Term
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Definition
| Land, improvements attached to the land, and the rights to use them. |
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Term
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Definition
| A right or interest in things of a temporary or movable nature; anything not classed as real property- Chattel, Personalty. Ownership is transferred by a Bill of Sale |
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Term
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Definition
| Personal property tht has been attached in such a way as to amke it real property. The word "installed" often indidcates a permanent attachement. The process of attaching may also be called annexation. The process of real property becoming personal will be described by the term "severed", or severance. Improvements to rental property by tenants generally become fixtures, or part of the property, and remain at the end of the lease. |
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Term
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Definition
| Required to carry out a business, they may be removed from leased property prior to the termination of the lease. If trade ficxtures are not removed prior to the termination of th lease, they beocme real property and pass to the landlord. Aquiring property in this way is called accession. |
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Term
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Definition
| No two pieces are exactly alike. |
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Term
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Definition
| Land cannot be moved. A person must go to the land. |
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Term
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Definition
| Durability- It will always be there. |
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Term
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Definition
| In short supply where demand is great- (a lot in Manhattan is more valuable than a lot in upstate New York.) Scarcity is usually based on geographic considerations. |
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Term
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Definition
| Land use and value are greatly influenced by improvements made by man to land and to surrounding parcels of land. |
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Term
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Definition
| Land and buildings and other improvements to land ae considered fixed or permanent investments- they are not liquid assets. |
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Term
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Definition
| Location preference, or location from an economic rather than a geographical standpoint. (this can change ovr time as people cahnge.) |
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