NC Pre Licensing Chap 1 Flashcards

1
Q

Bill of Sale

A

Documents used to transfer personal property

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2
Q

Chattel

A

Personal Property, aka personalty; sold with a Bill of Sale

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3
Q

Economic Characteristics (SLIP)

A

Scarcity, Location, Improvements, & Permanence (Location is the most important)

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4
Q

Heterogeneity

A

No two land pieces are the same – Uniqueness Cf. – Non–homogeneity

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5
Q

Land Use Controls

A

Public, Private, and Government

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6
Q

NAR (National Association of REALTORS)

A

Trade Association. Members have Local, State, & National membership. Not all Licensees are Realtors.

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7
Q

NCREC NC Real Estate Commission

A

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.

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8
Q

Non–homogeneity

A

No two land pieces are the same – Uniqueness Cf. – Heterogeneity

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9
Q

Permanence

A

Indestructibility

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10
Q

Personal Property

A

Everything that is not real property or attached to it.

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11
Q

Physical Characteristics of realty

A

Immobility, Permanence, and Uniqueness

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12
Q

Private Land Use Controls

A

Protective Covenants are the primary means of Private land use control; privately enforced; must be enforced equally or lose ability = Doctrine of Laches

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13
Q

Provisional Broker

A

Licensee who has yet to complete their Post Licesning education. BIC is directly responsible for the PB. Inactive until PB affiliates with a BIC.

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14
Q

Public Land Use Controls

A

Government regulations of land through Zoning Laws, Building Codes, Subdivision Ordinances, and Environmental Protection laws.

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15
Q

Real Estate = Real Property = Realty

A

Land and everything permanently attached to it

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16
Q

Scarcity

A

The supply of the property in relation to the effective demand for the property.

17
Q

Situs

A

Location & the people around (Most important Economic Factor in Real Estate)