Section 3 Unit 1 Lesson 2 Categories of Real Estate Characteristics

Section 3 Unit 1 Lesson 2 Categories of Real Estate Characteristics Flashcards The concept that there's a finite amount of land Scarcity A property's value is impacted by where it's situated and how interested people are in buying or living in the area Location or area preference The geographic location of a piece of land is fixed; it can never be changed.Immobility ImprovementsEconomic characteristics ImmobilityPhysical characteristics IndestructabilityPhysical characteristics While improvements may deteriorate over time, the land itself can't be destroyed.Indestructability A land's value can be affected by the changes that are made to it Improvements Land isn't interchangeable. One piece of land isn't exactly like another.Uniqueness ScarcityEconomic characteristics What are two primary categories of real estate characteristics?economic & physical UniquenessPhysical characteristics Involves improvements, such as sewer, roads, and utilities, that are long-term, stable investments with relatively stable returns over time Permanence of investment Permanence of investmentEconomic characteristics