Chapter Questions Need To Review

Front 1

what does the term of nonhomogenetiy refer to?

Back 1

Uniqueness

Front 2

Area preference or situs refers to?

Back 2

Location

Front 3

In general terms what does a market refer to?

Back 3

Place where sellers come to sell their goods

Front 4

Compared with typical markets, the real estate market is__________________?

Back 4

Is local in nature and is slow to respond to the forces of supply and demand

Front 5

A fixture is considered to be ________________?

Back 5

Real estate

Front 6

Jerry and Ann are building a new enclose porch off the front of home. The contractor has just unloaded to lumber to build the porch with. At this point what is the lumber considered?

Back 6

A chattel that is Personal property

Front 7

Qualified fee generally means:

Back 7

That the estate will terminate in certain events or changes in use.

Front 8

An estate in land that will automatically terminate on the occurance of a specific event is?

Back 8

Fee simple determinable

Front 9

Purchaser of r. est. learns her ownership rights will continue forever, and no other person can make a claim over ownership of prop. What does this person own?

Back 9

Fee simple interest

Front 10

when a fee simple estate in a parcel of NC real estate is conveyed by a deed of two or more owners, w/o designating the nature of their co- ownership. They are assumed to be....

Back 10

Tenants in common

Front 11

A purchaser under the cooperative form of ownership recieves________?

Back 11

I. a lease for the unit
II. a stock in the cooperative corporation

Front 12

if propery has 2 plus owners as tenants in common, the interest of a desceced co-owner will pass to ______?

Back 12

Heirs of dead

Front 13

A condominium is created when ________?

Back 13

The owner or developer files a declaration of condominium in the public record

Front 14

What is the tax that distributes the cost of public services amoung real estate ownership?

Back 14

Real property tax

Front 15

Real property examples:

Back 15

ornamental trees , and mail boxes on side of road