Alabama CE Shop Real Estate Unit 2
Vocabulary Questions with Correct
Answers
Scarcity - ANSWERSif land is scarce, it's value will likely be greater than if it is plentiful
Improvements - ANSWERSanything added to the land which benefits the land, such as
a building, driveway, etc.
Permanence of Investment - ANSWERSThe cost and nature of infrastructure
improvements (roads, underground water, wastewater, natural gas, or electric
installations) are sizeable and can't be easily reversed, and these infrastructure
investments have relatively stable returns over time
Location or Area Preference - ANSWERSa property's value is in large part dependent
on its situs (location)
Immobility - ANSWERSthe geographic location of land is fixed; it can never be changed
Indestructibility - ANSWERSwhile improvements may deteriorate over time, the land
itself cannot be destroyed
Uniqueness - ANSWERSone parcel will not be exactly like another
Non-Homogeneity - ANSWERSUniqueness, the inability to exactly replicate something.
Legal Description - ANSWERSA method of identifying a property in written words that
allows for an unambiguous interpretation of a property's boundaries and location
Survey - ANSWERSa blueprint or map showing measurements, boundaries, and area
of a property; sometimes required by lenders to ensure that no encroachments exist
Vocabulary Questions with Correct
Answers
Scarcity - ANSWERSif land is scarce, it's value will likely be greater than if it is plentiful
Improvements - ANSWERSanything added to the land which benefits the land, such as
a building, driveway, etc.
Permanence of Investment - ANSWERSThe cost and nature of infrastructure
improvements (roads, underground water, wastewater, natural gas, or electric
installations) are sizeable and can't be easily reversed, and these infrastructure
investments have relatively stable returns over time
Location or Area Preference - ANSWERSa property's value is in large part dependent
on its situs (location)
Immobility - ANSWERSthe geographic location of land is fixed; it can never be changed
Indestructibility - ANSWERSwhile improvements may deteriorate over time, the land
itself cannot be destroyed
Uniqueness - ANSWERSone parcel will not be exactly like another
Non-Homogeneity - ANSWERSUniqueness, the inability to exactly replicate something.
Legal Description - ANSWERSA method of identifying a property in written words that
allows for an unambiguous interpretation of a property's boundaries and location
Survey - ANSWERSa blueprint or map showing measurements, boundaries, and area
of a property; sometimes required by lenders to ensure that no encroachments exist
