NC 75 Hour Broker Prelicensing-Kaplan Unit 1 Flashcards

NC 75 Hour Broker Prelicensing-Kaplan Unit 1 Flashcards NARNational Association of REALTORS Factors that affect Demand1. Population2. Demographics3. Employment and Wage Levels Hereditamentsany interests in real estate capable of being inherited Point of Equilibriumwhen supply and demand are balanced Movabilityprimary characteristic of personal property Property Developmentthe specialty that includes the work of developers, or subdividers, who purchase raw land, divide it into lots, build roads, and install sewer systems Financingthe business of providing the funds necessary to complete real estate transactions Educationthe provision of information to both the real estate practitioner and the consumer Business Cyclesupward and downward fluctuation in business activity Provisional Brokerreal estate sales professionals in North Carolina usually begin their career in apprenticeship roles and operate under the supervision of a real estate broker-in-charge (BIC) Highest and best usethe use that will give the owners the greatest actual return on their investment Counselingproviding competent independent advice and guidance on a variety of real estate problems Brokeragethe business of bringing together people interested in completing a real estate transaction Marketa 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 Tenementsany structure attached to the land Chattelan item of movable personal property, include such tangibles as furniture, clothing, money, bonds, and bank accounts Appraisalthe process of estimating the value of a parcel of real estate Real propertyreal estate plus bundle of legal rights Factors that affect Supply1. Labor Force2. Construction Costs3. Government Controls4.Monetary or Financial Policies Brokers/nonprovisional brokersprovisional brokers after they complete certain education requirements Personal property or personaltyconsidered to be all property that does not fit the definition of real property

Real estate or realtyland plus permanent human-made additions Uses of Real Property1. Residential-all property used for housing, from acreage to small city lots, both single-family and multifamily, in urban, suburban, and rural areas2. Commercial-business property, including offices, shopping centers, stores, theaters, hotels, and parking facilities3.Industrial-warehouses, factories, land in industrial districts, and power plants4. Agricultural-farms, timberland, ranches, and orchards5. Special Purpose-churches, schools, cemeteries, and government-held lands Supply and Demandforces the economy to establish market value Landearth's surface to the center of the earth and the airspace above the land, including the trees and water Physical Characteristics of Real Estate1. Immobility2. Indestructibility3. Uniqueness Economic Characteristics of Real Estate1. Scarcity2. Improvements3. Permanence of investment4.Location Real Propertydefined as the land, everything that is permanently attached to the land, and everything that is appurtenant to (or goes with) the land Property Manager/managementsomeone who handles the operations of a property for its owner