Scarcity, Modification, Fixity, and Situs Flashcards

Scarcity, Modification, Fixity, and Situs Flashcards fixityAlso called Investment permanence, means that land buildings and other improvements require long period of time to pay for themselves HomogenousGoods like oil wheat lumber. Stocks and bonds The amount of the property in its current state should sell for on open market.Market Price The Fifth AmendmentNo person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.modificationAlso called improvements are man made developments made to real property. Modifications greatly influence land use and value. They can be anything from apartments to airports, schools to sewers, farms to factories.Fair housing Actit is unlawful to discriminate on the basis of race, color, religion, sex, handicap, familial status, or national origin.ScarcityShortage of land in a given geographical area where there is a great demand for land.The fifth amendmentNo Private property be taken from them without just compensation, NonhomgeneityNo two parcels of land are exactly alike. Land is unsubstitutable capital gains tax law.Market Value situsLocation preference, location from economic rather than geographic standpoint.