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Define capitalism.
Capitalism is a social and economic system where capital assets are mainly owned and controlled by private individuals, where labor is purchased by wages, and capital gains go to private owners.
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Briefly explain how government actions impact real estate trends.
By increasing or decreasing interest rates, the Federal Reserve can effectively slow down or speed up growth within the country. Typically, lower interest rates and taxes encourage spending and economic growth. Higher interest rates and taxes usually deter spending and result in a fall in market prices.
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List four trends that started to appear early in the 2010 decade.
- There has been an increased demand for rental units.
- There are fewer foreclosure bargains.
- The property management business is very attractive.
- Banks have been reluctant to make construction loans.
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What happens when the interest rate needed to finance a house is lowered?
The price at which a home buyer can afford to purchase it is raised.
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What types of homes are empty nesters looking for?
They are looking for one-level homes close to shopping, health care facilities, and restaurants.
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List five projections or trends as reported in "America's Home Forecast…" (Additional answers can be found on pages #11, #12, and #13.)
- Conventionally-built, single-family homes will account for about 72 percent of total new housing units.
- The dollar volume of housing production will grow in tandem with the overall economy.
- Homeownership rate will increase over the next decade.
- America’s families will likely need 125 million mortgage loans for home purchase or refinance.
- The funds to support mortgage originations will primarily come from the sale and securitization of loans in the secondary market.
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What are the top features home buyers want in their next home purchase?
Energy efficiency, organization and storage options, laundry room, linen closet in the bathroom, garage storage, walk-in pantry.
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What is the pattern of a typical real estate cycle?4
Upturn, downturn, slump, new cycle
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What are the guidelines that apply to housing costs based on supply and demand?
- A 1-4 months’ supply creates a sellers’ market and home appreciation is positive.
- A 5-6 months’ supply creates a balanced market. During this period, homes appreciate at a rate a little greater than inflation.
- A 7-8 months’ supply creates a buyers’ market where the number of homes for sale exceeds the demand. Home depreciation follows.
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Briefly explain how technology has impacted the real estate profession.
Through the use of technology, real estate professionals have developed creative ways to draw consumers into their information and communication networks and provide consumers with more information than ever before.
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How does texting respond to real estate consumers' needs?
Texting responds well to consumer demand for instant information and is a significant time saver.
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What do some believe is the number one reason for a brokerage to have their own website?
Giving the consumer the ability to search for and locate property
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Why has cloud computing become so valuable?
Date is not on one computer's hard drive but is accessible from any computer or mobile device through a wireless internet connection.
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What are three major social media networks, and what are the guidelines professionals should use when posting to any of these networks?
- Facebook, Twitter, and Linkedin
- Posters should only include information that is brief with a purpose, informative to the customer/client, and provides a consistent resource for the type of information being posted.
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There are four key areas that shape the real estate trends:
Business & Financial Climate - Business concerns may or may not actually create market trends. However, without the financial backing that those businesses provide, marketplace trends would fade quickly into oblivion.
Government Actions - The Federal government holds much leverage over the actions and trends that occur in the marketplace. Over the years, fiscal and monetary policies have initiated real estate trends and have also halted real estate trends.
Social and Demographic Issues - There are many theories regarding how social change occurs. However, we know that social change is mix of random features, combined with systematic factors.
Technology - Current trends also include the use of expanding technology to guide consumers through the process and to increase and improve communications between the consumer and the real estate professional.
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A typical real estate cycle follows a similar pattern:4
- Upturn
- Downturn
- Slump
- New Cycle
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There are no steadfast rules that apply to housing costs based on supply and demand, but here are some guidelines:3
- A 1-4 months’ supply creates a sellers’ market and home appreciation is positive.
- A 5-6 months’ supply creates a balanced market. During this period, homes appreciate at a rate a little greater than inflation.
- A 7-8 months’ supply creates a buyers’ market where the number of homes for sale exceeds the demand. Home depreciation follows.
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___has become one of the fastest and most common methods of modern client and customer communications. By using a smartphone with an applicable data plan, consumers can retrieve e-mail anywhere there is a cell phone signal.
Many providers allow their users to IM and file share from tablets, mobile devices, and smartphones.
___is the current wave, as well as the wave of the future. Texting responds well to consumer demand for instant information and is a significant time saver.
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Agents increasingly have their own websites for displaying listings and for promoting themselves. Giving the consumer the ability to _____________ is the number one reason to search for a website.
Agents increasingly have their own websites for displaying listings and for promoting themselves. Giving the consumer the ability to search for and locate property is the number one reason to search for a website.
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_____encompasses a large area of services provided to real estate professionals. The basic concept is that the computer is no longer a product as a physical machine with software loaded onto it, but something you use to access a network, typically the Internet, which provides services, shared equipment (like data storage), and software.
Cloud computing
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The_______ program is one of the most powerful tools ever invented for a computer. Database programs are made to organize large amounts of data.
database
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The fastest growing segments of the technology world are___________
smartphones and tablets.
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Perhaps the most talked about and analyzed component of technology is__________
Professionals who post regularly should make sure they are posting information that is ____3
- social media.
- Brief and has a specific purpose;
- Informative to the customer or client; and/or
- Provides a consistent resource for the type of information being posted.
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According to the Homeownership Alliance's publication, a robust housing demand will require production of about _____________ housing units per year.
2 billion
5 million
600 thousand
2 million
2 million
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_______ is a common measure used to assess the relative valuation of equities.
Price to earnings ratio
Equity to earnings ratio
Price to equity ratio
Payments to earnings ratio
Price to earnings ratio
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The transfer of real estate between parties dates back
to the Stone Age.
5000 years.
3000 years.
to when humans first inhabited the earth.
to when humans first inhabited the earth.
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___________ is one of the most powerful tools ever invented for a computer.
Social media
Database programs
Email
Windows
Database prograMS
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The features homebuyers want most in a new home do not include
energy efficiency.
storage.
a swimming pool.
a laundry room.
Swimming pool
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A number of forces operating in the marketplace feed boom times. Which of the following is NOT one of those forces?
Under building of new homes
Expanded monetary policies
Reduced regulatory guidelines
Highly mobile work force
Under building of new homes
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Technology that allows access to information and data from any computer is called
database management.
the Cloud.
hard drives.
smartphones.
The cloud
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Which of the following is NOT a vertical search engine?
Zillow
Windows
Trulia
Realtor.com
Windows
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What program enables phone-like communications through the internet instead of through a traditional phone line?
IM
Chat Rooms
Talk
Streaming Video
Talk
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To stimulate the economy, the central bank has engaged in
keeping long-term interest rates near zero.
selling mortgage debt to drive down interest rates.
selling US treasury bonds.
quantitative easing.
quantitative easing.
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Which of the following is NOT a key area that shapes real estate trends?
Financial Climate
Government Actions
Social Issues
Climate Issues
Climate issues
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According to the US Census Bureau, how many Americans move each year?
40 million
5 million
2 million
120 million
40 million
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___________ responds well to consumer demand for instant information and is a significant time saver.
Facing
Chatting
Email
Texting
Texting
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Why was Hoyt's theory of real estate cycles flawed?
He did not trace the data back far enough.
Reoccurring cycles last longer than 18 years.
He only studied the real estate market in Chicago.
Perfect business cycles just don't exist.
Perfect business cycles just don't exist.
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