Nc Real Estate Chapter 1

Front 1

Real Property

Back 1

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

Front 2

Personal Property

Back 2

Same as personalty. All property that does not fit the definition of real property, has movability

Front 3

Chattel

Back 3

An item of movable personal property

Front 4

Personalty

Back 4

Same as personal property. All property that does not fit the definition of real property. Movability.

Front 5

Real Estate

Back 5

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

Front 6

Land

Back 6

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. Includes mineral and substances below the surface together with the airspace above.

Front 7

Physical characteristics of Real Estate

Back 7

Immobility

Industructibility

Uniqueness

Front 8

Economic Characteristics of Real Estate

Back 8

SLIP

Scaricty

Location

Improvements

Permanence of Investment

Front 9

Situs

Back 9

A related term regarding location that takes into consideration social factors in addition to economic factors.

Front 10

Highest and best use

Back 10

Is the use that will give the owners the greatest actual return on their investment.

Front 11

Broker

Back 11

Acts as an agent who negotiates the sale, purchase or rental of property on behalf of others for a fee or commission.

Front 12

Provisional Broker

Back 12

Operates under the supervision of a real estate broker-in-charge.

Front 13

Five Categories of Real Property

Back 13

Residential

Commercial

Industrial

Agricultural

Special Purpose (churches, Gov)

Front 14

Demand

Back 14

When demand increases prices rise

Front 15

Supply

Back 15

When supply increases prices drop

Front 16

Factors affection supply

Back 16

Labor force and construction costs

Government controls and financial policies

Front 17

Factors affection demand

Back 17

Population

Demographics

Employment and wage levels

Business cycles

Real estate cycles

Governmental anticyclical efforts

Front 18

Business Cycles

Back 18

The upward and downward fluctuations in business activity.

Expansion

Recession

Depression

Revival

Front 19

Nonhomogeneity

Back 19

uniqueness of land

Front 20

Heterogeneity

Back 20

uniqueness of land

Front 21

Market

Back 21

A place where goods are bought and sold, where value for those goods is established and where it is advantageous for buyers and sellers to trade.