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NC Real Estate > Basic Real Estate Concepts > Flashcards

Basic Real Estate Concepts Flashcards

1
Q

Broker

A

Negotiates and processes sales transactions for a commission aka nonprovisional broker

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2
Q

Business Cycles

A

Upwards and downwards fluctuations in business activity

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3
Q

Chattel

A

Tangible items that are moveable and considered personal property

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4
Q

Demand

A

The number of people requiring/in the market for a product (real estate)

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5
Q

Hereditaments

A

Interests in real estate that can be inherited

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6
Q

Heterogeneity

A

All real estate is different because no two parcels of land are te same

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7
Q

Highest and Best Use

A

Use of the land that will give the owners the greatest return on their investment

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8
Q

Land

A

Earth’s surface extending downwards to center of the Earth and upwards to infinity; includes things attached by nature permanently, minerals and substances below the surface, airspace above the land to infinity

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9
Q

Market

A

A place where goods are bought and sold, where the value of goods are established, and where it is advantageous for buyers and sellers to trade

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10
Q

Nonhomogeneity

A

All land is different as now 2 parcels of land is the same

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11
Q

Nonprovisional Broker

A

Provisional brokers that have completed education requirements to practice without supervision of a broker

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12
Q

Personal Property

A

All property that is not real property and is typically moveable

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13
Q

Personalty

A

aka Chattel - personal property

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14
Q

Provisional Broker

A

Brokers that have not met educational requirements to practice without the supervision of a broker-in-charge

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15
Q

Real Estate

A

Land AND human-made permanent improvements on or to the land

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16
Q

Real Property

A

Land + improvements + rights inherent in ownership (bundle of legal rights)

17
Q

Situs

A

Location with social factors considered

18
Q

Supply

A

The amount of a product (real estate) available

19
Q

Tenements

A

Structures attached to the land

20
Q

Appurtenant

A

Things that go/come with the land and cannot be separated from the land

21
Q

Improved land

A

Land that has been prepared for development and/or made suitable for living (i.e utilities, grading, etc.)

22
Q

What are the economic characteristics of real property?

A

Scarcity, Location, Improvements, Permanence of Investment

23
Q

Scarcity (Economic Characteristic of Real Property)

A

Total supply of land is fixed; quantity and quality of land is limited as land cannot be created

24
Q

Location (Economic Characteristic of Real Property)

A

An “area preference”; people’s choice and tastes can impact value of location of real estate

25
Q

Improvements (Economic Characteristic of Real Property)

A

Additions/changes to land that affects property value

26
Q

Improvements on Land

A

Improvements that are privately-made (i.e house, fencing,etc.)

27
Q

Improvements to Land

A

Improvements that are publicly-made (i.e sidewalks, utilities, grading, etc.)

28
Q

Permanence of Investment (Economic Characteristic of Real Property)

A

When land is improved the impact is permanent and it is considered a fixed investment; certain improvements cannot be transferred to another lot of land or removed from the land

29
Q

Physical Characteristics of Real Property

A

Immobility, Indestructibility, Uniqueness

30
Q

Uniqueness (Physical Characteristic of Real Property)

A

No 2 parcels of land are the same (non-homogeneity; heterogeneity)

31
Q

Immobility (Physical Characteristic of Real Property)

A

Land does not move; location cannot change

32
Q

Indestructibility (Physical Characteristic of Real Property)

A

Land is permanent; cannot be destroyed or created

33
Q

Appraisal

A

Process of estimating the value of a parcel of real estate completed by a qualified appraiser

34
Q

Brokerage

A

Business that completes real estate transactions on the behalf of a buyer or seller

NC Real Estate (1 decks)

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