Chapter 2 - Part 3

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Author:
kaylyn63
ID:
10385
Filename:
Chapter 2 - Part 3
Updated:
2010-03-14 15:03:23
Tags:
Real Estate Practice
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Description:
Real Property and the Law
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  1. Define heterogeneity or nonhomogeneity.
    Completely different; incongruous.
  2. Method of annexation, adapation to real estate, and agreement between the parties are the legal tests for determining whether an item is

    A. a trade fixture or personal property
    B. a fixture or personal property
    C. an improvement
    D. real propery or real estate
    B. a fixture or personal property
    (this multiple choice question has been scrambled)
  3. The term nonhomogeneity refers to
    A. scarcity
    B. immobility
    C. uniqueness
    D. indestructibility
    C. Uniqueness
    (this multiple choice question has been scrambled)
  4. Laws that affect real estate include...
    • State laws regarding contracts, property, agency and real estate licensing
    • State and local land-use and zoning laws
    • Federal and state environmental and tax laws
  5. Permanence of investment refers to the ______________ and _____________ used to build an improvement which represents a large fixed investment.
    capital and labor
  6. 3 Physical Characteristics of Real Property
    • Immobility
    • Indestructibility
    • Uniqueness
  7. 4 Economic characteristics of real property...
    • Scarcity
    • Improvements
    • Permanence of Investment
    • Location
  8. Uniqueness (a physical characteristic of real property) refers to the fact that ......
    no two parcels are ever exactly the same.
  9. Immobility (a physical characteristic of real property) refers to the fact that the _______________ _______________ of any given parcel of land can never be changed. It is immobile.
    geographic location
  10. Area preference or situs (location, location, location) does not only refer to geography. Rather is refers to people's ________________ for one area over another based on a number of factors.
    preference
  11. Why is scarcity an economic characteristic of real estate?
    • 1. Only about a quarter of the earth's surface is dry land.
    • 2. Land is not limitless.
    • 3. the supply of land in a given location or of a particular quality is generally considered to be finite.

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