Modern real estate practice in North Carolina 10th edition unit 1 key

Modern real estate practice in North Carolina 10th edition unit 1 key terms Flashcards ChattelPersonal property Non-provisional brokerA North Carolina real estatelicensee that has completed the 90-hour postlicensing education to remove the provisional license status; also called a full broker.Real estateLand; a portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.Provisional brokerA real estate licensee who performsreal estate activities under the supervision of a licensed real estate broker-in-charge. Must complete postlicensing courses to remove the provisional license status.TenementsAny structures attached to the land Highest and best useThe possible use of a property that would produce the greatest net income and thereby develop the highest value Broker(1) One who acts as an intermediary on behalf of others for a fee or commission. (2) One who is licensed to list, lease, buy, exchange, auction, negotiate or sell interest in real estate for others for a fee.PersonaltyAlso known as personal property/ chattel , Ex clothing, jewelry, money, vehicles etc.MarketA place where goods can be bought and sold in value established Personal propertyItems, called chattels or personalty,that do not fit into the definition of real property; movable objects. Examples would include furniture, clothing, jewelry, money, vehicles, etc .NonhomogeneityA lack of uniformity; dissimilarity; heterogeneity. Because no two parcels of land are exactly alike HereditamentsAny interest in real estate capable of being inherited Business cyclesThe upward and downward fluctuations in business

activities generally characterized by four stages:

expansion, recession, depression, and revival.SitusThe personal preference of people for one location over another, not necessarily based on objective facts and knowledge.DemandThe amount of goods people are willing and able to buy at a given price LandThe earths surface extending downward to the center of the earth and upward infinitely into space including things

permanently attached by nature such as trees and water

Heterogeneityuniqueness of land Real propertyThe land plus permanent improvements and the interests, benefits, and rights inherent in real estate ownership.SupplyThe amount of goods available in the market to be sold at a given price.