Unit 1- Basic Real Estate Concepts Flashcards
Broker
One who acts as an intermediary on behalf of others for a fee or commission. One who is licensed to list, lease, buy, exchange, auction, negotiate, or sell interest in real estate for others for a fee
Business cycles
The upward and downward fluctuations in business activities generally characterized by four stages: expansion, recession, depression, revival
Chattel
Moveable personal property
Demand
The amount of goods people are willing and able to buy at a give price
Hereditaments
Any interests in real estate capable of being inherited.
Heterogeneity
Uniqueness of land
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 earths 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
A place where good can be bought and sold and value established
Nonhomogeneity
A lack of uniformity; dissimilarity. Because no two parcels of lands are exactly alike.
Nonprovisional broker
A North Carolina real estate licensee that has competed the 90 hour postlicensing education to remove the provisional license status also called a full broker
Personal Property or personality
Items that do not fit into the definition of real property; movable objects. Examples include furniture, clothing, jewelry, money, vehicles etc
Provisional broker
A real estate licensee who performs real estate activities under the supervision of a licensed real estate broker-in-charge. Must complete postlicensing courses to removed the provisional license status.
Real estate
Land; a portion of the earths surface extended downward to the center of the earth and upward infinitely into space including all things permanently attached to it whether naturally or artificially
Real property
The land plus permanent improvements and the interests, benefits, and rights inherent in real estate ownership.
