Ch 2 Physical and Economic characteristics of Land

Question 1

3 Physical properties of Land

Answer 1

• Immobility
• Indestructibility
• Nonhomogeneic

Question 2

Immobility

Answer 2

Land is physically in mobile
- can’t be moved

Question 3

Indestructibility

Answer 3

Land can’t be destroyed
- value = changing conditions which can be destroyed but physically land goes on forever.

Question 4

Non-homogeneity (heterogeneity)

Answer 4

Land and improvements are not standardized or homogenous

Question 5

5 Economic characteristics of land

Answer 5

• Scarcity
• Area preference SITUS
• Production
• Assemblage

Question 6

Scarcity

Answer 6

Limited supply of land

Question 7

Area Preference or SITUS

Answer 7

Economic term that refers to the economic quality of a parcel of real estate
- IMPORTANT characteristic of land

Question 8

SITUS consists of 2 factors:

Answer 8

certain locations are more preferable than others
- real estate is immobile

Question 9

Performance of improvements

Answer 9

Permanece of improvements combined with the immobility of the underlaying land.

Question 10

Production

Answer 10

Development of land and construction of improvements.

Question 11

Assemblage

Answer 11

Concept of combining 2 or mor contiguous parcels of real estate into a single parcel under one ownership