NC Real Estate Key Terms
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each of the black spaces below before clicking
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| Bill of sale | An instrument transferring ownership of personal property
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| Chattel | Personal property
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| Closing | The consummation of a real estate contract. Also called settlement.
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| Free market | An economic condition in which buyer and seller are able to negotiate a purchase and sale without undue pressure, urgency, or outside influences other than the law of suply and demand.
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| Higest and best use | The use of land that will preserve its utility and yield a net income in the form of rent that forms, when capitalized at the proper rate of interest, the highest present value of the land.
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| Immobility | A physical characteristic of land describing the impossibility of relocating land from one place to another.
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| Improvements | Structures, walls. roads and so on.
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| Indestructibility | A physical characteristic of land meaning that land is a permanent commodity and cannot be destroyed.
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| Land use controls | Governmental controls (e.g. zoning laws, building codes) or private controls such as deeds restrictions, subdivision covenants that dictate how the land can be used.
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| Listing contract | An agreement whereby a property owner employs a real estate broker to look for a buyer for the property described in the contract and promises to compensate the agent.
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| Nonhomogeneity | A physical characteristic of land describing that land as a unique commodity.
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| Offer to purchase and contract | A bilateral enforceable contract for the sale of real property.
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| Personal property | All property that is not land and is not permanently attached to land. Everything that is movable.
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| Personality | Personal property or chattels.
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| Real Estate | Land and everything that is permanently attached to land.
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| Real Property | Land and everything permanently attached to land, including all rights and interests in the land.
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| Realtor | A registered trademark of the National Association of REALTORS.
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| Realty | Land and everything permanently attached to land.
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| Scarcity | In short supply in comparison with demand.
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| Situs | Location of land.
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| Specific performance | An instruction of a court requiring a defaulting party to a contract to buy and sell real property to carry out his or her obligations under the contract.
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