Categories of real estate characteristic Flashcards
What are two primary categories of real estate characteristics?
Economic
Material
Substantive
Physical
Economic and physical
What real estate characteristic is scarcity?
Economic
What real estate characteristic is improvements?
Economic
What real estate characteristic is performance of investment?
Economic
What real estate characteristic is in mobility?
Physical
What characteristic is indestructibility?
Physical
What real estate characteristic is uniqueness?
Physical
What is physical characteristic in real estate?
Whether or not it can be changed or destroyed
What is an economic characteristic in real estate?
Location or area preference
What is the concept that there is a finite amount of land?
Location or area preference
Permanence of investment
Scarcity
Improvements
Scarcity
What is: A land value that can be affected by the changes that are made to it?
Location of area preference
Permanence of investment
Scarcity
Improvements
Improvements
What is; involves improvements such as sewer, roads, utilities, that are long-term, stable investments, with relatively stable, returns overtime?
Location or area preference
Performance of investment
Scarcity
Improvements
Performance of investment
What is; A properties value is impacted by where is situated and how interested people are in buying or living in the area?
Location or area preference
Permanence of investment
Scarcity
Improvements
Location or area preference
What is the physical characteristic of the geographic location of a piece of land that is fixed and it could never be changed?
Uniqueness
Immobility
Indestructibility
Immobility
What is the physical characteristics while improvements may deteriorate over time, the land itself can’t be destroyed.
Uniqueness
Immobility
Indestructibility
Indestructibility
What is the physical characteristic of land that isn’t interchangeable. One piece of land isn’t exactly like another.
Uniqueness
Immobility
Indestructibility
Uniqueness
Real property
Real estate, plus the entrance, benefits, and write included with ownership.
Example, real property can be segmented into a bundle of rights, with each rights sold separately, two different owners.
What are Economic characteristics that impact the value of land?
Scarcity
a value will likely be greater than if it is plentiful.
Improvements
Making something better in real estate
Permanence of investment
infrastructure improvements, such as roads, underground water, water with natural gas electric installation
Location or area preference
example land by a river might be in high demand.
What are physical characteristics in real estate?
Immobility
The geographic location of land that can never be changed
Indestructibility
The land itself cannot be destroyed
Uniqueness
A piece of land will not be exactly like another.
What are specific characteristics not found and personal property?
Immobility
Uniqueness, one parcel piece of land that will not be exactly like another
Scarcity
Permanency and indestructibility
Illiquidity not easy to convert to cash
