What does fungible mean in real estate?
Bobbie Callahan, Real Estate Agent Raleigh Custom Realty. Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the class.
What does it mean when a person is fungible?
Fungible is a word used to describe workers who are “virtually indistinguishable from others” in terms of the value of their contributions in the workplace.
What does it mean for power to be fungible?
Fungibility is the ability of a good or asset to be interchanged with other individual goods or assets of the same type. Fungible assets simplify the exchange and trade processes, as fungibility implies equal value between the assets.
What does fungible mean in law?
Primary tabs. Fungible things are items that can be easily replaced with another item that is practically the same, such as wood or paper currency. Often, whether or not an item is fungible will impact how damages will be calculated for breaches of contract or the destruction of an item.
What are examples of fungible goods?
Commodities, common shares, options, and dollar bills are examples of fungible goods. Assets like diamonds, land, or baseball cards are not fungible because each unit has unique qualities that add or subtract value.
Is real property fungible?
In short, real estate is not a fungible commodity. “Capable of being exchanged or interchangeable; a fungible commodity is relatively indistinguishable from other items within the same category, e.g., units of currency.”
What is another word for fungible?
What is another word for fungible?
| exchangeable | switchable |
|---|---|
| substitutable | changeable |
| convertible | swappable |
| transposable | replaceable |
| interconvertible | reciprocal |
Are houses fungible?
Examples of Fungible assets in a sentence Fungible assets are individual units that are interchangeable (e.g., company share and gold), while non-fungible assets represent unique assets (e.g., cars, patents, houses).
Where does the term fungible come from?
Fungible—which derives from the Latin verb fungi, meaning “to perform” (no relation to the noun “fungus” and its plural “fungi”)—is a word that often shows up in legal contexts. Something fungible can be exchanged for something else of the same kind.
What is the meaning of non-fungible?
Definition of non-fungible token : a unique digital identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership (as of a specific digital asset and specific rights relating to it) Non-fungible tokens …
What are fungible goods?
According to Article 415 of the NAFTA, fungible goods are goods that are interchangeable for commercial purposes, and have essentially identical properties.
What is fungible item?
Fungible refers to something that cannot be distinguished from another thing, it is interchangeable, substitutable or uniform.