Economic characteristics of real estate Flashcards
(4 cards)
1
Q
Government controls influence the market through ____ , ______ , and ___
A
zoning, building codes, and taxes
These controls can shape the development and use of land, impacting property values.
2
Q
The market is slow/fast to respond to change in supply and demand
A
slow
This slow response can lead to fluctuations in property prices over time.
3
Q
What is situs?
A
the location of a property; area preference
It encompasses not just the property itself but also the surrounding area’s characteristics that influence its value.
4
Q
____ is a primary factor in determining a property’s value. Desirable locations command higher prices.
A
Situs
This indicates that location significantly affects marketability and pricing.
