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Study sets matching "north carolina real estate exam"

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Study sets matching "north carolina real estate exam"

89 terms
Real Estate, North Carolina
Real Estate; Real Property; Realty
Land Ownership
Physical Characteristics of Land
Personal Property
Land and everything that is permanently attached to land.
Includes surface of the earth, the area below the surface to…
1. Immobility... 2. Permanence... 3. Uniqueness
Also called Chattel or Personalty.... Every thing that is not l…
Real Estate; Real Property; Realty
Land and everything that is permanently attached to land.
Land Ownership
Includes surface of the earth, the area below the surface to…
89 terms
Real Estate, North Carolina
Real Estate; Real Property; Realty
Land Ownership
Physical Characteristics of Land
Personal Property
Land and everything that is permanently attached to land.
Includes surface of the earth, the area below the surface to…
1. Immobility... 2. Permanence... 3. Uniqueness
Also called Chattel or Personalty.... Every thing that is not l…
Real Estate; Real Property; Realty
Land and everything that is permanently attached to land.
Land Ownership
Includes surface of the earth, the area below the surface to…
29 terms
North Carolina Real Estate
Applying for a new license
The three- prong test for a brokerage…
There is ONLY one "type" of real estat…
A provisional broker has
Must complete required 75 hrs of prelicense coursework
Real Property for compensation for others.
Broker License
1. completed 75 hrs. of course work 2. passed the state licen…
Applying for a new license
Must complete required 75 hrs of prelicense coursework
The three- prong test for a brokerage…
Real Property for compensation for others.
9 terms
north carolina real estate
fructus naturales
trade fixtures
convey
encumber
fruit of nature
article owned by a tenant and attached to a rented space
transport or carry to a place
restrict or burden (someone or something) in such a way that…
fructus naturales
fruit of nature
trade fixtures
article owned by a tenant and attached to a rented space
29 terms
North Carolina Real Estate
Applying for a new license
The three- prong test for a brokerage…
There is ONLY one "type" of real estat…
A provisional broker has
Must complete required 75 hrs of prelicense coursework
Real Property for compensation for others.
Broker License
1. completed 75 hrs. of course work 2. passed the state licen…
Applying for a new license
Must complete required 75 hrs of prelicense coursework
The three- prong test for a brokerage…
Real Property for compensation for others.
89 terms
Real Estate, North Carolina Mix
Real Estate; Real Property; Realty
Land Ownership
Physical Characteristics of Land
Personal Property
Land and everything that is permanently attached to land.
Includes surface of the earth, the area below the surface to…
1. Immobility... 2. Permanence... 3. Uniqueness
Also called Chattel or Personalty.... Every thing that is not l…
Real Estate; Real Property; Realty
Land and everything that is permanently attached to land.
Land Ownership
Includes surface of the earth, the area below the surface to…
NORTH CAROLINA REAL ESTATE PRELICENSING
CHATTEL
DEVISE
BEQUETH
EROSION
PERSONAL PROPERTY
TRANSFER OF REAL ESTATE BY WILL OR LAST TESTAMENT
TRANSFER OF PERSONAL PROPERTY BY WILL OR LAST TESTAMENT
GRADUAL REMOVAL OF LAND BY NATURE
CHATTEL
PERSONAL PROPERTY
DEVISE
TRANSFER OF REAL ESTATE BY WILL OR LAST TESTAMENT
5 terms
The North Carolina Real Estate Commission
North Carolina Real Estate License Law
North Carolina Real Estate Commission…
Composition of NCREC
Purpose and Powers of NCREC
(General Statute 93A) became effective on July 1, 19457.
Created by GS 93A and was originally called the NC Real Estat…
- 9 Members serving 3-year staggered terms... - 7 members appoin…
The primary purpose of the NCREC is to protect the general pu…
North Carolina Real Estate License Law
(General Statute 93A) became effective on July 1, 19457.
North Carolina Real Estate Commission…
Created by GS 93A and was originally called the NC Real Estat…
469 terms
North Carolina Real Estate Law - May 2016
negotiates
owned
general partners
managers
Any person or entity who for compensation or valuable conside…
An entity with property _________________ or leased by the en…
For a partnership, the ___________________ __________________…
For an LLC, the ______________________ of the LLC are exempt…
negotiates
Any person or entity who for compensation or valuable conside…
owned
An entity with property _________________ or leased by the en…
68 terms
North Carolina Real Estate Exam Prep - Appendices
NCREC - requirements for square footage
Square Footage Guidelines - Living Area
TQ - Why does NCREC Exist?
TQ - Can BIC be in charge of 2 differe…
DOES not require to report square footage of properties offer…
* Use heated square feet (not air-conditioned) for living are…
to protect the public
Yes - if they are in the same location
NCREC - requirements for square footage
DOES not require to report square footage of properties offer…
Square Footage Guidelines - Living Area
* Use heated square feet (not air-conditioned) for living are…
84 terms
North Carolina Real Estate Exam - Final
Requirements of a valid deed
Types of Loans
Broker license required in NC if...
Physical characteristics of Land
- Must be in writing... - legal capacity of grantor (18+)... - Adeq…
- Conventional... - FHA... - VA... - USDA
A person lists, leases, buys, exchanges, auctions, negotiates…
- Immobility... - Indestructibility... - Uniqueness
Requirements of a valid deed
- Must be in writing... - legal capacity of grantor (18+)... - Adeq…
Types of Loans
- Conventional... - FHA... - VA... - USDA
84 terms
North Carolina Real Estate Exam - Final
Requirements of a valid deed
Types of Loans
Broker license required in NC if...
Physical characteristics of Land
- Must be in writing... - legal capacity of grantor (18+)... - Adeq…
- Conventional... - FHA... - VA... - USDA
A person lists, leases, buys, exchanges, auctions, negotiates…
- Immobility... - Indestructibility... - Uniqueness
Requirements of a valid deed
- Must be in writing... - legal capacity of grantor (18+)... - Adeq…
Types of Loans
- Conventional... - FHA... - VA... - USDA
68 terms
North Carolina Real Estate Exam Prep - Appendices
NCREC - requirements for square footage
Square Footage Guidelines - Living Area
TQ - Why does NCREC Exist?
TQ - Can BIC be in charge of 2 differe…
DOES not require to report square footage of properties offer…
* Use heated square feet (not air-conditioned) for living are…
to protect the public
Yes - if they are in the same location
NCREC - requirements for square footage
DOES not require to report square footage of properties offer…
Square Footage Guidelines - Living Area
* Use heated square feet (not air-conditioned) for living are…
68 terms
North Carolina Real Estate Exam Prep - Appendices
NCREC - requirements for square footage
Square Footage Guidelines - Living Area
TQ - Why does NCREC Exist?
TQ - Can BIC be in charge of 2 differe…
DOES not require to report square footage of properties offer…
* Use heated square feet (not air-conditioned) for living are…
to protect the public
Yes - if they are in the same location
NCREC - requirements for square footage
DOES not require to report square footage of properties offer…
Square Footage Guidelines - Living Area
* Use heated square feet (not air-conditioned) for living are…
36 terms
North Carolina Real Estate Chap 8
Contract
A Contract Must Be:
Express Contract
Implied Contract
Legally enforceable promise between legally competent parties.
Voluntary... An agreement or a promise... Made by legally competent…
Parties state the terms and show their intentions in words to…
The agreement of the parties is demonstrated by their actions…
Contract
Legally enforceable promise between legally competent parties.
A Contract Must Be:
Voluntary... An agreement or a promise... Made by legally competent…
70 terms
North Carolina Real Estate 8th Edition
Ad Valoren Tax
Adverse Possession
Agency
Agent
A tax levied according to value, generally used to refer to r…
OCEAN...Open, Continuos, Exclusive, Adverse, Notorious. Posse…
The relationship between a principal and an agent wherein the…
One who acts or has the power to act for another. see LOADS
Ad Valoren Tax
A tax levied according to value, generally used to refer to r…
Adverse Possession
OCEAN...Open, Continuos, Exclusive, Adverse, Notorious. Posse…
68 terms
North Carolina Real Estate Exam Prep - Appendices
NCREC - requirements for square footage
Square Footage Guidelines - Living Area
TQ - Why does NCREC Exist?
TQ - Can BIC be in charge of 2 differe…
DOES not require to report square footage of properties offer…
* Use heated square feet (not air-conditioned) for living are…
to protect the public
Yes - if they are in the same location
NCREC - requirements for square footage
DOES not require to report square footage of properties offer…
Square Footage Guidelines - Living Area
* Use heated square feet (not air-conditioned) for living are…
68 terms
North Carolina Real Estate Exam Prep - Appendices
NCREC - requirements for square footage
Square Footage Guidelines - Living Area
TQ - Why does NCREC Exist?
TQ - Can BIC be in charge of 2 differe…
DOES not require to report square footage of properties offer…
* Use heated square feet (not air-conditioned) for living are…
to protect the public
Yes - if they are in the same location
NCREC - requirements for square footage
DOES not require to report square footage of properties offer…
Square Footage Guidelines - Living Area
* Use heated square feet (not air-conditioned) for living are…
68 terms
North Carolina Real Estate Exam Prep - Appendices
NCREC - requirements for square footage
Square Footage Guidelines - Living Area
TQ - Why does NCREC Exist?
TQ - Can BIC be in charge of 2 differe…
DOES not require to report square footage of properties offer…
* Use heated square feet (not air-conditioned) for living are…
to protect the public
Yes - if they are in the same location
NCREC - requirements for square footage
DOES not require to report square footage of properties offer…
Square Footage Guidelines - Living Area
* Use heated square feet (not air-conditioned) for living are…
41 terms
Modern Real Estate in North Carolina Chap 7
caveat emptor
North Carolina is still considered to be
law of agency
common-law concept
A Latin phrase meaning "let the buyer beware." In a caveat em…
a caveat emptor State.
the basic framework of the law that governs the legal respons…
law from the judgements and decrees of courts as opposed to t…
caveat emptor
A Latin phrase meaning "let the buyer beware." In a caveat em…
North Carolina is still considered to be
a caveat emptor State.
68 terms
North Carolina Real Estate Exam Prep - Appendices
NCREC - requirements for square footage
Square Footage Guidelines - Living Area
TQ - Why does NCREC Exist?
TQ - Can BIC be in charge of 2 differe…
DOES not require to report square footage of properties offer…
* Use heated square feet (not air-conditioned) for living are…
to protect the public
Yes - if they are in the same location
NCREC - requirements for square footage
DOES not require to report square footage of properties offer…
Square Footage Guidelines - Living Area
* Use heated square feet (not air-conditioned) for living are…
91 terms
north carolina real estate terms Ch. 11
Truth in lending
Up Front Mortgage
UFMIP
Uninsured Conventional Loans
Regulation Z Federal Reserve Board,... Protects mortgage loans f…
FHA Maximum 271,050. UF Up Front, UFMIP MIP= renewal premium
Insurance premium
Loan Payment not insured. Not to protect the lender. Typicall…
Truth in lending
Regulation Z Federal Reserve Board,... Protects mortgage loans f…
Up Front Mortgage
FHA Maximum 271,050. UF Up Front, UFMIP MIP= renewal premium
95 terms
North Carolina Real Estate Commission Rules
North Carolina Vacations
North Carolina Condominium Act
North Carolina Statute of Frauds
North Carolina Machinery Act
All rental agreements must be in writing. Provides for an exp…
..., Specifies that a condo is created and established when t…
... A state law that requires certain instruments that convey…
... The North Carolina General Statutes that govern the ad va…
North Carolina Vacations
All rental agreements must be in writing. Provides for an exp…
North Carolina Condominium Act
..., Specifies that a condo is created and established when t…
72 terms
Modern Real Estate in North Carolina Chapter 5
Title
alienation
deed
grantor
the right to or ownership of the land. the documentary eviden…
the act of transferring property to another. transfer of title.
written instrument by which an owner of real estate intention…
owner of the property, in the sale of property
Title
the right to or ownership of the land. the documentary eviden…
alienation
the act of transferring property to another. transfer of title.
Modern Real Estate Practice in North Carolina Chpts 1-2
Land
Real Estate
Real Property
Nonhomogeneity or heterogeneity
Earth's surface extending downward to the center of the earth
Land at, above, and below the earth's surface, including all…
The land itself, the improvements thereon, and the interests,…
The uniqueness of land
Land
Earth's surface extending downward to the center of the earth
Real Estate
Land at, above, and below the earth's surface, including all…
41 terms
Modern Real Estate in North Carolina Chap 7
caveat emptor
North Carolina is still considered to be
law of agency
common-law concept
A Latin phrase meaning "let the buyer beware." In a caveat em…
a caveat emptor State.
the basic framework of the law that governs the legal respons…
law from the judgements and decrees of courts as opposed to t…
caveat emptor
A Latin phrase meaning "let the buyer beware." In a caveat em…
North Carolina is still considered to be
a caveat emptor State.
23 terms
Modern Real Estate in North Carolina Chapter 4
Metes-and-bounds method
government rectangular survey system
Reference to a recorded plat (lot-and-…
Reference to a recorded deed is
measures distances (metes), starts from a point of beginning…
divides land into rectangles, measured from the principal mer…
approved by the governing body and filed in public records of…
identical property referenced in an earlier deed.
Metes-and-bounds method
measures distances (metes), starts from a point of beginning…
government rectangular survey system
divides land into rectangles, measured from the principal mer…
636 terms
North Carolina Real Estate PreLicensing
Abstract of Title
Acceleration Clause
Acceptance
Accession
The condensed history of a title to a particular parcel of re…
The clause in a mortgage or deed of trust that can be enforce…
Expression of intent by the offer to be bound by the terms of…
Acquiring title to additions or improvements to real property…
Abstract of Title
The condensed history of a title to a particular parcel of re…
Acceleration Clause
The clause in a mortgage or deed of trust that can be enforce…
81 terms
Modern Real Estate in North Carolina Chapter 2
Tenancy in Common
Right of Survivorship
Accretion
Agricultural fixtures
A concurrent form of ownership in which each owner holds an u…
Surviving spouse becomes owner in severalty immediately upon…
The increase or addition of land by the deposit of sand or so…
In NC, a fixture attached to a leased property by a tenant fa…
Tenancy in Common
A concurrent form of ownership in which each owner holds an u…
Right of Survivorship
Surviving spouse becomes owner in severalty immediately upon…
35 terms
Modern Real Estate in North Carolina Chapter 6
Police Power
Master Plan
Zoning Ordinances
Zoning regulates and affects...
The inherent authority of the state to create and adopt regul…
Aka, general plan, a statement of policies and presentation o…
Laws imposed by local government authorities that regulate an…
permitted use of each parcel of land; lot sizes; types of str…
Police Power
The inherent authority of the state to create and adopt regul…
Master Plan
Aka, general plan, a statement of policies and presentation o…
70 terms
North Carolina Real Estate 8th Edition
Ad Valoren Tax
Adverse Possession
Agency
Agent
A tax levied according to value, generally used to refer to r…
OCEAN...Open, Continuos, Exclusive, Adverse, Notorious. Posse…
The relationship between a principal and an agent wherein the…
One who acts or has the power to act for another. see LOADS
Ad Valoren Tax
A tax levied according to value, generally used to refer to r…
Adverse Possession
OCEAN...Open, Continuos, Exclusive, Adverse, Notorious. Posse…
68 terms
North Carolina Real Estate Exam Prep - Appendices
NCREC - requirements for square footage
Square Footage Guidelines - Living Area
TQ - Why does NCREC Exist?
TQ - Can BIC be in charge of 2 differe…
DOES not require to report square footage of properties offer…
* Use heated square feet (not air-conditioned) for living are…
to protect the public
Yes - if they are in the same location
NCREC - requirements for square footage
DOES not require to report square footage of properties offer…
Square Footage Guidelines - Living Area
* Use heated square feet (not air-conditioned) for living are…
27 terms
Modern Real Estate Practice in North Carolina, Chpt 3
Lien
Specific lien
Encumbrance
Mechanics lien
A charge against property that provides security for a debt o…
A lien that is secured by a specific parcel of property and a…
A claim, charge, or liability that attaches to and is binding…
To give security to those who perform labor or furnish materi…
Lien
A charge against property that provides security for a debt o…
Specific lien
A lien that is secured by a specific parcel of property and a…
35 terms
Modern Real Estate Practice in North Carolina, Chapter 6
police power
master plan
Zoning ordinances
enabling act
The states inherent authority to create and adopt regulations…
The Government general plan to ensure that social and economi…
Laws imposed by local government authorities that regulate an…
Says that Municipal government has the power to set its zonin…
police power
The states inherent authority to create and adopt regulations…
master plan
The Government general plan to ensure that social and economi…
12 terms
Modern Real Estate Practice in North Carolina Chap 20
Civil Rights Act of 1866
Federal Fair Housing Act
Protected Classes
HUD
The federal government's effort to guarantee equal housing op…
Title VIII of the Civil Rights Act of 1968 prohibited discrim…
Race, Color, Religion, National Origin, Sex, Handicapped, Fam…
Department of Housing and Urban Development. Enforces the Fed…
Civil Rights Act of 1866
The federal government's effort to guarantee equal housing op…
Federal Fair Housing Act
Title VIII of the Civil Rights Act of 1968 prohibited discrim…
34 terms
Modern Real Estate Practice in North Carolina: Chapter 14
Annual Percentage Rate
Blanket Mortgage
Buydown
Certificate of reasonable value
The relationship of the total finance charges associated with…
A mortgage covering more than one parcel of real estate, prov…
A financing technique used to reduce the monthly payments for…
A form indicating the appraised value of a property being fin…
Annual Percentage Rate
The relationship of the total finance charges associated with…
Blanket Mortgage
A mortgage covering more than one parcel of real estate, prov…
25 terms
Modern Real Estate Practice in North Carolina, Chapter 6
police power
master plan
Zoning ordinances
enabling act
The states inherent authority to create and adopt regulations…
The primary method by which local governments recognize devel…
Laws imposed by local government authorities that regulate an…
Zoning powers are conferred on municipal gevernment's by NC's…
police power
The states inherent authority to create and adopt regulations…
master plan
The primary method by which local governments recognize devel…
17 terms
Modern Real Estate Practice in North Carolina Chapter 10
Acceptance
Backup Offer
Contingency
Due Diligence
..., A requirement for entering into a binding contract. If a…
..., An offer submitted to the property owner with knowledge…
..., A provision in a contract that requires a certain act to…
..., Due diligence is done by the buyer and includes, but is…
Acceptance
..., A requirement for entering into a binding contract. If a…
Backup Offer
..., An offer submitted to the property owner with knowledge…
22 terms
Modern Real Estate Practice in North Carolina, Chapter 4
Legal description
Informan description
Metes-and-bounds method
Point of beginning (POB)
the exact way of describing real estate in a contract, deed,…
Use of a street address to describe property
legal description that use markers, stakes, monuments, POB an…
the point at which a metes and bounds description begins
Legal description
the exact way of describing real estate in a contract, deed,…
Informan description
Use of a street address to describe property
27 terms
Modern Real Estate Practice in North Carolina, Chpt 3
Lien
Specific lien
Encumbrance
Mechanics lien
A interest in the property due to a debt or an obligation of…
A lien that is secured by a specific parcel of property and a…
A right or interest in property by someone other than owner.
Lein filed to protect to those who perform labor or furnish m…
Lien
A interest in the property due to a debt or an obligation of…
Specific lien
A lien that is secured by a specific parcel of property and a…
36 terms
Modern Real Estate practice in North Carolina, Chpt. 7
MLS
Caveat emptor
Agent
Subagent
Multiple listing services
let the buyer beware
one who represents the interest of another person.
one who is employed by a person already acting as an agent (a…
MLS
Multiple listing services
Caveat emptor
let the buyer beware
79 terms
Modern Real Estate Practice in North Carolina Chpts 1-2
Land
Real Estate
Real Property
Nonhomogeneity or heterogeneity
Earth's surface extending downward to the center of the earth
Land at, above, and below the earth's surface, including all…
The land itself, the improvements thereon, and the interests,…
The uniqueness of land
Land
Earth's surface extending downward to the center of the earth
Real Estate
Land at, above, and below the earth's surface, including all…
41 terms
Modern Real Estate Practice in North Carolina Chpts 1-2
Land
Real Estate
Real Property
Nonhomogeneity or heterogeneity
Earth's surface extending downward to the center of the earth
Land at, above, and below the earth's surface, including all…
The land itself, the improvements thereon, and the interests,…
The uniqueness of land
Land
Earth's surface extending downward to the center of the earth
Real Estate
Land at, above, and below the earth's surface, including all…
76 terms
Modern Real Estate Practice in North Carolina, Chpt 3
Lien
Encumbrance
Mechanics lien
General lien
A charge against property that provides security for a debt o…
A claim, charge, or liability that attaches to and is binding…
gives security to those who perform labor or furnish material…
This type of lien affects all the property of a debtor, bothe…
Lien
A charge against property that provides security for a debt o…
Encumbrance
A claim, charge, or liability that attaches to and is binding…
41 terms
Modern Real Estate Practice in North Carolina Chpts 1-2
Land
Real Estate
Real Property
Nonhomogeneity or heterogeneity
Earth's surface extending downward to the center of the earth
Land at, above, and below the earth's surface, including all…
The land itself, the improvements thereon, and the interests,…
The uniqueness of land
Land
Earth's surface extending downward to the center of the earth
Real Estate
Land at, above, and below the earth's surface, including all…
41 terms
Modern Real Estate Practice in North Carolina Chpts 1-2
Land
Real Estate
Real Property
Nonhomogeneity or heterogeneity
Earth's surface extending downward to the center of the earth
Land at, above, and below the earth's surface, including all…
The land itself, the improvements thereon, and the interests,…
The uniqueness of land
Land
Earth's surface extending downward to the center of the earth
Real Estate
Land at, above, and below the earth's surface, including all…
Modern Real Estate Practice in North Carolina Chapter 1 Key Words
Broker
Business Cycles
Demand
Highest and Best Use
One who acts an as an intermediary on behalf of others for a…
The upward and downward fluctuations in business activities g…
The amount of goods people are willing and able to buy at a c…
The possible use of a property that would produce the greates…
Broker
One who acts an as an intermediary on behalf of others for a…
Business Cycles
The upward and downward fluctuations in business activities g…
22 terms
North Carolina Real Estate Exam Prep - Math Concepts
How to solve for "percent of profit /…
How to solve for Appreciation
How to solve for Depreciation
Profit is when you sell something for…
Profit divided by investment: RP sold for $120,000. Original…
Original Value + increased value = new value... RP sold for $98…
Original Value - decreased value = new value... RP sold for $98…
100% original cost +10% profit = 110% sales price
How to solve for "percent of profit /…
Profit divided by investment: RP sold for $120,000. Original…
How to solve for Appreciation
Original Value + increased value = new value... RP sold for $98…
45 terms
North Carolina Real Estate Exam Prep (Chpt 17) - Valuation
CMA
BPO
Real Estate Value
DUST - 4 characteristics of Value
Comparative Market Analysis ... Provides range of value
Broker's Price Opinion... Brokers can perform for a fee (usua…
Present worth of future benefits asiring from the ownership o…
Demand - need for ownership backed by $ to satisfy... Utility…
CMA
Comparative Market Analysis ... Provides range of value
BPO
Broker's Price Opinion... Brokers can perform for a fee (usua…
32 terms
Modern Real Estate Practice in North Carolina Chpt 2
Bundle of rights
Livery of seisin
Appurtenance
Surface rights
The concept of land ownership that includes ownership of all…
The process where a seller transferred property by giving the…
A right or privilege that goes with the ownership of land. i.…
The rights to use the surface of the earth
Bundle of rights
The concept of land ownership that includes ownership of all…
Livery of seisin
The process where a seller transferred property by giving the…
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