Colibri Real Estate Module
What is the Asset Managers role when managing groups of properties in
real estate? correct answersTheir role is to achieve the investment
objectives of the clients, as opposed to managing day-to-day operations.
What types of professionals are involved in the transfer of rights and
interests in real estate? correct answersReal estate brokers and
salespersons, mortgage brokers, mortgage bankers, appraisers, insurance
companies, and title companies.
Property is classified into what three types? correct answers-Residential
-Commercial
-Investment
What is the mortgage banker's role in the lending process? correct
answersThey sell and service the loans
How are mortgage brokers compensated? correct answersBy bringing
borrowers and lenders together.
Explain the fee advisory relationship a broker would have with his client.
correct answersIn the advisory relationship, the broker works on identified
real estate tasks or projects in in exchange for a fee, salary, or retainer.
The fee advisor may or may not focus on completing a transaction.
Explain ARELLO's function. What does the ARELLO acronym stand for? correct
answersThe Texas Real Estate Commission (TREC), as a state agency, is a
member of ARELLO, the Association of Real Estate License Law Officials.
ARELLO is an international association of real estate regulators. This
international group promotes consistent policies and standards for license
law and enforcement of license law.
How many members are on the Commission and who appoints them?
correct answersThe commission is comprised of nine members. That
includes six brokers and three members of the general public. The governor
appoints all members.
What is the definition of market equilibrium? correct answersMarket
equilibrium: a market tends toward a state of equilibrium in which
supply equals demand.
What is the definition of price? correct answersPrice is the amount of
money or other asset that a buyer has agreed to pay, and the seller has
agreed to accept to complete the exchange of a good or service.
,The value of something is based on the answers to what four
questions? correct answers1.How much do I desire it?
2.How useful is it?
3.How scarce is it?
4.Am I able to pay for it?
What are the costs that a supplier may incur to produce goods or services?
correct answersCosts may include those expenses necessary to generate
and deliver the item to the market.
Define supply and demand correct answersSupply is the quantity of a
product or service available for sale, lease, or trade at any given time.
Demand is the quantity of a product or service that is desired for
purchase, lease, or trade at any given time.
What happens to a price if the supply increases relative to the
demand? correct answersThe price generally decreases.
What is meant by a state of market equilibrium? correct answersSupply
equals demand, and price, cost, and value are identical.
In describing the real estate market, several economic characteristics of real
estate are: correct answers1. Subject to the laws of supply and demand
5. Governed in the market by the price mechanism
6. Influenced by the producer's costs to bring the product to market
7.Influenced by the determinants of value (utility, scarcity, desire,
and purchasing power)
What industry does total employment in a market place include correct
answers-Base
-Secondary
-Support
The number of persons employed in the businesses that represent the
economic foundation of the area is called what? correct answersBase
Employment
How is the demand for office and industrial real estate calculated? correct
answersBy identifying employment growth or shrinkage in a market, then
multiplying the employment change times the average area of floor space
a typical employee uses
What causes vacancy to rise and prices to fall until supply-demand
equilibrium results? correct answersNew Construction
In recent years, international economic trends: correct answersHave
Increasingly Influenced local real estate markets.
, The term used to describe what occurs when a property becomes
occupied over a period of time is called what? correct
answersAbsorption
TREC consists of how many members? correct answersNine members—six
licensed brokers and three members of the public
how many members?
How long does the term of a commission member last and when does a term
expire? correct answersCommission members serve staggered six-year
terms, with the terms of three members expiring January 31 of each odd-
numbered year
A person is not eligible for appointment as a public member of the
commission if that person owns or controls, directly or indirectly: correct
answersMore than ten percent interest in a business entity or other
organization regulated by the commission, or receiving funds from the
commission.
When will a court order a payment to an aggrieved party from the Recovery
Fund? correct answersIf a licensee cannot pay the full amount of the
judgment ordered by the court, the party may apply to the court in which
the judgment was rendered for an order to pay the balance due from the
real estate recovery fund.
List two parties that do not need a license to sell real estate. correct
answers1. An auctioneer licensed under Chapter 1802 while conducting
the sale of real estate by auction, if the auctioneer does not perform
another act of a broker or salesperson
2.Receivers, trustees in bankruptcy, administrators, executors, or
guardians while acting under a court order or under the authority of a
will or trust instrument
Which of these people would need a real estate license?
-A college graduate advertises he will sell properties of other students to
raise tuition money for college.
-A person receives and delivers a $500,000 deposit to her principal
broker from a buyer.
-A company vice president leases one of the company's warehouses to a
storage firm. correct answersA college graduate advertises he will sell
properties of other students to raise tuition money for college.
Which of these people would need a real estate license?
- A homeowner advertises to lease his improved basement to a college
student.
-A senior citizen charges an advance fee for referring an individual to
her son who owns a leasing office in town.
What is the Asset Managers role when managing groups of properties in
real estate? correct answersTheir role is to achieve the investment
objectives of the clients, as opposed to managing day-to-day operations.
What types of professionals are involved in the transfer of rights and
interests in real estate? correct answersReal estate brokers and
salespersons, mortgage brokers, mortgage bankers, appraisers, insurance
companies, and title companies.
Property is classified into what three types? correct answers-Residential
-Commercial
-Investment
What is the mortgage banker's role in the lending process? correct
answersThey sell and service the loans
How are mortgage brokers compensated? correct answersBy bringing
borrowers and lenders together.
Explain the fee advisory relationship a broker would have with his client.
correct answersIn the advisory relationship, the broker works on identified
real estate tasks or projects in in exchange for a fee, salary, or retainer.
The fee advisor may or may not focus on completing a transaction.
Explain ARELLO's function. What does the ARELLO acronym stand for? correct
answersThe Texas Real Estate Commission (TREC), as a state agency, is a
member of ARELLO, the Association of Real Estate License Law Officials.
ARELLO is an international association of real estate regulators. This
international group promotes consistent policies and standards for license
law and enforcement of license law.
How many members are on the Commission and who appoints them?
correct answersThe commission is comprised of nine members. That
includes six brokers and three members of the general public. The governor
appoints all members.
What is the definition of market equilibrium? correct answersMarket
equilibrium: a market tends toward a state of equilibrium in which
supply equals demand.
What is the definition of price? correct answersPrice is the amount of
money or other asset that a buyer has agreed to pay, and the seller has
agreed to accept to complete the exchange of a good or service.
,The value of something is based on the answers to what four
questions? correct answers1.How much do I desire it?
2.How useful is it?
3.How scarce is it?
4.Am I able to pay for it?
What are the costs that a supplier may incur to produce goods or services?
correct answersCosts may include those expenses necessary to generate
and deliver the item to the market.
Define supply and demand correct answersSupply is the quantity of a
product or service available for sale, lease, or trade at any given time.
Demand is the quantity of a product or service that is desired for
purchase, lease, or trade at any given time.
What happens to a price if the supply increases relative to the
demand? correct answersThe price generally decreases.
What is meant by a state of market equilibrium? correct answersSupply
equals demand, and price, cost, and value are identical.
In describing the real estate market, several economic characteristics of real
estate are: correct answers1. Subject to the laws of supply and demand
5. Governed in the market by the price mechanism
6. Influenced by the producer's costs to bring the product to market
7.Influenced by the determinants of value (utility, scarcity, desire,
and purchasing power)
What industry does total employment in a market place include correct
answers-Base
-Secondary
-Support
The number of persons employed in the businesses that represent the
economic foundation of the area is called what? correct answersBase
Employment
How is the demand for office and industrial real estate calculated? correct
answersBy identifying employment growth or shrinkage in a market, then
multiplying the employment change times the average area of floor space
a typical employee uses
What causes vacancy to rise and prices to fall until supply-demand
equilibrium results? correct answersNew Construction
In recent years, international economic trends: correct answersHave
Increasingly Influenced local real estate markets.
, The term used to describe what occurs when a property becomes
occupied over a period of time is called what? correct
answersAbsorption
TREC consists of how many members? correct answersNine members—six
licensed brokers and three members of the public
how many members?
How long does the term of a commission member last and when does a term
expire? correct answersCommission members serve staggered six-year
terms, with the terms of three members expiring January 31 of each odd-
numbered year
A person is not eligible for appointment as a public member of the
commission if that person owns or controls, directly or indirectly: correct
answersMore than ten percent interest in a business entity or other
organization regulated by the commission, or receiving funds from the
commission.
When will a court order a payment to an aggrieved party from the Recovery
Fund? correct answersIf a licensee cannot pay the full amount of the
judgment ordered by the court, the party may apply to the court in which
the judgment was rendered for an order to pay the balance due from the
real estate recovery fund.
List two parties that do not need a license to sell real estate. correct
answers1. An auctioneer licensed under Chapter 1802 while conducting
the sale of real estate by auction, if the auctioneer does not perform
another act of a broker or salesperson
2.Receivers, trustees in bankruptcy, administrators, executors, or
guardians while acting under a court order or under the authority of a
will or trust instrument
Which of these people would need a real estate license?
-A college graduate advertises he will sell properties of other students to
raise tuition money for college.
-A person receives and delivers a $500,000 deposit to her principal
broker from a buyer.
-A company vice president leases one of the company's warehouses to a
storage firm. correct answersA college graduate advertises he will sell
properties of other students to raise tuition money for college.
Which of these people would need a real estate license?
- A homeowner advertises to lease his improved basement to a college
student.
-A senior citizen charges an advance fee for referring an individual to
her son who owns a leasing office in town.
