Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
what does the term of nonhomogenetiy refer to?
|
Uniqueness
|
|
Area preference or situs refers to?
|
Location
|
|
In general terms what does a market refer to?
|
Place where sellers come to sell their goods
|
|
Compared with typical markets, the real estate market is__________________?
|
Is local in nature and is slow to respond to the forces of supply and demand
|
|
A fixture is considered to be ________________?
|
Real estate
|
|
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?
|
A chattel that is Personal property
|
|
Qualified fee generally means:
|
That the estate will terminate in certain events or changes in use.
|
|
An estate in land that will automatically terminate on the occurance of a specific event is?
|
Fee simple determinable
|
|
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?
|
Fee simple interest
|
|
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....
|
Tenants in common
|
|
A purchaser under the cooperative form of ownership recieves________?
|
I. a lease for the unit
II. a stock in the cooperative corporation |
|
if propery has 2 plus owners as tenants in common, the interest of a desceced co-owner will pass to ______?
|
Heirs of dead
|
|
A condominium is created when ________?
|
The owner or developer files a declaration of condominium in the public record
|
|
What is the tax that distributes the cost of public services amoung real estate ownership?
|
Real property tax
|
|
Real property examples:
|
ornamental trees , and mail boxes on side of road
|