔✔Civil Rights Act of 1866 - ✔✔A law which prohibits discrimination in all real estate
transactions based on race.
✔✔Cloud on Title - ✔✔Any claim affecting title to property.
✔✔Color of Title - ✔✔Adverse possession.
✔✔Community Property - ✔✔Any property acquired in certain states by purchase, or as
compensation by either spouse during the period of marriage, is considered to be
owned in an undivided half interest by each.
✔✔Common Elements - ✔✔Property jointly owned on a pro- rata basis with other unit
owners in a condominium regime.
✔✔Commingling - ✔✔Illegally mixing deposits or monies, collected from a client, with
one's personal or business account. Taking money out too soon or putting it into escrow
too late.
✔✔Comparative Analysis - ✔✔A method of determining the value of property in which
the selling prices of similar properties are used as the basis for estimating the value of
the subject property.
✔✔Conveyance - ✔✔The transfer of title to land from one party to another.
✔✔Cost Approach - ✔✔A method of estimating value based on the economic principle
of substitution; the value of a building cannot be greater than the cost of purchasing a
similar site and constructing a building of equal utility.
✔✔Curtesy - ✔✔The rights that a husband acquires in the wife's property upon her
death.
✔✔Covenant of Seisin - ✔✔Gives the assurance that the grantor has the exact estate in
the quantity and quality which is being conveyed. "I own and I have the right to sell it."
✔✔Covenant of Quiet Enjoyment - ✔✔A promise that no one has superior or paramount
title to that of the grantor; assures the grantee of peaceful possession without fear of
being ousted by a person with a superior claim to the property.
