Colibri Real Estate Chapter 4 Unit 1 Questions and Answers 100% Pass

Colibri Real Estate Chapter 4 Unit 1 Questions and Answers 100% Pass What five economic characteristics affect the value of land in the marketplace? - Answer- Demand Utility Scarcity Transferability Situs What are the three physical characteristics of land? - Answer- Immobile or permanent Indestructible Non-homogeneous or unique Explain the differences between the legal concepts of land and real estate. - Answer- Land encompasses the surface of the earth, whatever is below the surface, whatever is above extending into space, and every natural thing that is permanently attached to the earth. Real estate includes all this plus all man-made things permanently attached to the earth. Define special purpose real estate and give an example. - Answer- Property that has a unique use to the persons who own and