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15 Cards in this Set

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Chattels. Moveable items.
Personal Property
Earth's surfac extending downward to the center of the earth and upward to infinity including things permanently attached by nature, such as water and trees.
Land
Land above and below the earth's surface including things permanently attached to it, whether natural or artifical.
Real Estate
Interest benefits and rights inherent in the ownership of real estate. Bundle of rights.
Real Property
Physical Characteristics of real estate
Immobility Indestructable Uniqueness
Geographic location of any parcel of land can never be changed.
Immobility
Land is permanent.
Indestructibility
No two parcel of land are the same.
Uniqueness
Economic Characteristics
Scarcity
Improvements
Permanence of Investment
Area Preference (Location)
Total supply is fixed.
Scarcity
Any addition or change to land or a building that affects the property value.
Improvement
Once land is improved, the total capital and labor to build the improvment represents a large fixed
Investment
Choice,taste for a given area. Situs.
Location
Will give the owners the greatest actual return on their investment.
Highest and Best use
Public and private controls.
Zoning laws.