Unit 1 RECA Final Exam Study Guide Test.
Define real estate - CORRECT ANSWER refers to land and fixed improvements to land (permanent)
What are the building classifications - CORRECT ANSWER Residential
Commercial
Retail
Institutional
Agricultural
Real Estate Sectors/Property Type...
Define real estate - CORRECT ANSWER refers to land and fixed improvements to land (permanent)
What are the building classifications - CORRECT ANSWER Residential
Commercial
Retail
Institutional
Agricultural
Real Estate Sectors/Property Types - CORRECT ANSWER Residential
commercial rural
property management
characteristics that identifies real estate as limited resource - CORRECT ANSWER scarce
characteristic that defines real estate as indestructable - CORRECT ANSWER durable
real estate as immobile - CORRECT ANSWER fixed
parcels of land being different from eachother - CORRECT ANSWER unique
characteristics that describe how transactions are handled between buyer and seller - CORRECT
ANSWER private
charactersitics that identifies the slow response of these 2 market forces - CORRECT ANSWER supply and
demand
, identifies the inability to market properties for all areas of real estate in a universal approach - CORRECT
ANSWER standardized
real estate occuring in a defined area - CORRECT ANSWER local
charactersitcs of economic growth - CORRECT ANSWER natural resources
capital
rate of savings
tech progress
real estate effects the economy - CORRECT ANSWER housing starts
real estate sales
building permits issued
vacancy rates and occupancy rates
factors of production - CORRECT ANSWER land, labor, capital, entrepreneurship
non price determinants of supply (CSENP) - CORRECT ANSWER costs of production
state of techology
expectations of producers
number of supplies to the market
government taxes and subsidies
non price determinants of demand (CACCP) - CORRECT ANSWER consumers expectations
available credit
consumer disable income
consumer tastes and preferences
price substitutes or comprementary product
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