Question

Jacob is a developer who purchased 78 acres and had it subdivided into half-acre lots. He decided to install sewer and underground electric for the entire subdivision, because he thinks that he will easily recoup his initial infrastructure investment. This is an example of which economic characteristic of real property

Answer 1

The example of economic characteristic of real property is : Permanence

What is permanence?

Permanence refers to the retention of properties such as strength over extended periods. It is due to the physical characteristics of the asset which is indestructibility and immobility.

With regards to the above, real estate transactions are complex and large amounts of money are involved hence they are not made often.

Other economic characteristic of real property are :

• Scarcity
• Improvements
• Area preference

Hence, an example of economic characteristic of real property with respect to the above is permanence.

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