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Ch 15 EXAM

QuestionAnswer
Which best describes the free enterprise system: a)a market system b) a centralized system c) a socialist system d) a communist system a market system
T/F: Situs value is value resulting from location. False
T/F: Real estate is immobile. False
T/F: Each parcel of real estate is unique. False
T/F: The real estate market is national in nature. True
How does the real estate market react to shifts in consumer demand? a) rapidly b) slowly c) not at all d) thru changes in zoning laws slowly
What market factor will typically result in increased demand? a decrease in prices
In the real estate market, what is a developer considered to be? a supplier
The real estate market experiences changes and cycles. What is the term used to describe the phase of the market where there is note enough demand to meet the current oversupply of available housing units? a buyer's market
Two factors that affect a real estate market are supply and demand. What would be a good indicator of the measure of supply vs demand? the vacancy rate w/in the community
Correctly order the business cycle phases: expansion, trough, peak, contraction expansion, peak, contraction, and trough
In what condition does market equilibrium theoretically exist? when supply and demand are in balance
When estimating supply, it is not necessary to consider ___? price
It has been determined that the value of 3 lots, each having a value of $10k each, is $50k as a single tract parcel. What concept does this illustrate? plottage
___ describes the relatively new phenomenon in which small families move into older neighborhoods, renovate the properties, and displace poorer residents? gentrification
List the correct order in which the criteria for estimating highest and best use should be considered: Physically possible; legally permissible; maximally productive; economically feasible. legally permissible, physically possible, economically feasible, and maximally productive
What might indicate if a neighborhood appears to have an abundance of "For Sale" signs and an unusually high number of rentals available? decline in the neighborhood may be indicated.
What external force affects value is indicated by the number of vacancies in the area? economic
Created by: riverjan1122
 

 



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