Key Terms Characteristics Of Land

Question 1

Accretion

Answer 1

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

Question 2

Accession

Answer 2

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

Question 3

Erosion

Answer 3

Loss of land over time

Question 4

Reliction

Answer 4

A gradual increase in land area when water gradually withdraws

Question 5

Avulsion

Answer 5

The sudden loss of land by flood or when a stream/river change course

Question 6

Scarcity

Answer 6

The economic characteristic that informs the economic principle of supply and demand

Question 7

Situs

Answer 7

The economic significance of a property’s location

Question 8

Fixity

Answer 8

Refers to the fact that real estate exists in fixed location and cannot be moved; describes this truth about land from an economic viewpoint

Question 9

Illiquidity

Answer 9

The relative difficulty of converting an asset to cash without loss of value