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Colibri Real Estate Questions And Answers With Verified Solutions 100% Correct!!!
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Colibri Real Estate Questions And Answers With Verified Solutions 100% Correct!!!
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Colibri Real Estate Questions AndAnswers With Verified Solutions 100%
Correct!!!
Buyer's Market - ANSWER✔✔A situation in the housing market when there are
many homes available for sale, but few buyers.
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.
Community association management services - ANSWER✔✔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 - ANSWER✔✔A person who acts on behalf of a
real estate broker in providing only community association management services.
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