COLIBRI REAL ESTATE FINAL 2026 ACTUAL
TEST PAPER QUESTIONS SOLUTIONS VERIFIED
COMPLETE STUDY PACKAGE
◉ 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.
TEST PAPER QUESTIONS SOLUTIONS VERIFIED
COMPLETE STUDY PACKAGE
◉ 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.
