N.C. Real estate pre-licensing; Questions with
Complete Solutions
Real property ✔✔Land & everything that is permanetly attached to the land &
everything that is
appurtenant to the land
Personal property (personalty) ✔✔All propery that doesn't fit the definition of
real property.
CHATTLES are moveable
Land ✔✔The earth's surface extending downwards to the center of the earth &
upward to infinity
Real estate (realty) ✔✔Land at, above, or below the earth's surface, including all
things
permanently attached to it, whether artificial or natural
Real property ✔✔The land itself, the improvements there on, & the interests,
benefits, & rights
inherent in the ownership of real estate
Economic characteristics of real property ✔✔Scarcity Location Improvements
Permanence of
, N.C. Real estate pre-licensing; Questions with
Complete Solutions
investment (SLIP)
Physical characteristics of real property ✔✔Immobility Indestructibility
Uniqueness
Improvement ON the land ✔✔Improvements of a private nature (i.e. house,
pool)
Improvements TO the land ✔✔Improvements of public nature (i.e. sidewalks,
parks, streets)
Highest & best use ✔✔The use that will give the owners the greatest actual
return on their
investment
Broker ✔✔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 ✔✔1)residential 2)commercial 3)industrial
4)agricultural 5)special
purpose
, N.C. Real estate pre-licensing; Questions with
Complete Solutions
Point of equilibrium ✔✔Point when supply & demand are balanced
Bundle of Legal Rights ✔✔Disposition
Enjoyment
Exclusion
Possession
Control
(DEEP C)
Appurtenance ✔✔A right or privilege that goes w/ ownership of the land
(includes
mineral/subsurface, air & water rights)
Surface rights ✔✔The rights to use the surface of the earth
Subsurface rights (mineral rights) ✔✔The rights to use the space below ground
level & to extract
the natural resources lying below the earth's surface
Air rigts ✔✔Rights to use the air above the land
, N.C. Real estate pre-licensing; Questions with
Complete Solutions
Riparian rights ✔✔Non-navigable bodies of water bordering owner's land, has
rights to middle
of water
Littoral rights ✔✔Navigable bodies of water w/ a tide owners have rights to the
mean high water
mark
Foreshore ✔✔The strip of land btwn high & low tide. Owned by the state of N.C.
Accretion ✔✔A gradual increase in land from the deposit of soil by the water
Reliction ✔✔Water gradually recedes or disappears permanently; new land is
gained
Erosion ✔✔Loss of land due to nature over time. Cannot reclaim land
Avulsion ✔✔Loss of land due to a catastrophic act of nature. Can potentially be
reclaimed by
owner.
Complete Solutions
Real property ✔✔Land & everything that is permanetly attached to the land &
everything that is
appurtenant to the land
Personal property (personalty) ✔✔All propery that doesn't fit the definition of
real property.
CHATTLES are moveable
Land ✔✔The earth's surface extending downwards to the center of the earth &
upward to infinity
Real estate (realty) ✔✔Land at, above, or below the earth's surface, including all
things
permanently attached to it, whether artificial or natural
Real property ✔✔The land itself, the improvements there on, & the interests,
benefits, & rights
inherent in the ownership of real estate
Economic characteristics of real property ✔✔Scarcity Location Improvements
Permanence of
, N.C. Real estate pre-licensing; Questions with
Complete Solutions
investment (SLIP)
Physical characteristics of real property ✔✔Immobility Indestructibility
Uniqueness
Improvement ON the land ✔✔Improvements of a private nature (i.e. house,
pool)
Improvements TO the land ✔✔Improvements of public nature (i.e. sidewalks,
parks, streets)
Highest & best use ✔✔The use that will give the owners the greatest actual
return on their
investment
Broker ✔✔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 ✔✔1)residential 2)commercial 3)industrial
4)agricultural 5)special
purpose
, N.C. Real estate pre-licensing; Questions with
Complete Solutions
Point of equilibrium ✔✔Point when supply & demand are balanced
Bundle of Legal Rights ✔✔Disposition
Enjoyment
Exclusion
Possession
Control
(DEEP C)
Appurtenance ✔✔A right or privilege that goes w/ ownership of the land
(includes
mineral/subsurface, air & water rights)
Surface rights ✔✔The rights to use the surface of the earth
Subsurface rights (mineral rights) ✔✔The rights to use the space below ground
level & to extract
the natural resources lying below the earth's surface
Air rigts ✔✔Rights to use the air above the land
, N.C. Real estate pre-licensing; Questions with
Complete Solutions
Riparian rights ✔✔Non-navigable bodies of water bordering owner's land, has
rights to middle
of water
Littoral rights ✔✔Navigable bodies of water w/ a tide owners have rights to the
mean high water
mark
Foreshore ✔✔The strip of land btwn high & low tide. Owned by the state of N.C.
Accretion ✔✔A gradual increase in land from the deposit of soil by the water
Reliction ✔✔Water gradually recedes or disappears permanently; new land is
gained
Erosion ✔✔Loss of land due to nature over time. Cannot reclaim land
Avulsion ✔✔Loss of land due to a catastrophic act of nature. Can potentially be
reclaimed by
owner.
