Real Estate 101 - Characteristics of Land S1, Ch2 Flashcards

Real Estate 101 - Characteristics of Land (S1, Ch2) Flashcards The economic quality of a parcel of real estate What is the most important economic characteristic of land?1) Scarcity2) Area Preference or Situs3) Permanence of Improvements4) Production5) Assmeblage Scarcity IndestructibilityNon-homogeneity (heterogeneity) The uniqueness of the landWhat are the economic characteristics of land?The three physical characteristics of land. 1) Immobility2) Indestructibility3) Non-Homogeneity (Heterogeneity) The development of land and the construction of improvements Assemblage A limited supply on landSitus Long-TermProduction To combine two or more parcels of real estate into a single parcel under one ownership Plottage ImmobilityNot movable SitusPermanence of Improvements