CHAPTER 1 & 2 Flashcards
LAND AND ALL THINGS PERMANENTLY AFFIXED TO IT
REAL ESTATE
INDESTRUCTIBILITY, IMMOBILITY, AND UNIQUENESS ARE CHARACTERISTICS OF WHAT IN REAL ESTATE
PHYSICAL CHARACTERISTICS OF LAND
A LICENSEE WHO MUST OPERATE UNDER THE SUPERVISION OF A BROKER-IN-CHARGE
PROVISIONAL BROKER
SOCIETAL FACTORS THAT ARE RELATED TO THE LOCATION
SITUS
SCARCITY, PERMANENCE OF IMPROVEMENT, AND LOCATION ARE CHARACTERISTICS OF WHAT IN REAL ESTATE
ECONOMIC CHARACTERISTICS OF LAND
NAME 3 PHYSICAL AND ECONOMIC FACTORS A LAND DEVELOPER WOULD TAKE INTO CONSIDERATION WHEN DETERMINING THE OPTIMUM USE OF A PARCEL OF LAND
- TRANSPORTATION
- AVAILABLE NATURAL RESOURCES
- CONTOUR AND ELEVATION
A THEATER OR HOTEL WOULD BE CLASSIFIED UNDER THE REAL ESTATE CATEGORY OF
COMMERCIAL
WAGE LEVELS, EMPLOYMENT OPPORTUNITIES, DEMOGRAPHICS, AND POPULATION AFFECT WHAT
DEMAND
THE DESIGNATION REALTOR REFERS TO
AN ACTIVE MEMBER OF THE NATIONAL ASSOCIATION OF REALTORS
EXPANSION, RECESSION, DEPRESSION, AND REVIVAL ARE INVOLVED IN WHAT
BUSINESS CYLCE
LABOR FORCE, CONSTRUCTION COSTS, GOVERNMENT CONTROLS, AND FINANCIAL POLICIES AFFECT WHAT
SUPPLY
REAL ESTATE CAN BE A POOR INVESTMENT IF
THE INVESTOR NEED READY CASH
IN GENERAL, WHEN THE SUPPLY OF A CERTAIN COMMODITY INCREASES, PRICES
TEND TO DROP
PLACE WHERE THE VALUE OF GOODS IS ESTABLISHED
MARKET
LAND THAT IS FIXED OR IMMOBILE, CONSUMERS THAT GENERALLY INVEST IN REAL ESTATE THAT IS NEAR THEIR HOME OR WORK, AND LOCAL CONTROLS THAT HAVE A SIGNIFICANT IMPACT ON THE MARKET ARE CONSIDERED WHAT
LOCAL IN CHARACTER
HIGHEST AND BEST USE OF REAL ESTATE WILL
MAXIMIZE THE PROPERTY’S VALUE
A MAJOR MANUFACTURER OF AUTOMOBILES ANNOUNCES THAT IT WILL RELOCATE ONE ITS FACTORIES, ALONG WITH 2,000 EMPLOYEES, TO A SMALL TOWN. WHAT EFFECT WILL THIS ANNOUNCEMENT MOST LIKELY HAVE ON THE SMALL TOWN’S HOUSING MARKET
HOUSES WILL LIKELY BECOME MORE EXPENSIVE AS A RESULT OF THE ANNOUNCEMENT
A BUYER IS INTERESTED IN A HOUSE THAT FITS MOST OF HER NEEDS, BUT IT IS LOCATED IN A BUSY AREA WHERE SHE IS NOT SURE SHE WANTS TO LIVE. HER CONCERN ABOUT THE PROPERTY’S LOCATION IS CALLED
AREA PREFERENCE
A PROFESSIONAL ESTIMATE OF A PROPERTY’S MARKET VALUE, BASED ON ESTABLISHED METHODS AND USING TRAINED JUDGEMENTS, IS PERFORMED BY A
REAL ESTATE APPRAISER
RIGHT OF DISPOSITION, RIGHT OF ENJOYMENT, RIGHT OF EXCLUSION, RIGHT OF POSSESSION, AND RIGHT OF CONTROL REFERS TO WHAT
BUNDLE OF LEGAL RIGHTS (DEEPC)
A PROPERTY IS BORDERED BY A SMALL STREAM. THE PROPERTY ENDS
MEAN HIGH-WATER MARK
A PROPERTY OWNER HAS PLACED A MANUFACTURED HOME ON HIS LAKEFRONT LOT. IN ORDER TO MAKE THE HOME A LEGAL PART OF THE REAL ESTATE, HE MUST
- REMOVE TRAILER HITCH, WHEELS, AND AXLES
- ATTACH THE HOME TO A PERMANENT FOUNDATION
- CANCEL THE MOTOR VEHICLE TITLE WITH AN AFFIDAVIT
A CUSTOM-MADE MAILBOX ATTACHED TO A HOUSE IS A
FIXTURE
INTENT, ADAPTABILITY, AND METHOD OF ATTACHMENT DETERMINES WHAT
FIXTURE
A LARGE MIRROR BOLTED OVER THE FIREPLACE MANTEL IS CONSIDERED A WHAT
FIXTURE
A SELLER SPENT $5000 TO HAVE CUSTOM-MADE AWNINGS INSTALLED OVER HER BACKYARD PATIO. ACCORDING TO THE NCBA/NCAR 2-T OFFER TO PURCHASE AND CONTRACT, WHAT IS THE STATUS OF THE AWNINGS
THE AWNINGS ARE CONSIDERED REAL PROPERTY AND MUST STAY
A PURCHASER OF REAL ESTATE LEARNS THAT HER OWNERSHIP RIGHTS WILL CONTINUE FOREVER AND THAT NO OTHER PERSON HAS ANY OWNERSHIP CONTROL OVER THE PROPERTY. THIS PERSONS OWNS A
FEE SIMPLE INTEREST
INDEFINITE DURATION, TRANSFERABLE BY DEED OR BY WILL, TRANSFERABLE WITH OR WITHOUT VALUABLE CONSIDERATION ARE CHARACTERISTICS OF WHAT
FEE SIMPLE ESTATE
A FREEHOLD ESTATE IN LAND THAT WILL AUTOMATICALLY EXTINGUISH UPON THE CESSATION OF A SPECIFIED CONDITION
FEE SIMPLE DETERMINABLE
A PROPERTY OWNER WANTED TO DONATE TO THE HOSPITAL A VACANT LOT SHE OWNED ADJACENT TO A HOSPITAL FOR EXPANSION PURPOSES. SHE WANTED TO MAKE SURE THE LAND WAS USED AS SHE INTENDED, SO HER ATTORNEY PREPARED THE DEED TO CONVEY OWNERSHIP OF THE LOT TO THE HOSPITAL “SO LONG AS IT IS USED FOR HOSPITAL PURPOSES. “UPON RECEIPT OF THE GIFT, THE HOSPITAL
FEE SIMPLE DETERMINABLE
A PROPERTY OWNER HAS A FREEHOLD ESTATE IN A SINGLE FAMILY HOME. HE RENTS THE HOME TO A YOUNG COUPLE. WHAT TYPE OF EXTATE IS INVOLVED
THE MAN HAS A FREEHOLD ESTATE IN THE PROPERTY, AND THE TENANTS HAVE A LEASEHOLD ESTATE
A TENANTS RIGHT TO A STORAGE LOCKER IN A CONDOMINIUM WOULD BE AN EXAMPLE OF WHAT
LIMITED COMMON ELEMENT
IF PROPERTY IS HELD BY TWO OR MORE OWNERS AS TENANTS IN COMMON, THE INTEREST OF A DECEASED CO-OWNER WILL PASS TO THE
HEIRS OF THE DECEASED OWNER
A FORM OF CONCURRENT OWNERSHIP THAT CAN ONLY BE HELD BY SPOUSES
TENANTS BY THE ENTIRETY
WILLIAM, FRANK, AND JANE ARE TENANTS IN COMMON. JANE SELLS HER INTEREST TO LLYOD, AND THEN FRANK DIES. AS A RESULT
WILLIAM, LLYOD, AND FRANK’S HEIRS ARE TENANTS IN COMMON
TRUE OR FALSE; JOINT TENANTS MAY HOLD TITLE TO THE PROPERTY WITH EQUAL, UNDIVIDED INTERESTS
TRUE
TRUE OR FALSE; TENANCY IN COMMON IS NOT AVAILABLE TO A MARRIED COUPLE HOLDING TITLE ON A PROPERTY
FALSE
A BUYER AND A SELLER/DEVELOPER EXECUTED A PURCHASE CONTRACT FOR A NEW CONDOMINIUM ON MAY 6 WITH THE BUYER GIVING $5,000 IN EARNEST MONEY. THE BUYER CHANGED HER MIND AND NOTIFIED THE SELLER ON MAY 11 THAT SHE WAS RESCINDING THE CONTRACT. WHAT RIGHTS DO THE BUYER HAVE
THE BUYER CAN LEGALLY CANCEL THE CONTRACT AND HAVE ALL THE EARNEST MONEY REFUNDED
TRUE OR FALSE; A CONDOMINIUM OWNER INDIVIDUALLY OWNS ONLY THE “AIRSPACE” IN THE UNIT AND NO LAND
TRUE
TRUE OR FALSE; A TOWN HOUSE OWNER INDIVIDUALLY OWNS THE GROUND UNDER THE UNIT
TRUE
TRUE OR FALSE; ACCORDING TO THE NORTH CAROLINA TIME SHARE ACT, A CERTIFICATE OF REGISTRATION FOR EACH TIME SHARE PROJECT MUST BE OBTAINED FROM THE NORTH CAROLINA REAL ESTATE COMMISSION
TRUE
TRUE OR FALSE; ACCORDING TO THE NORTH CAROLINA TIME SHARE ACT, A CERTIFICATE OF REGISTRATION FOR EACH TIME SHARE PROJECT MUST BE RENEWED EVERY JUNE
TRUE
TRUE OR FALSE; ACCORDING TO THE NORTH CAROLINA TIME SHARE ACT, A TIME SHARE SALESPERSON MUST HAVE AN ACTIVE REAL ESTATE BROKER’S LICENSE
TRUE
TRUE OR FALSE; ACCORDING TO THE NORTH CAROLINA TIME SHARE ACT, A TIME SHARE SALESPERSON MUST PROVIDE A PUBLIC OFFERING STATEMENT ABOUT THE TIME SHARE PROJECT TO A POTENTIAL BUYER PRIOR TO SHOWING OR SHARING PROJECT INFORMATION
FALSE
TRUE OR FALSE; ACCORDING TO THE NORTH CAROLINA TIME SHARE ACT, A TIME SHARE PURCHASER MUST BE GIVEN A FIVE DAY CANCELLATION RIGHT AFTER CONTRACT FORMATION
TRUE
TRUE OR FALSE; ACCORDING TO THE NORTH CAROLINA TIME SHARE ACT, A TIME SHARE PURCHASER THAT PROPERLY EXERCISES THE RESCISSION RIGHTS UNDER THE ACT WILL RECEIVE A REFUND OF ALL MONIES PAID TO THE DEVELOPER OR HIS AGENT
TRUE
EACH TIME SHARE DEVELOPER MUST DEPOSIT ALL MONEY RECEIVED FROM A PURCHASER IN
AN ESCROW ACCOUNT FOR 10 DAYS
A PROSPECTIVE CLIENT WISHES TO LIST HIS PROPERTY WITH A BROKER AND STATES THAT PROPERTY IS HELD IN A TRUST. WHICH PARTY SHOULD THE REAL ESTATE BROKER CONTACT IN ORDER TO PROCEED WITH LISTING AND MARKETING THE PROPERTY
THE TRUSTEE
TRUE OR FALSE; ONE ADVANTAGE OF A TRUST IS THE ASSETS OF THE TRUST MAY BE ABLE TO PASS OUTSIDE OF PROBATE
TRUE
ONE WHO ACTS 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
BROKER
BUSINESS CYCLES
CHATTEL
DEMAND
HEREDITAMENTS
HETEROGENEITY
HIGHEST AND BEST USE
LAND
MARKET
NON HOMOGENEITY
NON-PROVISIONAL BROKER
PERSONAL PROPERTY
PERSONALTY
PROVISIONAL BROKER
REAL ESTATE
REAL PROPERTY
SITUS
SUPPLY
TENEMENTS
ACCRETION
AGRICULTURAL FIXTURES
AIR RIGHTS
APPURTENANCE
AVULSION
BUNDLE OF LEGAL RIGHTS
COMMON ELEMENTS
COMMON INTEREST COMMUNITY (HYBRID) OWNERSHIP
CONCURRENT OWNERSHIP
CONDOMINIUM OWNERSHIP
COOPERATIVE OWNERSHIP
DOCTRINE OF PRIOR APPROPRIATION
EMBLEMENTS
EROSION
FEE SIMPLE ABSOLUTE
FEE SIMPLE DEFEASIBLE
FEE SIMPLE DETERMINABLE
FEE SIMPLE WITH CONDITION SUBSEQUENT
FIXTURE
FREEHOLD ESTATES
FRUCTUS INDUSTRIALES
FRUCTUS NATURALES
FUTURE INTERESTS
HOMEOWNERS ASSOCIATION (HOA)
HOMESTEAD
IMPROVEMENT
IMPROVED LAND
JOINT TENANCY
LATERAL SUPPORT
LIFE ESTATE
LIFE TENANT
LIMITED COMMON ELEMENTS
LITTORAL RIGHTS
MANUFACTURED HOME
MARITAL LIFE ESTATE
MODULAR HOME
NON-FREEHOLD (LEASEHOLD ESTATE)
NORTH CAROLINA CONDOMINIUM ACT OF 1986
NORTH CAROLINA UNIFORM COMMERCIAL CODE (UCC)
PROBATE
PROPRIETARY LEASE
PUR AUTRE VIE
RELICTION
REMAINDER INTEREST
REMAINDERMAN
REVERSIONARY INTEREST
RIGHT OF SURVIVORSHIP
RIPARIAN RIGHTS
SEVERALTY
SUBJACENT SUPPORT
SUBSURFACE RIGHTS
SURFACE RIGHTS
TENANCY BY THE ENTIRETY
TENANCY IN COMMON
TIME-SHARE OWNERSHIP
TOTAL CIRCUMSTANCES TEST
TOWN HOUSE OWNERSHIP
TRADE FIXTURE
TRUST
WASTE