Characteristics of land – land is broken down into two categories: physical characteristics of land and economic characteristics of land. You will need to be familiar with both. Key real estate terms you should know once you’ve completed this video:

*Real Estate Key Terms*
Immobility: Land in a fixed location
Indestructibility: Land can’t be destroyed
NonHomogeneity: No two parcels of land are alike
NonFungible: Can’t substitute one parcel of land for another
Scarcity: Supply and demand of a parcel of land
Situs: The location of a parcel of land
Durability: Improvements made to a parcel of land
Specific Performance: A rememdy in court to force a party to “specifically perform” with the terms of a contract

* Principles & Practices Students – Page 16 of your textbook *
Best of luck with your studies…

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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.

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