Types of Property

Question 1

What are the two main types of property in real estate?

Answer 1

Real and Personal property

Question 2

What is real property?

Answer 2

Real property mainly refers to the land and things or items that are permanently attached to it (plants, ground minerals, buildings). Any fixture that causes damage to the property when it is moved is considered a real piece of property.

Question 3

What is personal property?

Answer 3

Personal property is more tangible and moveable, such as furniture, swing sets or mobile fixtures.

Question 4

With ____ property, the owner has more rights to its surrounding areas such as surface rights or air rights.

Answer 4

Real

Question 5

______ property does not include many rights to the land and subpart rights.

Answer 5

Personal property

Question 6

What are the physical characteristics of land?

Answer 6

Immobility
Indestructibility
Non-homogeneity

Question 7

What are the economic characteristics of land?

Answer 7

Scarcity
Improvements
Permanence
Situs

Question 8

Define permanence.

Answer 8

Permanece: Also known as ‘fixity’, permanence refers to the lasting potential of land or property.

Question 9

Define situs.

Answer 9

Situs: Situs is the knowledge that some owners prefer specific locations, which can drive the value of the property up or down.