Unit 1: Basic Real Estate Concepts

Question 1

One who acts as an intermediary on behalf of others for a fee or commission

Answer 1

Broker

Question 2

The upward and downward fluctuations in business activities generally characterized by four stages; expansion, recession, depression, and revival

Answer 2

Business Cycle

Question 3

moveable objects that are not part of real property

Answer 3

Chattels

Question 4

the amount of goods people are willing and able to buy at a given price

Answer 4

Demand

Question 5

any interests in real estate capable of being inherited

Answer 5

Hereditaments

Question 6

uniqueness of land (no to parcels of land are the same)

Answer 6

Heterogeneity

Question 7

the possible use of a property that would produce the greatest net income and thereby develop the highest value

Answer 7

Highest and Best Use

Question 8

the earth’s surface extending downward to the center of the earth and upward to infinity, including things permanently attached by nature, such as trees and water.

Answer 8

Land

Question 9

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

Answer 9

Market

Question 10

uniqueness of land (no two parcels of land are the same)

Answer 10

Nonhomogeneity

Question 11

a NC state licensee that has completed the 90-hour postlicensing education

Answer 11

Nonprovisional broker

Question 12

all property that does not fit the definition of real property

Answer 12

Personal Property

Question 13

all property that does not fit the definition of real property

Answer 13

Personalty

Question 14

a real estate licensee that has not completed their 90 hours of postlicensing

Answer 14

Provisional broker

Question 15

land at, above, and below the earth’s surface, including all things permanently attached to it, whether natural or artificial.

Answer 15

Real Estate

Question 16

the land, everything that is permanently attached to the land, and everything that is appurtenant (goes with) to the land

Answer 16

Real Property

Question 17

term regarding location of land that takes into consideration social factors in additions to economic factors

Answer 17

Situs

Question 18

the amount of goods available in the market to be sold at a given prices

Answer 18

Supply

Question 19

structures attached to the land

Answer 19

Tenements