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What is Real Estate/Realty/Real Property?
What are the 3 Components of Land Ownership?
Land and everything that is permanently attached to it.
1-Mineral Rights
2- Air Rights
3- Surface (of the Earth) Rights
(These components are separable)
What is Personal Property?
Everything that is readily movable.
What are ECONOMIC Characteristics of Real Property?
Economic
1- scarcity/limited availability
2- permanence of investment
3- location
4- modification by improvement
What Are PHYSICAL Characteristics of Real Property?
Physical
1- immobility (Land cannot be relocated)
2- indestructibility (permanence)
3- heterogeneity (uniqueness)
What is Indestructibility?
Permanence
Land is ...
- permanent
- cannot be destroyed
- maybe altered substantially in topography, but it remains
What is Heterogeneity?
(Non-Homogeneity)
No 2 parcels of land are identical
What is Homogeneity?
Neighborhoods that are alike and made up of similar properties
What is Scarcity?
(An economic characteristic affecting land use)
Availability or lack of availability.
What is Supply and Demand?
The greater the supply of any commodity in comparison with demand, the lower the value will be.
What is Permanence of Investment?
-Location has greatest effect on land
-Modification by improvement
Basically, because land is permanent, it's a good investment (but it fluctuates, and has to be attractive .
E.g. Someone looking for land for a golf course needs hills, but if putting in a swimming pool, flat land is needed.
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