N.C. Real estate pre-licensing Exam 2024 with Verified Solutions

N.C. Real estate pre-licensing Exam 2024 with Verified Solutions Real property - Answer -Land & everything that is permanetly attached to the land & everything that is appurtenant to the land Personal property (personalty) - Answer -All propery that doesn't fit the definition of real property. CHATTLES are moveable Land - Answer -The earth's surface extending downwards to the center of the earth & upward to infinity Real estate (realty) - Answer -Land at, above, or below the earth's surface, including all things permanently attached to it, whether artificial or natural Real property - Answer -The land itself, the improvements there on, & the interests, benefits, & rights inherent in the ownership of real estate Economic characteristics of real property - Answer -Scarcity Location Improvements Permanence of investment (SLIP) Physical characteristics of real property - Answer -Immobility Indestructibility Uniqueness Improvement ON the land - Answer -Improvements of a private nature (i.e. house, pool) Improvements TO the land - Answer -Improvements of public nature (i.e. sidewalks, parks, streets) Highest & best use - Answer -The use that will give the owners the greatest actual return on their investment Broker - Answer -Acts as an agent who negotiated the sale, purchase or rental of property on behalf of others for a fee/commission Categories of real estate - Answer -1)residential 2)commercial 3)industrial 4)agricultural 5)special purpose Point of equilibrium - Answer -Point when supply & demand are balanced Bundle of Legal Rights - Answer -Disposition Enjoyment Exclusion PossessionControl (DEEP C) Appurtenance - Answer -A right or privilege that goes w/ ownership of the land (includes mineral/subsurface, air & water rights) Surface rights - Answer -The rights to use the surface of the earth Subsurface rights (mineral rights) - Answer -The rights to use the space below ground level & to extract the natural resources lying below the earth's surface Air rigts - Answer -Rights to use the air above the land