NORTH CAROLINA POST LICENSING 301 EXAM 2024
ACTUAL EXAM COMPLETE 350 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
appurtenance - ANSWER: a right that goes along with ownership of real property;
usually transferred with the property but may be sold separately
bundle of rights - ANSWER: All real property rights that are conferred with
ownership, including right of possession, right of quiet enjoyment, right of
disposition, right of exclusion, and right of control.
heterogeneity - ANSWER: A characteristic of real property indicating its diversity or
uniqueness.
highest and best use - ANSWER: the most profitable, legally permitted, financially
feasible, and physically possible use of a piece of property
immobility - ANSWER: a physical characteristic of real estate referring to the fact that
the real estate itself cannot move from one place to another
improvements - ANSWER: additions to real property that are man-made, substantial
fixtures, such as buildings
independent contractor - ANSWER: under common law, a person who contracts to
do a job for another but maintains control over how the task will be carried out,
rather than following detailed instructions
indestructibility - ANSWER: refers to the face that real estate cannot be destroyed
land - ANSWER: the surface of the earth, and everything under the ground to the
center of the earth, and the airspace above as far as can reasonably be used
land use controls - ANSWER: public or private restrictions on how land may be used
(e.g zoning)
personal property - ANSWER: any property that is not real property. It is moveable,
thus not fixed to the land. includes tangible items that are not permanently attached
to or part of real estate and any property that is not real property. Also called chattel
or personality
public restriction - ANSWER: a law or regulation limiting or regulating the use of real
property
, real estate - ANSWER: the actual physical land and everything, both natural and
man-made, which is attached (or appurtenant) to it
real property - ANSWER: land, its attachments, and the rights associated with the
property. real property included real estate plus interests, rights, and benefits of
ownership. it may be legally referenced as land, tenements, and hereditaments. also
called realty
scarcity - ANSWER: a physical characterisitc of real property that sats there is a
limited supply of real estate; the percieved supply of a good or service relative tot eh
demand for the item
situs - ANSWER: Place where something exists; an area of preference or preference
by people for a certain location thus giving economic attributes (value) to the
property.
supply and demand - ANSWER: An economic principle that says that for all products,
goods, and services when supply exceeds demand, prices will fall and when demand
exceeds supply, prices will rise.
tax shelter - ANSWER: Any method used to reduce taxable income, thereby reducing
the amount of tax paid to a government or property or other investments that give
owners certain income tax advantages, such as deductions for property taxes,
mortgage interest, and depreciation
tenements - ANSWER: everything of a permanent nature associated with land and
ordinarily transferred with the land. tenements are both tangible (buildings) and
intangible (air rights)
Uniquness - ANSWER: a characteristic of real property: each piece of land, each
building, and each house is a different piece of real estate. also called non-
homogeneity or heterogeneity
Real estate licensees need to understand that ____, _____, ____, and ___ all have
different definitions; although people sometimes use them interchangeably. -
ANSWER: land, real estate, real property, personal property
There are four broad forces that affect the real estate market: ___,____,___ and
____. - ANSWER: physical, economic, government, and social
Investment real estate can include: ____, _____, ____, _____, and ____. Investing in
real estate does not include risks, some of which are associated with liquidity and
marketability. - ANSWER: residential property (rental units), office buildings, retail
property, industrial property, and mixed use investing.
The only real estate license the North Caronlina Real Estate Commission issues is a
____. There are different categories of broker licensees that reflect the status and
ACTUAL EXAM COMPLETE 350 QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
appurtenance - ANSWER: a right that goes along with ownership of real property;
usually transferred with the property but may be sold separately
bundle of rights - ANSWER: All real property rights that are conferred with
ownership, including right of possession, right of quiet enjoyment, right of
disposition, right of exclusion, and right of control.
heterogeneity - ANSWER: A characteristic of real property indicating its diversity or
uniqueness.
highest and best use - ANSWER: the most profitable, legally permitted, financially
feasible, and physically possible use of a piece of property
immobility - ANSWER: a physical characteristic of real estate referring to the fact that
the real estate itself cannot move from one place to another
improvements - ANSWER: additions to real property that are man-made, substantial
fixtures, such as buildings
independent contractor - ANSWER: under common law, a person who contracts to
do a job for another but maintains control over how the task will be carried out,
rather than following detailed instructions
indestructibility - ANSWER: refers to the face that real estate cannot be destroyed
land - ANSWER: the surface of the earth, and everything under the ground to the
center of the earth, and the airspace above as far as can reasonably be used
land use controls - ANSWER: public or private restrictions on how land may be used
(e.g zoning)
personal property - ANSWER: any property that is not real property. It is moveable,
thus not fixed to the land. includes tangible items that are not permanently attached
to or part of real estate and any property that is not real property. Also called chattel
or personality
public restriction - ANSWER: a law or regulation limiting or regulating the use of real
property
, real estate - ANSWER: the actual physical land and everything, both natural and
man-made, which is attached (or appurtenant) to it
real property - ANSWER: land, its attachments, and the rights associated with the
property. real property included real estate plus interests, rights, and benefits of
ownership. it may be legally referenced as land, tenements, and hereditaments. also
called realty
scarcity - ANSWER: a physical characterisitc of real property that sats there is a
limited supply of real estate; the percieved supply of a good or service relative tot eh
demand for the item
situs - ANSWER: Place where something exists; an area of preference or preference
by people for a certain location thus giving economic attributes (value) to the
property.
supply and demand - ANSWER: An economic principle that says that for all products,
goods, and services when supply exceeds demand, prices will fall and when demand
exceeds supply, prices will rise.
tax shelter - ANSWER: Any method used to reduce taxable income, thereby reducing
the amount of tax paid to a government or property or other investments that give
owners certain income tax advantages, such as deductions for property taxes,
mortgage interest, and depreciation
tenements - ANSWER: everything of a permanent nature associated with land and
ordinarily transferred with the land. tenements are both tangible (buildings) and
intangible (air rights)
Uniquness - ANSWER: a characteristic of real property: each piece of land, each
building, and each house is a different piece of real estate. also called non-
homogeneity or heterogeneity
Real estate licensees need to understand that ____, _____, ____, and ___ all have
different definitions; although people sometimes use them interchangeably. -
ANSWER: land, real estate, real property, personal property
There are four broad forces that affect the real estate market: ___,____,___ and
____. - ANSWER: physical, economic, government, and social
Investment real estate can include: ____, _____, ____, _____, and ____. Investing in
real estate does not include risks, some of which are associated with liquidity and
marketability. - ANSWER: residential property (rental units), office buildings, retail
property, industrial property, and mixed use investing.
The only real estate license the North Caronlina Real Estate Commission issues is a
____. There are different categories of broker licensees that reflect the status and
