Textbook Problem

Land, including permanent improvements on that land, is known as ___________. (14-1)

To determine

To fill: The blank space in the statement. “Land, including the permanent improvements on that land is known as ______”.

Answer to Problem 1CR

Solution:

The complete statement is, “Land, including the permanent improvements on that land is known as real estate”.

Explanation of Solution

Real estate is defined as land including air above and land below.

All the permanent transformation done on the land like building houses, apartments, hotels, shopping complex or any other real property comes under real estate.

Thus, land, including the permanent improvements on that land is known as real estate.