CHARACTERISTICS OF LAND

Question 1

accretion

Answer 1

process that results in the gradual increase in land area through deposits of soil by natural forces

Question 2

accession

Answer 2

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.

Question 3

erosion

Answer 3

is the gradual loss of land over time. This most often happens when bodies of water wash away bordering land.

Question 4

reliction

Answer 4

gradual increase in land area when water gradually withdraws

Question 5

avulsion

Answer 5

is 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. Avulsion is caused by water

Question 6

scarcity

Answer 6

is 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

Question 7

situs

Answer 7

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.

Question 8

fixity

Answer 8

real estate exists in a fixed location and cannot be moved

Question 9

illiquidity

Answer 9

is the relative difficulty of converting an asset to cash without loss of value

Question 10

Indestructibility

Answer 10

can’t destroy land

Question 11

Immobility

Answer 11

can’t move land

Question 12

Non-homogeneity

Answer 12

every piece of land is different

Question 13

Modification

Answer 13

the value of land can be affected by human-made changes to the land. I