Real Estate Section 1 Chapter 2 Flashcards

Real Estate Section 1 Chapter 2 Flashcards Economic Characteristics of LandScarcityArea preference or situsPermanency of improvementsProductionAssemblage Because investments in real estate tend to be long-term, the real estate market is slow to respond to changes in demand. True or False?True ProductionRefers to the development of land and the construction of improvements. Land development refers to changing/altering the landscape Two real estate developers are working on similar but competing commercial developments. Both projects are finished at approximately the same time and are of similar quality and purpose. Which of the following would most likely characterize the reasons that one succeeds while the other fails?Situs AssemblageThis economic term refers to the concept of combining two or more contiguous parcels of real estate into a single parcel under one ownership Physical Characteristics of LandImmobilityIndestructibilityNonhomogeneity (uniqueness) AccretionThe accumulation of soil on an owner's property caused by the movement of water Merging two or more properties into common ownership is known as _____, while any increase in value that results is known as _____.Assemblage; plottage