An economic characteristic of real estate is:
Correct Answer
D) Scarcity of land
The economic characteristics are scarcity, improvements, permanence of investment and area preference: they describe land as a commodity with a market. Scarcity of land is the one on this list. Other choices: indestructibility, immobility and uniqueness are the physical characteristics, describing the land itself rather than its market. The split is worth memorising as two lists, because questions are usually built by taking one item from the wrong list.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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An easement by necessity is typically created when a property is in which situation?
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