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Real Estate Licensing > Chapter 1 : Basic Concepts > Flashcards

Chapter 1 : Basic Concepts Flashcards

1
Q

CHATTEL

A

Item of moveable personal property such as furniture, clothing, money, bonds, & bank accounts

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2
Q

LAND

A

Earth’s surface extending downward to the center of the earth and upward to infinity, including trees, and water.

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3
Q

REAL PROPERTY

A

land itself, improvements, interests, benefits, and rights inherent in ownership.

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4
Q

REAL PROPERTY Characteristics

A

7 that are Physical & Economical

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5
Q

3 Physical Characteristics of Real Property

A

Immobility, Indestructibility, Uniqueness

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6
Q

Uniqueness of Land =

A

Nonhomogeneity or heterogeneity

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7
Q

4 Economic Characteristics of Real Property

A

Scarcity, Location, Improvements, Permanence of Investment (SLIP); influence its value as an investment

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8
Q

Scarcity : Economic Charactertistic

A

the increasing use of land has a positive impact on value

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9
Q

Location :Economic Characteristic

A

One of the most important economic characteristics of land.

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10
Q

SITUS

A

Location that takes into consideration of social factors in addition to economic factors.

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11
Q

Improvements: Economic Characteristic

A

Any addition or change to land or a building that affects the property’s value.

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12
Q

Improvements of house, fencing

A

ON the land

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13
Q

Improvements of public nature, sidewalks, sewer systems, curbing etc.

A

TO the land

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14
Q

Permanence of Investment: Economic Characteristic

A

Improvements such as drainage, sewer & water, electricity. ROI long term

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15
Q

HIGHEST & BEST USE

A

use that will give the owners the greatest actual return on their investment

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16
Q

Appraisal: Specialization

A

process of estimating the value of a parcel of real estate

17
Q

Property Management: Specialization

A

solicit tenants, collect rent, altering or construction of new space, order repairs, and general maintenance of property.

18
Q

Financing: Specialization

A

business of providing the funds necessary to complete real estate transactions.

19
Q

Property Development :Specialization

A

architects, developers, dividing raw land into lots, build roads, install sewer systems.

20
Q

Counseling: Specialization

A

Providing competent independent advice and guidance on a variety of real estate problems.

21
Q

Education: Specialization

A

Provision of information to both the real estate practitioner and the consumer.

22
Q

NCREC

A

regulatory licensing agency of the state of NC

23
Q

National Association of Realtors (NAR) designates:

A

Graduate Realtors Institute ( GRI)
Certified Int Property Specialist (CIPS)
Certified Property Manager (CPM)
Accredited Buyer Representative (ABR)

24
Q

American Society of Real Estate Counselors (ASREC) designates:

A

Counselors of Real Estate ( CRE)

25
Q

Commercial Investment Real Estate Institute (CIREI) designates:

A

Certified Commercial Investment Member (CCIM)

26
Q

Institute of Real Estate Management (IREM) designates:

A

Accredited Management Organization (AMO)

Accredited Resident Manager (ARM)

27
Q

Realtors Land Institute (RLI) designates:

A

Accredited Land Consultant (ALC)

28
Q

Society of Industrial and Office Realtors (SIOR) designates:

A

Professional Real Estate Executive (PRE)

29
Q

Women’s Counsel of Realtors (WCR) designates:

A

Leadership Training Graduate (LDG)

30
Q

NAREB

A

National Association of Real Estate Brokers aka REALTISTS

31
Q

Real Property : 5 Categories

A

Residential, Commercial, Industrial, Agricultural, Special- Purpose ALL a part of sales & rental markets.

32
Q

Residential: Real Property

A

property used for housing

33
Q

Commercial: Real Property

A

business property

34
Q

Industrial: Real Property

A

warehouses, factories, power plants

35
Q

Agricultural: Real Property

A

Farms, timberland, ranches, and orchards

36
Q

Special Purpose: Real Property

A

churches, schools, cemetaries, gov’t held lands

37
Q

Point of Equilibrium

A

Where supply and demand are balanced.

38
Q

Factors that Affect Supply

A

labor force
construction costs
government controls
monetary or financial policies

39
Q

4 Stages of a Business Cycle

A

Expansion
Recession
Depression
Revival

Real Estate Licensing (42 decks)

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