Flashcards in Chapter 19: The Real Estate Market Deck (19)
The four agents of production are (CELL):
Supply of real estate includes vacant properties, under construction, permitted projects, and ______
_______ is based on price, income, credit, population, and customer preference.
When there are more buyers than sellers, a ______ market exists.
Each parcel of land is _____ or _____. It is not a homogenous product.
Unique or different
Supply and demand in a residential market is thought to be balanced when a vacancy ratio is at ______.
The real estate market is ______ in nature.
The influence of value based on location is called _____.
Combining two or more parcels is called _______.
If the combined value of two parcels is greater than their individual value, the increase is known as ______.
The real estate market is _____ to respond to demand.
Neighborhood life cycle: growth period, stability, decline, and _________.
Highest and best use is based on 4 criteria: legally permissible, physically possible, financially feasible, and ________.
The use that creates the highest return on the land is the _____ and _____ use.
highest and best
A ______ market exists when there is excess supply.
Social, economic, governmental, and environmental forces that affect real estate values are _______.
In relation to real estate, increased productivity relates to greater efficiency in the use of ______.
_______ is when families move into poorer communities and fix them up, outing the poorer residents.