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NC Real Estate Pre-Licensing > Chapter 1: Basic Real Estate Concepts > Flashcards

Chapter 1: Basic Real Estate Concepts Flashcards

1
Q

Real Property/Real Estate/Realty

A

Land and everything that is attached to it. Immobile, indestructible, unique

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2
Q

What is the document used to transfer real property?

A

Deed

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3
Q

Deed

A

A written instrument that transfers an interest in real property when signed by a grantor and delivered to the grantee.

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4
Q

Personal Property/Chattel/Personalty

A

All property that is not real property or attached to it. Readily movable.

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5
Q

What is the document used to transfer personal property?

A

Bill of Sale

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6
Q

What are the physical characteristics of real property?

A
  • Immobile
  • Indestructible
  • Unique/non-homogeneous/heterogeneous
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7
Q

Immobility, indestructibility, and non-homogeneity are __________ of real property.

A

physical characteristics of real estate

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8
Q

Immobility

A

Land cannot be moved from one location to another. Physical characteristic of real estate

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9
Q

Indestructibility

A

Land is a permanent commodity and cannot be destroyed. Physical characteristic of real estate

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10
Q

Non-homogeneity

A

AKA uniqueness or heterogeneity. No two parcels are the same. Physical characteristic of real estate

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11
Q

What are the economic characteristics of real property?

A

SLIP

  • Scarcity
  • Location
  • Improvements
  • Permanence of investments
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12
Q

Scarcity, location, improvements, and permanence of investment are __________ of real property.

A

economic characteristics of real estate

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13
Q

Scarcity

A

The physical supply of land does not change and cannot be adjusted to meet demand. Economic characteristic of real estate

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14
Q

Location

A

Most important economic characteristic of real estate

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15
Q

Improvements

A

Any permanent fixtures to or on the land such as roads, fences, or naturally growing things. Economic characteristic of real property

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16
Q

Situs

A

Societal and economic factors tied to the location of the land

17
Q

How is real estate always regulated?

A

Based on the state laws where the land is located

18
Q

Highest and Best Use

A

The use that provides the best ROI to the owner and the highest possible present value of land.

19
Q

What form of land use controls exist?

A

1) Public
2) Private
3) Governmental

20
Q

Public land use controls

A

Zoning laws, building codes, environmental control laws

21
Q

Private land use controls

A

Conditions, covenants, and restrictions (CCR’s)

22
Q

Governmental land use controls

A

Public buildings and parks, watersheds, roads, military installations

23
Q

Zoning laws, building codes, and environmental restrictions are forms of local land use control known as

A

Public land use controls

24
Q

Conditions, covenants, and restrictions (CCR’s) are examples of which land use control?

A

Private land use controls

25
Q

Military bases and schools are examples of which land use control?

A

Governmental land use controls

26
Q

REALTOR®

A

A LICENSEE who is a member of the National Association of Realtors

27
Q

What are the categories of real estate?

A

1) Residential (1-4 units)
2) Commercial
3) Industrial
4) Agricultural
5) Special Purpose (churches, schools, airports etc)

28
Q

Free market

A

A market in which the buyer and seller negotiate a purchase and sale without undue pressure, urgency, or outside influence other than the law of supply and demand

29
Q

Factors affecting supply

A
  • Labor
  • Government controls

- Costs

30
Q

Labor, govt controls, and costs are factors that are affecting __________.

A

Supply

31
Q

Factors affecting demand

A
  • Population
  • Employment
  • Wages
  • Economy
32
Q

Population, employment, wages, and economy are factors that are affecting __________.

A

Demand

NC Real Estate Pre-Licensing (2 decks)

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