Podcast
Questions and Answers
What term refers to the event at which the real estate contract is finally performed?
What term refers to the event at which the real estate contract is finally performed?
What is a Bill of Sale?
What is a Bill of Sale?
Investment used to transfer the ownership of personal property to real property.
Another name for personal property is _____
Another name for personal property is _____
Chattel
Free Market involves government regulation on prices.
Free Market involves government regulation on prices.
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Which of the following describes 'Highest and Best Use'?
Which of the following describes 'Highest and Best Use'?
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What does 'Immobility' refer to in the context of real estate?
What does 'Immobility' refer to in the context of real estate?
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What are 'Improvements' in real estate?
What are 'Improvements' in real estate?
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Indestructibility means that land cannot be destroyed.
Indestructibility means that land cannot be destroyed.
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What are Land Use Controls?
What are Land Use Controls?
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What is a Listing Contract?
What is a Listing Contract?
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Nonhomogeneity implies that no two parcels of land are identical.
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 _____
In North Carolina, the most common title for a real estate sales contract is _____
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What does 'Personal Property' include?
What does 'Personal Property' include?
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What is the definition of 'Realty Scarcity'?
What is the definition of 'Realty Scarcity'?
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What does 'Realtor' signify?
What does 'Realtor' signify?
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Which term is synonymous with Real Estate?
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.
