Chapter 1: Basic real estate concepts Flashcards
Real property Or what we sell is
The earth surface downward to the center and upward to infinity
Summer things real estate includes are
Improvements
Buildings
Fences
Trees and plants that are attached
What are deeds that a recorded call
Constructive notice
Personal property or chattel is
Everything not real property or attached or credibly movable
What are the physical characteristics of real property
Immobile, permanence or indestructibility, Unique
What are economic characteristics of real property
Scarcity, location, improvements, permanence
What is the most important economic characteristic of real property
Location location location
What is situs
It takes into account economic factors of where land is located, it is also the most important economic factor in real estate
Highest and best use
Provides the greatest return and maximize the value of real estate.
Takes into account transportation, resources, elevation, zoning.
What are the three land use controls
Public, private, and government.
Broker versus realtor
A broker has a North Carolina license and a realtor is an association member
What is the MLS
Multiple listing service you must be a realtor to get it
What are the five categories of real estate
Residential, commercial, industrial, agricultural, and special purpose
Is real estate a lagging indicator with. The expansion recession depression and revival?
YES
