NC Pre Licensing Chap 1 Flashcards
Bill of Sale
Documents used to transfer personal property
Chattel
Personal Property, aka personalty; sold with a Bill of Sale
Economic Characteristics (SLIP)
Scarcity, Location, Improvements, & Permanence (Location is the most important)
Heterogeneity
No two land pieces are the same – Uniqueness Cf. – Non–homogeneity
Land Use Controls
Public, Private, and Government
NAR (National Association of REALTORS)
Trade Association. Members have Local, State, & National membership. Not all Licensees are Realtors.
NCREC NC Real Estate Commission
9 members, 3 must be licensed agents, 2 must be lay people, 7 selected by the Governor, & 2 by legislation. NCREC creates rules and regulations.
Non–homogeneity
No two land pieces are the same – Uniqueness Cf. – Heterogeneity
Permanence
Indestructibility
Personal Property
Everything that is not real property or attached to it.
Physical Characteristics of realty
Immobility, Permanence, and Uniqueness
Private Land Use Controls
Protective Covenants are the primary means of Private land use control; privately enforced; must be enforced equally or lose ability = Doctrine of Laches
Provisional Broker
Licensee who has yet to complete their Post Licesning education. BIC is directly responsible for the PB. Inactive until PB affiliates with a BIC.
Public Land Use Controls
Government regulations of land through Zoning Laws, Building Codes, Subdivision Ordinances, and Environmental Protection laws.
Real Estate = Real Property = Realty
Land and everything permanently attached to it