Real Estate - Unit 1
The supply of land is affected by
a government policy
Local factors affecting the number of properies that are marketed include
building codes
Real estate is unique and immobile. This means that
the market adjusts slowly to the forces of supply and demand
A major manufacturer of automobiles announces that it will relocate one of its factories, along with 2000 employees, to a small towm. What effect will this announcement MOST likely havr on the small town's housing market?
Houses will likely become more expensive
A licensed real estate professional acting as a point of contact between two or more people in negotiating the sale, rental, ir purchar of a property is known as
a broker
which factor peimarily affects supply in the real estate market?
Government Policy
The splitting if a single peopery into smaller parcels is called
subdivision
Which of the following statements is TRUE?
It includes many specialized areas and businesses
The most imoortant factor determining how quickly the forces of supply and demand work is
a property's specific geographical location
A real estate firm or an individual real estate professional
rarely performs all the services or handles all classes of property
Mortgae loan originators work in which specialization of the real estate market
Financing
A real estate professional who helps clients chose among the various alternatives involved in purchasing, using, or investing in property is
a real estate counselor
If demand remains steady when the supply of a commodity decreases, the price will
increase
Which of the following factors affects supply?
Monetary policy
When supply and demand for a good or service are roughly balanced, the price of the good or service
remains stable
A factor that affects the supply of real estate but us not usually under government control is
a shortage of skilled labor or building materials
Thr market for each type if real property can be divided into the theee main functions of
buying, selling, and leasing
Detailed information about the age, education, behavior, and other characteristics of members of a population group is called
demographics
The idea that no two parcels of land are exactly alike is called
uniquness
The BEST way for owners to determine the market value of their home is to
get an appraisal
Which facror is MOST likely to influence demand for real estate?
Wage levels and employment opportunities
A licensed real estate broker is permitted tp charge a fee for peoviding services involving real estate EXCEPT
appraising