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Questions and Answers
What is the economic perspective on land?
Land is considered a natural resource, but it can also be man-made. It is regarded as a good or commodity and is needed either as a consumption good or a factor in economic sense.
What are the five determinants of urban land value?
Accessibility, Amenity, Topography, Utilization, Historical Factors
How is land defined from a legal perspective?
In legal sense, land includes any ground, soil, or earth that can be owned, and everything annexed to it. It can also extend vertically upward or downward.
What is the solid portion of the Earth's surface and why is it problematic?
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What are the limitations of land ownership in legal sense, both upward and downward?
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Study Notes
Determinants of Urban Land Value
- Accessibility: Proximity to transportation networks and ease of reaching locations influence land value significantly.
- Amenity: The presence of parks, schools, shops, and other community features increases desirability and therefore land value.
- Topography: Physical characteristics of the land, such as elevation and slope, affect construction viability and drainage, impacting its market value.
- Utilization: Current and potential uses of the land (residential, commercial, industrial) play a critical role in determining its value.
- Historical Factors: The historical significance and development trends of an area can enhance or diminish land value.
Definition and Perspectives on Land
- Common Sense Definition: Land is often considered as the solid portion of the Earth’s surface, though not all land is suitable for construction.
- Utility: A significant amount of Earth's surface is deemed practically useless for development.
Legal Perspective
- Legal Definition: Encompasses ground, soil, or earth that can be owned, including everything attached to it.
- Vertical Rights: Property rights extend both upward for constructions (following zoning laws) and downward for excavation; however, depth has limitations.
- Use Rights: Individuals can exercise rights over a limited portion of land vertically, impacting construction and utilization choices.
Economic Perspective
- Natural Resource: Land is viewed as both a natural resource and man-made commodity.
- Economic Value: Considered an essential good, land serves as both a consumption good and a production factor in economic contexts.
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Description
Test your knowledge of urban land value determinants and legal perspectives in this quiz. Explore the five determinants of urban land value, including accessibility, amenity, topography, utilization, and historical factors. Gain insights into the legal perspective of land and its various attributes.
