Chapter 1 - Modern Real Estate Practice in North Carolina

What is a synonymy for Real Estate

A specific tract of land is commonly referred to as a parcel

Improvements on one parcel of land can favorably/unfavorably influence another parcels ...

An appraiser requires a specific appraisal license

The business of bringing together people interested in completing a real estate transaction is

What is NOT included in the rights of ownership to real estate, known as the bundle of rights

What term is broader because it includes human-made permanent improvements

Someone who handles the operation of a property for its owner is involved in

Improvements of a public nature such as sidewalks, sewer systems, curbing are referred to as ..

What does the "U" stand for in the acronym I.I.U for the 3 physical characteristics of R.E.

Business property, including offices, shopping centers, stores, theaters, and hotels

Highest and Best Use is the use that will give the owners the greatest ROI

How many characteristics define the nature of real property and affect its use

Any addition/change to land/building that affects the property's value is referred to as...

Land itself, improvements, & interests, benefits, & rights in the ownership of real estate

What is NOT true of Permanence of Investment

All property used for housing in urban, suburban, and rural areas is which use of real property

What do the "I"s stand for in the I.I.U acronym for the 3 physical characteristics of R.E.

What is not factored in when determining a lands Highest and Best Use

What are physical improvements

Property owners cannot decide to tear down their single family home & build a convenience store

Which is NOT true of Supply and Demand

Highest and Best Use of a property never changes

What is NOT an example of chattels

A Provisional Broker must complete three post licensing classes by the time of first renewal

What is NOT a Special-Purpose use of real property

What term is not related to personal property

The surface, subsurface, and airspace can be owned separately and severed by conveyance.

Physical improvements accomplished by the investor personally

What does the "I" stand for in the acronym S.L.I.P for the 4 economic characteristics of R.E.

Providing competent independent advice and guidance on a variety of real estate problems

What does not require a brokerage license in N.C

Personal property is defined as

The real estate market is NOT

The business of providing he funds necessary to complete real estate transactions is called

The work of developers/subdividers who purchase land, divide it, build roads, & installs sewage

What does the "P" stand for in the acronym S.L.I.P for the 4 economic characteristics for R.E.

How many categories of Real Property is there

Because of the real estate's characteristics of uniqueness and immobility

The skills of architects and builders who improve the buildings and the lots and resale it

What does land refer to in "land, tenements, and hereditaments" used in real estate documents

The uniqueness of land is also referred to as

What is a broad characteristic category of Real Property

What is NOT a factor affecting real estate supply

What is another name for movability as it relates to personal property?

What does Tenements refer to in "land, tenements, and hereditaments"

What is a disadvantage of real estate as an investment

Which physical characteristic of real estate makes it the easiest to regulate over

Immobility refers to the geographic location of any given parcel of land can never be changed

Economic characteristics of land are the factors that influence its value as an investment

A provisional broker must take no more than 1 post licensing course a year

Farms, timberland, ranches, and orchards are which use of real property

Earth's surface (center of the earth & upward), including items permanently attached by nature

What is/are types of Land-Use Controls

A Property Manager must have a brokers license

Improvements of a private nature such as a house or fencing is referred to as ...

Depreciation should not be confused with a given location becoming undesirable economically

If the land has been prepared for development, such as with grading & installation of utilities

A Provisional Broker (PB) when licensed automatically becomes Active

Personal property is also called

What does the "S" stand for in the acronym S.L.I.P for the 4 economic characteristics of R.E

Situs relates directly to which economic characteristic of real estate

Physical characteristics of real estate set it apart from other commodities

Additions/alterations to the property that are merely repairs/replacements may be improvements

What does Hereditaments refer to in "land, tenements, and hereditaments"

The process of estimating the value of a parcel of real estate is

What is NOT a factor affecting real estate demand

What is NOT one of the three physical characteristics of real estate

What does the "L" stand for in the acronym S.L.I.P for the 4 economic characteristics of R.E.

The provision of information to both the real estate practitioner and the consumer

Land, above & below, including all things permanently attached, whether natural or artificial.

Buildings are constructed on the land are referred to as ...

Chattels are

A Provisional Broker has how many years to complete all (3) three post licensing courses

Real Property is defined as

What is /are the major classification(s) of property

Situs does NOT take into consideration a locations social factors or economic factors

What word is NOT interchangeable, though there are subtle yet important differences in meaning

Warehouses, factories, land in industrial districts, & power plants is use of real property ...

A Market is NOT

Which economic characteristic relates directly to the quantity of land