what is is a specific version of a gene on a homologous chromosome that has a corresponding version of a similar gene on a homologous chromosome. For example, hair color gene (ie. red from mom) will be on one homologous chromosome and a possibly different version of hair color gene (ie. black from dad) will be on the other corresponding homologous chromosome.

This statement is partially true.

Explanation:

There are many phenotypic features that display a quantitative mode of inheritance and exhibit a continuous range of variation.  Hair color is controlled by different genes that work together to express this trait. In consequence, this trait has a polygenic mode of inheritance, where a particular phenotype depends on both additive and dominance genetic effects. The most important gene associated with the hair color is Melanocortin 1 Receptor (MC1R), which is involved in the biosynthesis pathway that controls the synthesis of melanin.

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