Chapter 19: The Real Estate Market Flashcards Preview

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Flashcards in Chapter 19: The Real Estate Market Deck (19):
1

The four agents of production are (CELL):
1.______
2.______
3.______
4.______

Capital
Entrepreneurial ability
Land
Labor

2

Supply of real estate includes vacant properties, under construction, permitted projects, and ______

announced projects

3

_______ is based on price, income, credit, population, and customer preference.

Demand

4

When there are more buyers than sellers, a ______ market exists.

Seller's

5

Each parcel of land is _____ or _____. It is not a homogenous product.

Unique or different

6

Supply and demand in a residential market is thought to be balanced when a vacancy ratio is at ______.

5%

7

The real estate market is ______ in nature.

local

8

The influence of value based on location is called _____.

Situs

9

Combining two or more parcels is called _______.

Assemblage

10

If the combined value of two parcels is greater than their individual value, the increase is known as ______.

Plottage value

11

The real estate market is _____ to respond to demand.

slow

12

Neighborhood life cycle: growth period, stability, decline, and _________.

revitalization

13

Highest and best use is based on 4 criteria: legally permissible, physically possible, financially feasible, and ________.

maximally productive

14

The use that creates the highest return on the land is the _____ and _____ use.

highest and best

15

A ______ market exists when there is excess supply.

buyer's

16

Social, economic, governmental, and environmental forces that affect real estate values are _______.

externalities

17

In relation to real estate, increased productivity relates to greater efficiency in the use of ______.

Labor

18

_______ is when families move into poorer communities and fix them up, outing the poorer residents.

entrification

19

An abundance of for sale and rental signs may indicate a ______ in a neighborhood.

decline