Principles of Real Estate 1: Chapter 1 Introduction to Real Estate

Principles of Real Estate 1: Chapter 1 Introduction to Real Estate

Flashcards statutory lawthe bod of laws and regulations enacted by federal and state legislative bodies.scarcitycomes from the theory of supply and demand. When there is a shortage of something that individuals want, the price goes up.modificationrefers to the fact that value is affected by man made changes to the land. These changes can be on the land itself or offsite.immobilityrefers to the fact that land cannot be moved. When personal property is purchased, the buyer can move it to a new location. When land or rights in land are purchased, the owner must go to the land.fixityrefers to the fact that land, and additions to the land such as buildings, take long periods of time to pay for themselves. Also refers to the fat that land cannot be moved, but is fixed in location.indestructibility or durabilityrefers to the fact that land cannot be destroyed. It remains no matter what happens to it. It may go under water, become a crater, or be added to. In in any case, the land will still be there.common lawa body of law developed in England and based upon "common sense" and local custom.nonhomogeneityrefers to the fact that no two parcels of land are the same Even two identical looking lots in a subdivision at least differ in their position on the earth. Each parcel of land is unique.economic charactaristics of landscarcity, modification, fixity, situs situsrefers to the location of the property or land from an economic, not a geographic, viewpoint. "Location, location, location". Climate, views, access to natural recreation, as well as schools, job opportunities, and transportation will all be important. This characteristic may may change over time as society changes and different lifestyles prevail.physical characteristics of landindestructibility or durability, immobility, nonhomogeneity