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A good balance between supply and demand for residential real estate is indicated when the vacancy rate is approximately ___.
5%
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The four factors of production include land, labor, capital, and ___ ___.
entrepreneurial ability
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The real estate market can best be described as being ___ and ___.
inefficient, unorganzied
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An economic term used to identify value which results from the location of a parcel of land is ___.
situs
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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
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The use that creates the highest value to the land is its ___ and ___ use.
highest and best
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The availability of materials, labor, financing, and land are all associated with the ___ of real estate.
supply
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Population, credit, income, and consumer preferences are related to the ___ for real estate.
demand
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The real estate market is ___ to respond to changes in supply or demand.
slow
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Many visible "For Sale" signs and an increased number of rentals may indicate the neighborhood has entered a period of ___.
decline
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Immigration and emigration into and out of a neighborhood are an influence on value that can be categorized as a ___ force.
social
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The real estate business cycle has four phases with no beginning or end. When at its peak, the subsequent phases, in order, would be ___, ___, and ___.
contraction, trough, expansion
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A ___ market exists when there is an excess of demand over supply.
seller's
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Price and demand are ___ related.
inversely
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The social, economic, governmental, and environmental forces that affect real estate values are called ___.
externalities
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Physically, real estate is characterized as being ___, ___, and ___.
indestructible, immobile, heterogeneous
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