Unit 1 Flashcards
Broker
One who acts as an intermediary on behalf of others for a fee or commission.
Business cycles
The upward and downward fluctuations in business activities generally chacterized by four stages, expansion, recession, depression, and revival
Chattel
moveable objects that are not part of a real property
Demand
The amount of goods people are willing and able to buy at a given price; often coupled with supply.
Hereditaments
any interests in real estate capable of being inherited.
Heterogenity
The uniqueness of land (no 2 parcels of land are the same)
Highest and Best Use
The possible use of a property that would produce the greatest net income and thereby develop the highest value.
Land
The earth’s surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
market
place where goods are bought and sold, where the value of those goods are established, and where it is advantageous for buyers and sellers to trade.
Nonhomogeneity
The uniqueness of land- no 2 parcels of property are the same
Nonprovisional Broker
A North Carolina real estate licensee that has completed the 90-hour post licensing education to remove the provisional license status; also called a full broker.
Personal Property
All property not classified as real property
personalty
All property not classified as real property
real estate
Land at, above, and below the earth’s surface, including all things permanently attached to it (natural or artificial)
real estate
Land at, above, and below the earth’s surface, including all things permanently attached to it (natural or artificial)
