NC REAL ESTATE EXAM CHAPTER 1
QUESTIONS WITH 100% ACCURATE
ANSWERS
Broker - accurate answers acts as an agent who negotiates the sale, purchase, or
rental of property on behalf of others for a fee or commission
Chattel - accurate answers items of personal property (and are therefore
movable)
Real property - accurate answers the land, everything that is permanenty
attached to the land, and everything that is appurtenant to (or goes with) that land
Personal property (personalty) - accurate answers considered to be all property
that does not fit the definition of real property. Movable. Referred to as chattels
Land - accurate answers 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
Real estate (realty) - accurate answers land at, above and below the earth's
surface, including all things permanently attached to it, whether natural or artificial.
Real property - accurate answers as the land itself, the improvements theron, and
the interests, benefits, and rights inherent in the ownership of real estate
Nonhomogeneity (heterogeneity) - accurate answers uniqueness of land
Situs - accurate answers loation preference that takes into consideration social
factors in addition to economic factors
Provisional broker - accurate answers individual working on behalf of the broker
Supply - accurate answers quantity of homes for sale or rent. Affected by labor
force and construction costs, government controls and financial policies
Demand - accurate answers quantity of customers actively seeking homes for
purchase or rent. Affected by population, demographics, employment/wage levels and
business cycles
Market - accurate answers 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
QUESTIONS WITH 100% ACCURATE
ANSWERS
Broker - accurate answers acts as an agent who negotiates the sale, purchase, or
rental of property on behalf of others for a fee or commission
Chattel - accurate answers items of personal property (and are therefore
movable)
Real property - accurate answers the land, everything that is permanenty
attached to the land, and everything that is appurtenant to (or goes with) that land
Personal property (personalty) - accurate answers considered to be all property
that does not fit the definition of real property. Movable. Referred to as chattels
Land - accurate answers 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
Real estate (realty) - accurate answers land at, above and below the earth's
surface, including all things permanently attached to it, whether natural or artificial.
Real property - accurate answers as the land itself, the improvements theron, and
the interests, benefits, and rights inherent in the ownership of real estate
Nonhomogeneity (heterogeneity) - accurate answers uniqueness of land
Situs - accurate answers loation preference that takes into consideration social
factors in addition to economic factors
Provisional broker - accurate answers individual working on behalf of the broker
Supply - accurate answers quantity of homes for sale or rent. Affected by labor
force and construction costs, government controls and financial policies
Demand - accurate answers quantity of customers actively seeking homes for
purchase or rent. Affected by population, demographics, employment/wage levels and
business cycles
Market - accurate answers 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
