The Real Estate Market: Characteristics of Real Estate

Question 1

Physical Characteristics Vs. Economic Characteristics

Answer 1

physical characteristics occur naturally while economic characteristics are human-made.

Question 2

Land

Answer 2

The actual piece of the earth, including anything below the surface of the land and the air above it

Question 3

Real estate

Answer 3

Made up of the land AND any improvements attached to it

Question 4

Real Property

Answer 4

Real estate PLUS the bundle of rights that come with ownership of it.

Real property is defined in opposition to personal property.

The land, improvements, and bundle of rights.

Question 5

Property

Answer 5

Anything that can be (or is) owned by someone.

Question 6

Personal Property

Answer 6

Items that can easily be removed form the land.

Question 7

Non-homogeneous

Answer 7

Every parcel of land is unique. There is no parcel of land that is exactly the same as another parcel of land.

Question 8

Perceived Value

Answer 8

The value may be determined by the use of the land

Question 9

Transfer of Ownership

Answer 9

An additional feature of real estate is that the ownership can be transferred without transferring the property to another location.

Question 10

Person in Possession

Answer 10

real estate feature is that the person in possession of the property may not be the owner of the property

Question 11

Portion of the Property

Answer 11

real estate is that someone other than the owner may have the right to use a portion of the property because of an easement that has been granted.

Question 12

easement

Answer 12

the right to use or cross someone else’s land for a specific purpose