Characteristics of Real Estate Flashcards
1
Q
Economic Characteristics of Real estate inlcude…
A
Scarcity
Improvements
Fixed investments
Situs
2
Q
Fixed investments
A
Long-range investments including capital investments, labor, improvements, and maintenance
3
Q
Immobility
A
All real estate has a fixed location
4
Q
Improvments
A
Additions to raw lands such as sidewalks, streets, sewers, etc
5
Q
Indestructability
A
The land and the natural landmarks remain even with changes over time
6
Q
Nonhomogeneity
A
Also called heterogeneity. No two parcels of real estate are alike
7
Q
Scarcity
A
Shortage of land in a geographical area where there is a great demand for land
8
Q
Situs
A
An area preference; peoples choice of a given area
9
Q
Topography
A
The nature of the surface of the land, elevation, slope, and orientation
