Physical and Economic Characteristics of Land Flashcards

Physical and Economic Characteristics of Land Flashcards immobilityindestructibility andnonhomogeneic (unique)immobility development in construction of improvements assemblage land is physically immobile and cannot be moved from one location to another.indestructibility scarcity, area of preference (situs), permanency of improvements, production, assemblage Scarcity due to the unique nature and characteristics of its commodity

• physical characteristics of land

method of attachment, adaptation, agreement between parties and relations between the parties.

• types of water rights

reasons the market responds slowly to respond to changes in supply.production combining two or more contiguous parcels of real estate into a single parcel under one ownership.plottage value Real EstateReal Property land cannot be destroyed. Its value may be destroyed by changing conditions but physically land goes on forever.Nonhomogeneic air rights, surface rights, subsurface rights and improvements.four tests of a fixture situsimmobility of underlying land makes the real estate market less flexible than other markets. investments in land and permanent improvements may take a long time Land and improvements are not standardized or homogeneous. Every property is unique.Economic Characteristics of Land riparian, littoral, prior appropriationTrue Real estate is very different from markets for other commodities such as stocks, bonds and farm products.Why is the real estate market not a centrally organized market exchange there is a limited supply of land. The concept derives from the face that land is fixed and can never be increased.Situs Area of Preference. Consisting of two factors1. certain location are more preferable than others2. real estate is immobile what could cause two very similar parcels to have very different economic values No parcel of land is exactly like any other True