ADMS 3810 Lecture 1: ADMS 3810 Lecture 1

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27 Apr 2018

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ADMS 3810

Lecture 1

Overview of real estate

Property is things that are capable of ownership

Real property (Real Estate) consist of physical land plus structures and

other improvements that are permanently attached

Bundle of Rights

1. Right of possession

2. Right of Control

3. Right of enjoyment

4. Right of disposition

5. Right of exclusion

6. Right of destroying or injuring property

Feature of real estate asset

• Physical Feature

o Immobility is at fixed location can’t be moved

o Unique location ( heteroneneity) parcel of real estate has a

location cannot be duplicated

o Indestructibility is that it last for a very long time

• Economic Feature

o Scarcity : every location is unique, only certain parcels

can satisfy the requirements of a particular project or

investment. So even though no absolute shortage of lands

exists, land for a particular purpose,at a particular time,

may be quite scarce.

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