Colibri Real Estate Practice Flashcards

A set of vocabulary flashcards covering diversity, discrimination, tax benefits for home sales, and estate planning concepts as described in the Colibri Real Estate lecture notes.

Prejudice

A preconceived opinion, idea, or belief about something without any exposure to it firsthand.

Stereotype

A generalization, usually exaggerated or oversimplified and often offensive, that is used to describe or distinguish a group.

Sexism

Discrimination based on gender, especially discrimination against women.

Women's Labor Force Participation (2019)

According to the Bureau of Labor Statistics, $57.4\%$ of all women participated in the labor force in the United States.

Men's Labor Force Participation (2019)

According to the Bureau of Labor Statistics, the labor force participation rate for men was $69.2\%$ in $2019$.

Americans with Disabilities Act (ADA) Disability Definition

A person is considered to have a disability if she has an impairment that substantially limits major life activities.

Typical Real Estate Professional (NAR)

A female, $52$ years old, and married, living in a household with two to four people and in the business for $13$ years.

Bilingual REALTORS®

$16\%$ of REALTORS® have conducted business in a language other than English, with Spanish being the most widely used.

The New Golden Rule

Treat others as they wish to be treated.

Friendly Fire

Nonverbal and verbal communication that can unintentionally be hurtful to others.

TRA '97 Tax Benefit

An exemption from capital gains tax on profit from the sale of a personal residence of up to $\$500,000$ for a couple and $\$250,000$ for a single person.

Selling Price

The amount received for the home, not including any personal property sold with the house.

Basis

The original cost to purchase or build a house.

Inherited Property Basis

The basis is set as the fair market value on the date of the decedent's death.

Intestate

A person who dies without leaving a will, which can create problems for those left behind.

Will

A document that provides instructions for how property is to be distributed and lists the people or organizations that are to receive portions of the estate.

Unlimited Marital Deduction

Allows for everything in an estate to be left to a spouse with no federal estate tax charged.

Stepped-up Basis

Property conveyed by will receives a basis adjusted to the fair market value at the time of death of the decedent.

Probate

The legal process by which property is passed from the decedent to the beneficiaries of a will.

Living Trust

A trust created while a person is still alive as opposed to one that is created by will upon the person's death.

Revocable Living Trust

A trust that can be changed or withdrawn, as opposed to an irrevocable trust where control of funds has been relinquished.

Durable Power of Attorney

A legal designation that remains effective even if the principal becomes mentally incompetent, unlike a general power of attorney.