· Physical Characteristics of real property
o Immobility
§ Can’t be relocated
o Indestructibility (permanence); and
§ Can’t be destroy
o Nonhomogeneity(uniqueness).
§ No two parcels of land are identical. In agricultural land, fertility varies from location to location. In urban real estate, accessibility and zoning differ.
· Economic Characteristics of real property
o Scarcity or limited availability
§ Land is a commodity that is in fixed supply; no additional supply of land is being produced to keep pace with the ever-increasing population and not all land is suitable for human use
o Permanenceof investment; and
o Improvement by modification