Unit 2: Real Estate Characteristics and Rights Unit Exam Flashcards

Unit 2: Real Estate Characteristics and Rights Unit Exam Flashcards

Annette really wants to move to San Francisco, but she's unsure whether she'll be able to afford to live there.Housing is very expensive because there simply is no room to build any new housing units. Which economic characteristic does this reflect?Scarcity The right to access ponds, lakes, and other stationary bodies of water is ______ Littoral Which physical characteristic of land addresses the concept that land isn't interchangeable and one piece of land isn't exactly like another?Uniqueness Your neighbor bought rights that will prevent you from ever building above two stories. What type of rights are these?Air Physical characteristics of land include its immobility, indestructibility, and ______.Uniqueness (nonhomogeneity) Which physical characteristic of land addresses the concept that while improvements may deteriorate over time, the land itself cannot be destroyed?Indestructibility Juan has decided to invest his small inheritance in real estate. He is drawn to the fact that he can add a building where there wasn't one previously and immediately increase the value of his investment. Which economic characteristic of real property is this?Improvements Which physical characteristic of land addresses the concept that the geographic location of a piece of land is fixed and can never be changed?Immobility The right to access rivers, streams, and other flowing bodies of water adjacent to a property is called ______.Riparian Property owners who live on or next to water have certain rights. An example of one of these rights includes ______.Littoral Which term would you most likely see associated with a lake?Littoral Which economic characteristic of land contains the concept that a land's value can be affected by the changes made to it, such as construction of a home or shopping center?Improvements Jacob is a developer who purchased 78 acres and had it subdivided into half-acre lots. He decided to install sewer and underground electric for the entire subdivision, because he thinks that he will easily recoup his initial infrastructure investment. This is an example of which economic characteristic of real property?Permanence

Allen and Lewis are friends who each recently purchased real estate. Allen purchased a patio home in a small town an hour from the city, while Lewis purchased a condo in a really hot area near the city center. Although they paid similar amounts for their properties, Lewis' condo is worth much more two years later. Which economic characteristic does this demonstrate?Area preference Hal and Sara own a 212-acre farm. Their property is landlocked, but they have permitted water rights to use the stream located six miles away for irrigation purposes. What kind of water rights do they hold?Prior appropriation