·       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