the characteristics of land actable agent five Flashcards

the characteristics of land actable agent five Flashcards The supply of land is finite. There are no coastal property factories.

Situs:

a gradual increase in land area when water gradually withdraws.Avulsion is modification, or improvability, refers to the fact that the value of land can be affected by human-made changes to the land. If the city decides to build a park in a particular zip code, then the houses that border that park will probably appreciate in value.Human-made changes (modifications) can and will affect the value of land fixity people who invest in real estate. In contrast to investments in personal property, investing in real estate tends to take a lot more money up front and takes a long time to pay off - it's not a liquid asset. It can't be packed up and moved or quickly converted to cash.Because of fixity, investors must carefully AccessionAccretionErosionRelictionAvulsionthese factors are important, as their occurence affects the value of a property, estate ownership, and title.Accession is Land also has economic characteristics that set it apart from personal

property:ScarcitySitusModificationFixityIlliquidity

scarcity is increasing, adding, or coming to possess a right. Think of this as an owner having the right to whatever is produced by what they already own.EXAMPLEgoing back to pick strawberries Accretion is every parcel of land is unique. There is no parcel of land that is exactly the same as another parcel of land.Even two nearly identical lots in a subdivision differ in their position on the Earth. This means that every piece of land is different in some way, making it non-homogenous (this is also referred to as heterogeneity) There are also natural factors that can affect the physical

characteristics of land, These include:

No matter what humans or nature may try to do to a plot of land, it will still be there afterwards. Land can be trashed, flooded, or burned to a crisp, but the land will still exist.land=immobile the economic characteristic that informs the economic principle of supply and demand. The supply of land will never increase, but the demand for land will increase as the population grows. And this is because land is scarce.situs Land is a long-term investment. It can't be moved, and investors must seriously consider a real estate property before purchasing.

Illiquidity:

Situs refers to the economic significance of a property's location. The popular real estate phrase, "location, location, location," is referring to the preferences people have for certain areas. Situs takes into account not only the geographical location of property, but also the economic qualities of that area that make it more or less desirable.modification the process that results in the gradual increase in land area through deposits of soil by natural forces (soil deposited) The soil that gets deposited is also referred to as alluvion as alluvionErosion is the right to all that one's own property produces, including that which is added, either naturally or by human action, to the property already owned. This often comes into play when dealing with crops.Accession can also be defined as One way land is special and separate from personal property is that it has three unique physical characteristics.

They are:IndestructibilityImmobilityNon-homogeneity

land=indestructible Because you can't move land. It's immobile. When a buyer purchases personal property, they can move it to a new location - wherever their little buyer heart desires. When a buyer purchases land, however, they must go to the land.They cannot move the land to where they are.land=nonhomogeneous People prefer land for its location, both for natural (beach) and human-made reasons (good schools).

Modification:

the gradual loss of land over time. This most often happens when bodies of water wash away bordering land.grand canyon Reliction is the relative difficulty of converting an asset to cash without loss of value.It takes time to convert property into cash, and to rush the process, you would likely have to drop the price (and lose value)

Scarcity:

analyze the long-term nature of owning property. Illiquidity is Human-made improvements can affect the value of land (new amusement park nearby).

fixity:

waterThis is not to be confused with alluvion, which is the soil that gets deposited in accretion Land's Economic Characteristics the sudden loss of land by flood or when a stream or river changes course. Because it's a sudden change, no title is lost.One way to remember avulsion is that is sounds like convulsion, which is a sudden movement, and avulsion is the sudden loss of land.Avulsion is caused by Fixity, or investment permanence, refers to the fact that real estate exists in a fixed location and cannot be moved.(This economic characteristic is very similar to the physical characteristic of immobility.) Fixity describes this truth about land (it can't be moved) from an economic viewpoint.Fixity is super important to