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NC Real Estate Prelicensing Terms Unit 1
Fonville Morisey Prelicensing Class 2019
Terms in this set (21)
A North Carolina real estate licensee that has completed the 90-hour post licensing education to remove the provisional license status.
the periodic rises and falls that occur in business activities over time, generally categorized by 4 stages:
the desire to own something and the ability to pay for it
Any interests in real estate that is capable of being inherited
the uniqueness of land
Highest and best use
The possible use of a property that would produce the greatest net income and thereby develop the highest value.
The earth's 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.
A place where goods can be bought and sold and a price established.
A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike, real estate is said to be nonhomogeneous.
A North Carolina real estate licensee that has completed the 90-hour post licensing education to remove the provisional license status; also called a full broker.
Items, called chattels, that do not fit into the definition of real property; movable objects.
a real estate licensee who performs real estate activities under the supervision of a licensed broker-in-charge; must complete post-licensing to remove provisional status
land and anything that is attached to it
The land plus permanent improvements and the interests, benefits, and rights inherent in real estate ownership.
The personal preference of people for one area over another, not necessarily based on objective facts and knowledge.
The amount of goods available
Any structures attached to the land