Basic Law Flashcards
Broker
One who sets as an intermediary on behalf of others for a fee or commission. One who is licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate for others for a fee.
Chattels
Items called chattels or personalty, that do not fit into the definition of real property; movable objects. Examples would include furniture, clothing, jewelry, money, vehicles, etc.
highest and best use
The possible use of a property that would produce the greatest net income and thereby develop the highest value.
land
The earth’ surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
market
A place where goods can be bought and sold and value established.
non-provisional broker
A North Carolina real estate licensee that has completed the 90 hour post licensing education to remove the provisional license status, also called a full broker.
personal property
Items called chattels or personalty, that do not fit into the definition of real property: movable objects.
perdonalty
chattel
provisional broker
A real estate licensee who performs real estate activities under the supervision of a licensed real estate broker-in-charge. Must complete - courses to remove the provisional license status.
real estate
Land; a portion of the earth’s surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.
real property f
The land plus permanent improvements and the interest, benefits,and rights interest in real estate ownership.
situs
The personal preference of people for one location over another, not necessarily based on objective facts and knowledge.
tenemants
Any structure attached to the land.
