COLIBRI SCHOOL EXAMINATION TEST
QUESTIONS AND SOLUTIONS COMPLETE
REVISION MANUAL
●● Cost of Money
Answer: The interest rate that people or businesses must pay to use
another's money for their own purposes.
●● Economic Base
Answer: The main business or industry in an area that supports and
sustains the community.
●● Inflation
Answer: An increase in the cost of goods or services or too many people
wanting too few goods.
●● Non-Homogeneity
Answer: 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
,Answer: General swings in real estate activity, resulting in increasing or
decreasing activity and property values, during different phases of the
cycle.
●● Scarcity
Answer: 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
Answer: 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
Answer: 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
Answer: 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
, Answer: 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
Answer: 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
Answer: The Georgia Real Estate Commission
●● Commissioner
Answer: The real estate commissioner
●● Community association
Answer: 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.
QUESTIONS AND SOLUTIONS COMPLETE
REVISION MANUAL
●● Cost of Money
Answer: The interest rate that people or businesses must pay to use
another's money for their own purposes.
●● Economic Base
Answer: The main business or industry in an area that supports and
sustains the community.
●● Inflation
Answer: An increase in the cost of goods or services or too many people
wanting too few goods.
●● Non-Homogeneity
Answer: 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
,Answer: General swings in real estate activity, resulting in increasing or
decreasing activity and property values, during different phases of the
cycle.
●● Scarcity
Answer: 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
Answer: 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
Answer: 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
Answer: 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
, Answer: 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
Answer: 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
Answer: The Georgia Real Estate Commission
●● Commissioner
Answer: The real estate commissioner
●● Community association
Answer: 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.
