1 Basic Concepts

Question 1

Physical Characteristics of Land

Answer 1

1. Immobility
2. Indestructibility
3. Uniqueness (Non-homogeneity)

Question 2

Economic characteristics of land

Answer 2

1. Scarcity
2. Location
3. Improvements
4. Permanence if Investment

Question 3

What is real estate?

Answer 3

Land and all things permanently affixed to it.

Question 4

Situs

Answer 4

Societal factors that are related to the location.

Question 5

Appurtenances

Answer 5

Rights/privileges that run with the land.

Question 6

Hereditaments

Answer 6

All land and tenements which can be inherited.

Question 7

Private land use controls

Answer 7

1. Restrictive covenants (HOA)

2. Easements and other restrictions.