Level 1: The Characteristics of Land

Question 1

Indestructibility

Answer 1

Land is indestructible

Question 2

Immobility

Answer 2

Land is immobile

Question 3

Non-homogeneity

Answer 3

every piece of land is different in some way

Question 4

Forces of Nature - Accession

Answer 4

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 5

Forces of Nature - Accretion

Answer 5

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

Question 6

Forces of Nature - Erosion

Answer 6

the gradual loss of land over time

Question 7

Forces of Nature - Reliction

Answer 7

gradual increase in land area when water gradually withdraws

Question 8

Forces of Nature - Avulsion

Answer 8

sudden loss of land by flood or when a stream or river changes course

Question 9

Economic Characteristics - Scarcity

Answer 9

the supply of land will never increase, but the demand for land will increase as the population grows

Question 10

Economic Characteristics - Situs

Answer 10

economic significance of a property’s location

Question 11

Economic Characteristics - Modification

Answer 11

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

Question 12

Economic Characteristics - Fixity

Answer 12

real estate exists in a fixed location and cannot be moved

Question 13

Economic Characteristics - Illiquidity

Answer 13

converting an asset to cash without loss of value

Question 14

Economic Characteristics