Details

Title: NC Real Estate Midterm

Description: midterm study gide

Total Flash Cards: 11

Created: 10/28/2005 11:41:43

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Additional Real Estate & Planning Flashcards

Cards in this set:

Term
Real Property
Definition
The land and everything that is permanently attached to the land, or goes with the land.
Term
Personal Property
Definition
everything that does not go with the land anything that is movable not permenetly atached to the land
Term
Chattels
Definition
Personal Property
Term
Land
Definition
earth's surface extending downward to the center of the earth and upward to infinity,includes such as trees minerals and water
Term
Real estate
Definition
land at, above and below earth's surface, includes all things permanently attached to int weather natural or not
Term
Real property
Definition
the interest benefits and rights inherant in the ownership of real estate
Term
Physical characteristics of land
Definition
immobility indestractibility and uniqueness
Term
Heterogeneity (nonhomogenety)
Definition
Uniqueness of the land
Term
Improvements
Definition
changes to land or a building that effects the property's value
Term
Broker
Definition
agent who negotiates the sale purchase or rental of property on behalf of others for a fee or commission
Term
Salesperson
Definition
agent that works on the behalf of the broker