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PRE LICENSING REAL ESTATE > CHAPTER 1 & 2 > Flashcards

CHAPTER 1 & 2 Flashcards

1
Q

LAND AND ALL THINGS PERMANENTLY AFFIXED TO IT

A

REAL ESTATE

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2
Q

INDESTRUCTIBILITY, IMMOBILITY, AND UNIQUENESS ARE CHARACTERISTICS OF WHAT IN REAL ESTATE

A

PHYSICAL CHARACTERISTICS OF LAND

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3
Q

A LICENSEE WHO MUST OPERATE UNDER THE SUPERVISION OF A BROKER-IN-CHARGE

A

PROVISIONAL BROKER

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4
Q

SOCIETAL FACTORS THAT ARE RELATED TO THE LOCATION

A

SITUS

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5
Q

SCARCITY, PERMANENCE OF IMPROVEMENT, AND LOCATION ARE CHARACTERISTICS OF WHAT IN REAL ESTATE

A

ECONOMIC CHARACTERISTICS OF LAND

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6
Q

NAME 3 PHYSICAL AND ECONOMIC FACTORS A LAND DEVELOPER WOULD TAKE INTO CONSIDERATION WHEN DETERMINING THE OPTIMUM USE OF A PARCEL OF LAND

A
  1. TRANSPORTATION
  2. AVAILABLE NATURAL RESOURCES
  3. CONTOUR AND ELEVATION
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7
Q

A THEATER OR HOTEL WOULD BE CLASSIFIED UNDER THE REAL ESTATE CATEGORY OF

A

COMMERCIAL

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8
Q

WAGE LEVELS, EMPLOYMENT OPPORTUNITIES, DEMOGRAPHICS, AND POPULATION AFFECT WHAT

A

DEMAND

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9
Q

THE DESIGNATION REALTOR REFERS TO

A

AN ACTIVE MEMBER OF THE NATIONAL ASSOCIATION OF REALTORS

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10
Q

EXPANSION, RECESSION, DEPRESSION, AND REVIVAL ARE INVOLVED IN WHAT

A

BUSINESS CYLCE

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11
Q

LABOR FORCE, CONSTRUCTION COSTS, GOVERNMENT CONTROLS, AND FINANCIAL POLICIES AFFECT WHAT

A

SUPPLY

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12
Q

REAL ESTATE CAN BE A POOR INVESTMENT IF

A

THE INVESTOR NEED READY CASH

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13
Q

IN GENERAL, WHEN THE SUPPLY OF A CERTAIN COMMODITY INCREASES, PRICES

A

TEND TO DROP

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14
Q

PLACE WHERE THE VALUE OF GOODS IS ESTABLISHED

A

MARKET

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15
Q

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

A

LOCAL IN CHARACTER

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16
Q

HIGHEST AND BEST USE OF REAL ESTATE WILL

A

MAXIMIZE THE PROPERTY’S VALUE

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17
Q

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

A

HOUSES WILL LIKELY BECOME MORE EXPENSIVE AS A RESULT OF THE ANNOUNCEMENT

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18
Q

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

A

AREA PREFERENCE

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19
Q

A PROFESSIONAL ESTIMATE OF A PROPERTY’S MARKET VALUE, BASED ON ESTABLISHED METHODS AND USING TRAINED JUDGEMENTS, IS PERFORMED BY A

A

REAL ESTATE APPRAISER

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20
Q

RIGHT OF DISPOSITION, RIGHT OF ENJOYMENT, RIGHT OF EXCLUSION, RIGHT OF POSSESSION, AND RIGHT OF CONTROL REFERS TO WHAT

A

BUNDLE OF LEGAL RIGHTS (DEEPC)

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21
Q

A PROPERTY IS BORDERED BY A SMALL STREAM. THE PROPERTY ENDS

A

MEAN HIGH-WATER MARK

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22
Q

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

A
  1. REMOVE TRAILER HITCH, WHEELS, AND AXLES
  2. ATTACH THE HOME TO A PERMANENT FOUNDATION
  3. CANCEL THE MOTOR VEHICLE TITLE WITH AN AFFIDAVIT
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23
Q

A CUSTOM-MADE MAILBOX ATTACHED TO A HOUSE IS A

A

FIXTURE

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24
Q

INTENT, ADAPTABILITY, AND METHOD OF ATTACHMENT DETERMINES WHAT

A

FIXTURE

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25
A LARGE MIRROR BOLTED OVER THE FIREPLACE MANTEL IS CONSIDERED A WHAT
FIXTURE
26
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
27
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
28
INDEFINITE DURATION, TRANSFERABLE BY DEED OR BY WILL, TRANSFERABLE WITH OR WITHOUT VALUABLE CONSIDERATION ARE CHARACTERISTICS OF WHAT
FEE SIMPLE ESTATE
29
A FREEHOLD ESTATE IN LAND THAT WILL AUTOMATICALLY EXTINGUISH UPON THE CESSATION OF A SPECIFIED CONDITION
FEE SIMPLE DETERMINABLE
30
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
31
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
32
A TENANTS RIGHT TO A STORAGE LOCKER IN A CONDOMINIUM WOULD BE AN EXAMPLE OF WHAT
LIMITED COMMON ELEMENT
33
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
34
A FORM OF CONCURRENT OWNERSHIP THAT CAN ONLY BE HELD BY SPOUSES
TENANTS BY THE ENTIRETY
35
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
36
TRUE OR FALSE; JOINT TENANTS MAY HOLD TITLE TO THE PROPERTY WITH EQUAL, UNDIVIDED INTERESTS
TRUE
37
TRUE OR FALSE; TENANCY IN COMMON IS NOT AVAILABLE TO A MARRIED COUPLE HOLDING TITLE ON A PROPERTY
FALSE
38
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
39
TRUE OR FALSE; A CONDOMINIUM OWNER INDIVIDUALLY OWNS ONLY THE “AIRSPACE” IN THE UNIT AND NO LAND
TRUE
40
TRUE OR FALSE; A TOWN HOUSE OWNER INDIVIDUALLY OWNS THE GROUND UNDER THE UNIT
TRUE
41
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
42
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
43
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
44
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
45
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
46
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
47
EACH TIME SHARE DEVELOPER MUST DEPOSIT ALL MONEY RECEIVED FROM A PURCHASER IN
AN ESCROW ACCOUNT FOR 10 DAYS
48
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
49
TRUE OR FALSE; ONE ADVANTAGE OF A TRUST IS THE ASSETS OF THE TRUST MAY BE ABLE TO PASS OUTSIDE OF PROBATE
TRUE
50
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
51
BUSINESS CYCLES
52
CHATTEL
53
DEMAND
54
HEREDITAMENTS
55
HETEROGENEITY
56
HIGHEST AND BEST USE
57
LAND
58
MARKET
59
NON HOMOGENEITY
60
NON-PROVISIONAL BROKER
61
PERSONAL PROPERTY
62
PERSONALTY
63
PROVISIONAL BROKER
64
REAL ESTATE
65
REAL PROPERTY
66
SITUS
67
SUPPLY
68
TENEMENTS
69
ACCRETION
70
AGRICULTURAL FIXTURES
71
AIR RIGHTS
72
APPURTENANCE
73
AVULSION
74
BUNDLE OF LEGAL RIGHTS
75
COMMON ELEMENTS
76
COMMON INTEREST COMMUNITY (HYBRID) OWNERSHIP
77
CONCURRENT OWNERSHIP
78
CONDOMINIUM OWNERSHIP
79
COOPERATIVE OWNERSHIP
80
DOCTRINE OF PRIOR APPROPRIATION
81
EMBLEMENTS
82
EROSION
83
FEE SIMPLE ABSOLUTE
84
FEE SIMPLE DEFEASIBLE
85
FEE SIMPLE DETERMINABLE
86
FEE SIMPLE WITH CONDITION SUBSEQUENT
87
FIXTURE
88
FREEHOLD ESTATES
89
FRUCTUS INDUSTRIALES
90
FRUCTUS NATURALES
91
FUTURE INTERESTS
92
HOMEOWNERS ASSOCIATION (HOA)
93
HOMESTEAD
94
IMPROVEMENT
95
IMPROVED LAND
96
JOINT TENANCY
97
LATERAL SUPPORT
98
LIFE ESTATE
99
LIFE TENANT
100
LIMITED COMMON ELEMENTS
101
LITTORAL RIGHTS
102
MANUFACTURED HOME
103
MARITAL LIFE ESTATE
104
MODULAR HOME
105
NON-FREEHOLD (LEASEHOLD ESTATE)
106
NORTH CAROLINA CONDOMINIUM ACT OF 1986
107
NORTH CAROLINA UNIFORM COMMERCIAL CODE (UCC)
108
PROBATE
109
PROPRIETARY LEASE
110
PUR AUTRE VIE
111
RELICTION
112
REMAINDER INTEREST
113
REMAINDERMAN
114
REVERSIONARY INTEREST
115
RIGHT OF SURVIVORSHIP
116
RIPARIAN RIGHTS
117
SEVERALTY
118
SUBJACENT SUPPORT
119
SUBSURFACE RIGHTS
120
SURFACE RIGHTS
121
TENANCY BY THE ENTIRETY
122
TENANCY IN COMMON
123
TIME-SHARE OWNERSHIP
124
TOTAL CIRCUMSTANCES TEST
125
TOWN HOUSE OWNERSHIP
126
TRADE FIXTURE
127
TRUST
128
WASTE

PRE LICENSING REAL ESTATE (12 decks)

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