NORTH CAROLINA REAL ESTATE BUNDLED
EXAMS 2026 COMPLETE QUESTIONS AND
VERIFIED ANSWERS GRADED A+
◉ Land Ownership. Answer: Includes surface of the earth, the area
below the surface to the center of the earth, and the area above the
surface, theoretically, to the highest heavens. (Surface, Subsurface,
Air Rights)
◉ Physical Characteristics of Land. Answer: 1. Immobility
2. Permanence
3. Uniqueness
◉ Personal Property. Answer: Also called Chattel or Personalty.
Every thing that is not land or that is not permanently attached to
land, and is readily movable.
◉ Bill of Sale. Answer: Instrument that may be used to transfer
ownership of personal property.
,◉ Immobility. Answer: Land cannot be relocated from one place to
another, and contribute to making the market for land a strictly local
market.
Requires brokers to have specific knowledge of their local real estate
market to serve their buyers and sellers.
◉ Permanence. Answer: Aka Indestructibility. Land is a permanent
commodity, and it cannot be destroyed.
Makes land attractive as a long-term investment.
◉ Economic Obsolence. Answer: When changing conditions
adversely affect the value of land.
For example, an interstate highway can radically affect land values.
◉ Uniqueness. Answer: Aka Non-homogeneity or Heterogeneity. No
two parcels are identical.
◉ Specific Performance. Answer: If a seller contracts to sell his real
property, the law does not consider money a substitute for this duty.
, Prevents breaches of contracts where sellers decide to not sell their
property. Financial damages are typically no substitute for specific
performance.
◉ Economic Characteristics of Land. Answer: 1. Scarcity
2. Permanence of Investment
3. Location
◉ Scarcity. Answer: Aka Availability. Land has a fixed supply base.
No additional physical supply of land is being produced to keep pace
with increasing population.
◉ Permanence of Investment. Answer: The physical characteristics
of immobility and indestructibility of land, combined with the
investment of capital and labor to create improvements to the land
and on the land is a long-term investment.
◉ Location. Answer: Aka Situs. Has the greatest effect on property
value. Is a socioeconomic characteristic.
If demand for the area is high, the land will have a substantially
increasing value.
EXAMS 2026 COMPLETE QUESTIONS AND
VERIFIED ANSWERS GRADED A+
◉ Land Ownership. Answer: Includes surface of the earth, the area
below the surface to the center of the earth, and the area above the
surface, theoretically, to the highest heavens. (Surface, Subsurface,
Air Rights)
◉ Physical Characteristics of Land. Answer: 1. Immobility
2. Permanence
3. Uniqueness
◉ Personal Property. Answer: Also called Chattel or Personalty.
Every thing that is not land or that is not permanently attached to
land, and is readily movable.
◉ Bill of Sale. Answer: Instrument that may be used to transfer
ownership of personal property.
,◉ Immobility. Answer: Land cannot be relocated from one place to
another, and contribute to making the market for land a strictly local
market.
Requires brokers to have specific knowledge of their local real estate
market to serve their buyers and sellers.
◉ Permanence. Answer: Aka Indestructibility. Land is a permanent
commodity, and it cannot be destroyed.
Makes land attractive as a long-term investment.
◉ Economic Obsolence. Answer: When changing conditions
adversely affect the value of land.
For example, an interstate highway can radically affect land values.
◉ Uniqueness. Answer: Aka Non-homogeneity or Heterogeneity. No
two parcels are identical.
◉ Specific Performance. Answer: If a seller contracts to sell his real
property, the law does not consider money a substitute for this duty.
, Prevents breaches of contracts where sellers decide to not sell their
property. Financial damages are typically no substitute for specific
performance.
◉ Economic Characteristics of Land. Answer: 1. Scarcity
2. Permanence of Investment
3. Location
◉ Scarcity. Answer: Aka Availability. Land has a fixed supply base.
No additional physical supply of land is being produced to keep pace
with increasing population.
◉ Permanence of Investment. Answer: The physical characteristics
of immobility and indestructibility of land, combined with the
investment of capital and labor to create improvements to the land
and on the land is a long-term investment.
◉ Location. Answer: Aka Situs. Has the greatest effect on property
value. Is a socioeconomic characteristic.
If demand for the area is high, the land will have a substantially
increasing value.
