highest and best use The use that will give the owners the greatest actual return

Modern Real Estate Practice in NC Unit 1 (10th Edition) Flashcards real propertyThe land plus permanent improvements and the interests, benefits, and rights inherent in real estate ownership.tenementsAny structures attached to the land.marketA place where goods can be bought and sold and a value established.nonhomogeneityA lack of uniformity. No two parcels of land are the same.highest and best useThe use that will give the owners the greatest actual return on their investment.brokerOne who is licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate to others for a fee(commission.) hereditamentsAny interests in real estate capable of being inherited.supplyThe amount of goods available in the market to be sold at a given price.real estateLand and anything permanently attached (affixed) to it (naturally or artificially.) nonprovisional brokerNC real estate licensee that has completed the 90 hour post licensing education to remove provisional status (3 30 hour courses.) business cycleThe upwards and downwards fluctuations in business

activities. 4 stages: expansions, recession, depression,

revival chattelpersonal property synonym heterogeneityThe uniqueness of land (nonhomogeneity.) personal propertyItems (personalty or chattels) that don't fit in the def. of real property; movable objects.landThe earth's surface, extending downwards to the center of earth and upwardly into space. Includes permanent attachments (ex. trees and water.) provisional brokerall brokers in NC begin in this category, working under a Broker In Charge (BIC, or firm) until they complete post-licensing requirements.situsThe personal preference of people for one location over another (not exactly based on facts and knowledge.) demandThe amount of goods people are willing and able to buy at a given price.