NC Real Estate Chapter 1 with Verified Solutions Latest Update

NC Real Estate Chapter 1 with Verified Solutions Latest Update Land - Answer -Earth's surface extending downward to the center of the earth Real Estate - Answer -Land at, above, and below the earth's surface, including all things permanently attached to it (natural or artificial) Real Property - Answer -The land itself, the improvements thereon, and the interests, benefits, and rights inherent in the ownership of real estate. Improved land - Answer -Land with man-made alterations such as streets, utilities, sewers. Personel Property - Answer -All property that does not fit the definition of real property. It is property that is movable. Economic Characteristics of Real Estate - Answer -Scarcity, Location, Improvements, Permanence of Investment Physical Characteristics of Real Estate - Answer -Immobility, Industructibility, Uniqueness Highest and Best Use - Answer -The use that will give the owners the greatest actual return on their investment Factors that affect demand - Answer -Population, demographics, employment and wage levels. Real estate Broker - Answer -An agent who negotiates the sale, purchase, or rental of property on behalf of others for a fee or commission Scarcity - Answer -Although land is not thought of a s a rare commodity, its total supply is fixed. The supply of the land in a given location (i.e. Ocean front) or of a particular quality maybe be limited, therefore creating increased demand for that sp