Questions and Answers
What term refers to the event at which the real estate contract is finally performed?
What is a Bill of Sale?
Investment used to transfer the ownership of personal property to real property.
Another name for personal property is _____
Chattel
Free Market involves government regulation on prices.
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Which of the following describes 'Highest and Best Use'?
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What does 'Immobility' refer to in the context of real estate?
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What are 'Improvements' in real estate?
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Indestructibility means that land cannot be destroyed.
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What are Land Use Controls?
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What is a Listing Contract?
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Nonhomogeneity implies that no two parcels of land are identical.
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In North Carolina, the most common title for a real estate sales contract is _____
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What does 'Personal Property' include?
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What is the definition of 'Realty Scarcity'?
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What does 'Realtor' signify?
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Which term is synonymous with Real Estate?
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Study Notes
Basic Real Estate Concepts
- Vocabulary covers terminology essential to understanding real estate principles.
Bill of Sale
- A legal document to transfer ownership of personal property to real property.
Chattel
- Another term for personal property; movable items not affixed to land.
Closing
- The conclusive event where a real estate contract is fulfilled, involving final transactions.
Free Market
- An economic system where prices and wages are dictated by competition without government interference.
Highest and Best Use
- Refers to the legal and optimal use of a property that maximizes its net present value.
- Must comply with zoning laws and legal restrictions; changes with time and resources.
Immobility
- Land's characteristic of being immovable, resulting in localized real estate markets.
Improvements
- Modifications or enhancements to a property, such as pools, fences, or driveways.
Indestructibility
- A characteristic of land signifying that it cannot be destroyed, also known as permanence.
Land Use Controls
- Regulations governing the permitted uses of land, often defined by zoning laws.
Listing Contract
- An agreement between a property owner and broker, outlining mutual rights and obligations.
Nonhomogeneity
- The idea that no two parcels of land are identical, affecting their value and legal specifications.
Offer to Purchase and Contract
- The primary sales contract in North Carolina serving dual purposes of an offer and contract for real estate transactions.
Personal Property
- Items that are movable and not permanently attached to land, commonly referred to as chattels.
Personalty
- Synonymous with personal property; highlights movable assets excluding real estate.
Real Estate
- Encompasses land and anything permanently attached, including surface, subsurface, and air rights.
Real Property
- Consists of land and all items permanently affixed to it, representing ownership in real estate.
Realtor
- A licensed real estate agent who is a member of real estate associations, enhancing professionalism in the industry.
Realty Scarcity
- Economic characteristic reflecting the limited availability of land despite increasing demand due to population growth.
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Description
Test your knowledge with flashcards covering Chapter 1 of the NC Superior Real Estate School. This chapter introduces basic real estate concepts and vocabulary, including terms like 'Bill of Sale' and 'Chattel.' Perfect for aspiring real estate professionals.
