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Nature of Property

Description

Professional 127.241 Mind Map on Nature of Property, created by Eve Prouse on 26/05/2015.

Mind Map by Eve Prouse, updated more than 1 year ago

	Created by Eve Prouse over 9 years ago

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Resource summary

Nature of Property

Physical Characteristics
1. 1. Land
  1. Shape, size, topography, views, exposure to sunlight, winds
  2. Soil richness & load bearing capacity
  3. Value depends on:
    1. Cost making land productive
    2. Profitability for intended use
    3. Cost of purchase in comparison
2. 2. Improvements
  1. 'to' & 'on' land --> value
  2. Controls & conformity
  3. Improvements should max. value
Institutional Characterics
1. Legal Rights
2. Constraints & controls e.g. RMA
Economic Characteristics
1. Immobile/fixed
2. Services' limited to geographic area
3. Thin trading makes trends hard to spot
4. Heterogeneous
5. Large deposit
6. Durability (permanence)
7. Scarcity
8. Uproductive alone
9. Value is residual

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