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NC Real Estate

NC Real Estate Key Terms

QuestionAnswer
Bill of sale An instrument transferring ownership of personal property
Chattel Personal property
Closing The consummation of a real estate contract. Also called settlement.
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.
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.
Immobility A physical characteristic of land describing the impossibility of relocating land from one place to another.
Improvements Structures, walls. roads and so on.
Indestructibility A physical characteristic of land meaning that land is a permanent commodity and cannot be destroyed.
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.
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.
Nonhomogeneity A physical characteristic of land describing that land as a unique commodity.
Offer to purchase and contract A bilateral enforceable contract for the sale of real property.
Personal property All property that is not land and is not permanently attached to land. Everything that is movable.
Personality Personal property or chattels.
Real Estate Land and everything that is permanently attached to land.
Real Property Land and everything permanently attached to land, including all rights and interests in the land.
Realtor A registered trademark of the National Association of REALTORS.
Realty Land and everything permanently attached to land.
Scarcity In short supply in comparison with demand.
Situs Location of land.
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.
Created by: icanspinthis