Chapter 19: The Real Estate Market (FITB) Flashcards Preview

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Flashcards in Chapter 19: The Real Estate Market (FITB) Deck (16):
1

A good balance between supply and demand for residential real estate is indicated when the vacancy rate is approximately ____.

5%

2

The four factors of production include ____, ____, ____ and ____.

capital, entrepreneurial ability, land and labor.

3

The real estate market can best be described as being ____ and ____.

inefficient and unorganized

4

An economic term used to identify value resulting from the location of a parcel of land is ____.

situs

5

If two or more parcels have a greater value as a single tract than the sum of their individual values as separate sites, their combination results in ____ value.

plottage

6

The use that creates the highest value to the land is its ____ and ____ use.

highest and best use

7

Cost, materials, labor and productivity are all associated with the ____ of real estate.

supply

8

Population, credit, income and consumer preferences are related to the ____ for real estate.

demand

9

The real estate market is ____ to respond to changes in supply or demand.

slow

10

Many for sale signs visible and an increased number of rentals may indicate the neighborhood has entered a period of ____.

decline

11

Immigration and emigration into and out of a neighborhood is an influence on value that can be categorized as a ____ force.

social

12

____ is the first stage in the business cycle.

expansion

13

A ____ market exists when there is an excess of demand over supply.

seller's

14

Price and demand are ____ related.

inversely

15

The social, economic, governmental and environmental forces that affect real estate value are called ____.

externalities

16

Physically, real estate is characterized as being ____, ____ and ____.

indestructible, immobile and heterogeneous

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