COLIBRI REAL ESTATE COMPLETE
EXAMINATION TEST QUESTIONS WITH
VERIFIED SOLUTIONS
●● Accession
Answer: The idea that the owner of land is entitled to all that the soil
produces or all that is added to the land either intentionally or by
mistake. Trade fixtures not removed are "assessed" by the owner of the
property.
●● Ad Valorem
Answer: A prefix meaning "based on value." Most local governments
levy an ad valorem tax on property.
●● Adverse Possession
Answer: A method of acquiring original title to property by open,
notorious and hostile possession for a statutory period of time; also
referred to as prescription. Poach.
●● Alienation Clause
Answer: A provision in a mortgage requiring full payment of the debt
upon the transfer of title to the property, due on sale. Prevents loan
assumptions.
,●● Allodial Rights
Answer: The free and full ownership of rights in land by individuals,
which is the basis of real property in the United States.
●● Appurtenance
Answer: Any right or privilege which belongs to and passes with land.
●● Arm's Length Transaction
Answer: Occurs between willing buyer and willing seller with each
party completely knowledgeable about the market.
●● Arrears
Answer: Not on time; late in making payments or completing work.
Interest is paid in arrears.
●● Attestation
Answer: The act of witnessing a person's signing of an instrument by a
notary public.
●● Attorney's Opinion of Title
Answer: A statement issued by an attorney after analyzing an abstract as
to quality of title.
, ●● Avulsion
Answer: Occurs in cases where there is a sudden loss of land through
nature.
●● Balloon Payment
Answer: 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
Answer: An instrument conveying title which recites a valuable
consideration and commonly uses the words "bargain and sale" or words
of similar import.
●● Bilateral Contract
Answer: 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
Answer: 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.
EXAMINATION TEST QUESTIONS WITH
VERIFIED SOLUTIONS
●● Accession
Answer: The idea that the owner of land is entitled to all that the soil
produces or all that is added to the land either intentionally or by
mistake. Trade fixtures not removed are "assessed" by the owner of the
property.
●● Ad Valorem
Answer: A prefix meaning "based on value." Most local governments
levy an ad valorem tax on property.
●● Adverse Possession
Answer: A method of acquiring original title to property by open,
notorious and hostile possession for a statutory period of time; also
referred to as prescription. Poach.
●● Alienation Clause
Answer: A provision in a mortgage requiring full payment of the debt
upon the transfer of title to the property, due on sale. Prevents loan
assumptions.
,●● Allodial Rights
Answer: The free and full ownership of rights in land by individuals,
which is the basis of real property in the United States.
●● Appurtenance
Answer: Any right or privilege which belongs to and passes with land.
●● Arm's Length Transaction
Answer: Occurs between willing buyer and willing seller with each
party completely knowledgeable about the market.
●● Arrears
Answer: Not on time; late in making payments or completing work.
Interest is paid in arrears.
●● Attestation
Answer: The act of witnessing a person's signing of an instrument by a
notary public.
●● Attorney's Opinion of Title
Answer: A statement issued by an attorney after analyzing an abstract as
to quality of title.
, ●● Avulsion
Answer: Occurs in cases where there is a sudden loss of land through
nature.
●● Balloon Payment
Answer: 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
Answer: An instrument conveying title which recites a valuable
consideration and commonly uses the words "bargain and sale" or words
of similar import.
●● Bilateral Contract
Answer: 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
Answer: 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.
