Real Estate Exam [National] 04, Physical Characteristics of Land Explained

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. This episode covers content for the National Real Estate Exam. In this episode you will learn: • Immobility ensures that land transactions are always governed by the laws of the jurisdiction where the land is located. • Indestructibility is the physical characteristic that prevents land from being depreciated for tax purposes. • Uniqueness, also known as non-homogeneity, is the legal basis for the remedy of specific performance in real estate contracts. • The mnemonic I I U helps candidates distinguish physical characteristics from economic ones like situs and scarcity. • National exam questions often use the term non-homogeneity to test a candidate's understanding that no two parcels of land are identical. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep