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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
Q

A LARGE MIRROR BOLTED OVER THE FIREPLACE MANTEL IS CONSIDERED A WHAT

A

FIXTURE

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26
Q

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

A

THE AWNINGS ARE CONSIDERED REAL PROPERTY AND MUST STAY

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27
Q

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

A

FEE SIMPLE INTEREST

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28
Q

INDEFINITE DURATION, TRANSFERABLE BY DEED OR BY WILL, TRANSFERABLE WITH OR WITHOUT VALUABLE CONSIDERATION ARE CHARACTERISTICS OF WHAT

A

FEE SIMPLE ESTATE

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29
Q

A FREEHOLD ESTATE IN LAND THAT WILL AUTOMATICALLY EXTINGUISH UPON THE CESSATION OF A SPECIFIED CONDITION

A

FEE SIMPLE DETERMINABLE

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30
Q

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

A

FEE SIMPLE DETERMINABLE

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31
Q

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

A

THE MAN HAS A FREEHOLD ESTATE IN THE PROPERTY, AND THE TENANTS HAVE A LEASEHOLD ESTATE

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32
Q

A TENANTS RIGHT TO A STORAGE LOCKER IN A CONDOMINIUM WOULD BE AN EXAMPLE OF WHAT

A

LIMITED COMMON ELEMENT

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33
Q

IF PROPERTY IS HELD BY TWO OR MORE OWNERS AS TENANTS IN COMMON, THE INTEREST OF A DECEASED CO-OWNER WILL PASS TO THE

A

HEIRS OF THE DECEASED OWNER

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34
Q

A FORM OF CONCURRENT OWNERSHIP THAT CAN ONLY BE HELD BY SPOUSES

A

TENANTS BY THE ENTIRETY

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35
Q

WILLIAM, FRANK, AND JANE ARE TENANTS IN COMMON. JANE SELLS HER INTEREST TO LLYOD, AND THEN FRANK DIES. AS A RESULT

A

WILLIAM, LLYOD, AND FRANK’S HEIRS ARE TENANTS IN COMMON

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36
Q

TRUE OR FALSE; JOINT TENANTS MAY HOLD TITLE TO THE PROPERTY WITH EQUAL, UNDIVIDED INTERESTS

A

TRUE

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37
Q

TRUE OR FALSE; TENANCY IN COMMON IS NOT AVAILABLE TO A MARRIED COUPLE HOLDING TITLE ON A PROPERTY

A

FALSE

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38
Q

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

A

THE BUYER CAN LEGALLY CANCEL THE CONTRACT AND HAVE ALL THE EARNEST MONEY REFUNDED

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39
Q

TRUE OR FALSE; A CONDOMINIUM OWNER INDIVIDUALLY OWNS ONLY THE “AIRSPACE” IN THE UNIT AND NO LAND

A

TRUE

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40
Q

TRUE OR FALSE; A TOWN HOUSE OWNER INDIVIDUALLY OWNS THE GROUND UNDER THE UNIT

A

TRUE

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41
Q

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

A

TRUE

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42
Q

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

A

TRUE

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43
Q

TRUE OR FALSE; ACCORDING TO THE NORTH CAROLINA TIME SHARE ACT, A TIME SHARE SALESPERSON MUST HAVE AN ACTIVE REAL ESTATE BROKER’S LICENSE

A

TRUE

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44
Q

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

A

FALSE

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45
Q

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

A

TRUE

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46
Q

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

A

TRUE

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47
Q

EACH TIME SHARE DEVELOPER MUST DEPOSIT ALL MONEY RECEIVED FROM A PURCHASER IN

A

AN ESCROW ACCOUNT FOR 10 DAYS

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48
Q

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

A

THE TRUSTEE

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49
Q

TRUE OR FALSE; ONE ADVANTAGE OF A TRUST IS THE ASSETS OF THE TRUST MAY BE ABLE TO PASS OUTSIDE OF PROBATE

A

TRUE

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50
Q

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

A

BROKER

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51
Q
A

BUSINESS CYCLES

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52
Q
A

CHATTEL

53
Q
A

DEMAND

54
Q
A

HEREDITAMENTS

55
Q
A

HETEROGENEITY

56
Q
A

HIGHEST AND BEST USE

57
Q
A

LAND

58
Q
A

MARKET

59
Q
A

NON HOMOGENEITY

60
Q
A

NON-PROVISIONAL BROKER

61
Q
A

PERSONAL PROPERTY

62
Q
A

PERSONALTY

63
Q
A

PROVISIONAL BROKER

64
Q
A

REAL ESTATE

65
Q
A

REAL PROPERTY

66
Q
A

SITUS

67
Q
A

SUPPLY

68
Q
A

TENEMENTS

69
Q
A

ACCRETION

70
Q
A

AGRICULTURAL FIXTURES

71
Q
A

AIR RIGHTS

72
Q
A

APPURTENANCE

73
Q
A

AVULSION

74
Q
A

BUNDLE OF LEGAL RIGHTS

75
Q
A

COMMON ELEMENTS

76
Q
A

COMMON INTEREST COMMUNITY (HYBRID) OWNERSHIP

77
Q
A

CONCURRENT OWNERSHIP

78
Q
A

CONDOMINIUM OWNERSHIP

79
Q
A

COOPERATIVE OWNERSHIP

80
Q
A

DOCTRINE OF PRIOR APPROPRIATION

81
Q
A

EMBLEMENTS

82
Q
A

EROSION

83
Q
A

FEE SIMPLE ABSOLUTE

84
Q
A

FEE SIMPLE DEFEASIBLE

85
Q
A

FEE SIMPLE DETERMINABLE

86
Q
A

FEE SIMPLE WITH CONDITION SUBSEQUENT

87
Q
A

FIXTURE

88
Q
A

FREEHOLD ESTATES

89
Q
A

FRUCTUS INDUSTRIALES

90
Q
A

FRUCTUS NATURALES

91
Q
A

FUTURE INTERESTS

92
Q
A

HOMEOWNERS ASSOCIATION (HOA)

93
Q
A

HOMESTEAD

94
Q
A

IMPROVEMENT

95
Q
A

IMPROVED LAND

96
Q
A

JOINT TENANCY

97
Q
A

LATERAL SUPPORT

98
Q
A

LIFE ESTATE

99
Q
A

LIFE TENANT

100
Q
A

LIMITED COMMON ELEMENTS

101
Q
A

LITTORAL RIGHTS

102
Q
A

MANUFACTURED HOME

103
Q
A

MARITAL LIFE ESTATE

104
Q
A

MODULAR HOME

105
Q
A

NON-FREEHOLD (LEASEHOLD ESTATE)

106
Q
A

NORTH CAROLINA CONDOMINIUM ACT OF 1986

107
Q
A

NORTH CAROLINA UNIFORM COMMERCIAL CODE (UCC)

108
Q
A

PROBATE

109
Q
A

PROPRIETARY LEASE

110
Q
A

PUR AUTRE VIE

111
Q
A

RELICTION

112
Q
A

REMAINDER INTEREST

113
Q
A

REMAINDERMAN

114
Q
A

REVERSIONARY INTEREST

115
Q
A

RIGHT OF SURVIVORSHIP

116
Q
A

RIPARIAN RIGHTS

117
Q
A

SEVERALTY

118
Q
A

SUBJACENT SUPPORT

119
Q
A

SUBSURFACE RIGHTS

120
Q
A

SURFACE RIGHTS

121
Q
A

TENANCY BY THE ENTIRETY

122
Q
A

TENANCY IN COMMON

123
Q
A

TIME-SHARE OWNERSHIP

124
Q
A

TOTAL CIRCUMSTANCES TEST

125
Q
A

TOWN HOUSE OWNERSHIP

126
Q
A

TRADE FIXTURE

127
Q
A

TRUST

128
Q
A

WASTE

PRE LICENSING REAL ESTATE (12 decks)

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