Colibri Real Estate Exam Questions and Answers Graded A 2024

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