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Colibri Real Estate Exam|87 Accurate Q’s and A’s
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Colibri Real Estate Exam|87Accurate Q’s and A’s
Buyer's Market - -A situation in the housing market when there are many
homes available for sale, but few buyers.
- Cost of Money - -The interest rate that people or businesses must pay to
use another's money for their own purposes.
- Economic Base - -The main business or industry in an area that supports
and sustains the community.
- Inflation - -An increase in the cost of goods or services or too many people
wanting too few goods.
- Non-Homogeneity - -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 - -General swings in real estate activity, resulting in
increasing or decreasing activity and property values, during different
phases of the cycle.
- Scarcity - -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 - -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 - -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 - -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 - -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 - -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 - -The Georgia Real Estate Commission
- Commissioner - -The real estate commissioner
- Community association - -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 - -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 - -A person who acts on behalf of a real
estate broker in providing only community association management
services.
- Firm - -Any business entity, including, but not limited to, a corporation,
partnership, limited liability company, or sole proprietorship.
- Licensee - -Any person who is licensed as a community association
manager, salesperson, associate broker, or broker.
- Ministerial acts - -Those acts related to real estate brokerage activities,
which a licensee or a licensee's employee perform and which do not require
discretion or the exercise of the licensee's own judgment.
- Person - -Individuals and firms
- Property management services - -The provision, for a valuable
consideration, to another of marketing, including referring prospective
tenants; leasing; physical, administrative, or financial maintenance; and
overall management of real property; or supervision of the foregoing
activities for another pursuant to a property management agreement.
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