CHAPTER 15 REVIEW QUESTIONS

  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 land, labor, capital, and ___ ___.
    entrepreneurial ability
  3. The real estate market can best be described as being ___ and ___.
    inefficient, unorganzied
  4. An economic term used to identify value which results 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
  7. The availability of materials, labor, financing, and land 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 visible "For Sale" signs 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 are an influence on value that can be categorized as a ___ force.
    social
  12. 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
  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 values are called ___.
    externalities
  16. Physically, real estate is characterized as being ___, ___, and ___.
    indestructible, immobile, heterogeneous
Author
mccullochhelen
ID
331992
Card Set
CHAPTER 15 REVIEW QUESTIONS
Description
REVIEW QUESTIONS
Updated