1 - Definitions & Overview of Relationships

Question 1

___________ Study is an analysis of the market conditions of supply, demand and pricing for a specific property type in a specific area

Answer 1

Market

1-5

Question 2

___________ Analysis is the study of how a specific property is expected to perform in a specific market. Expands on a market analysis by addressing a specific property

Answer 2

Marketability

1-5

Question 3

A ________ study is for a specific property type in a specific area whereas a marketability analysis is for a __________ property

Answer 3

Market

Specific

1-5

Question 4

Markets may be defined in terms of __________ and ___________ or product features

Answer 4

Geography

Products

1-7

Question 5

Market _____________ is the process by which submarkets within a larger market are identified and analyzed

Answer 5

Segmentation

1-7

Question 6

T/F a segmentation is a division of total market that reflects the preferences of a particular set of buyers and sellers

Answer 6

False

Submarket

1-7

Question 7

A Market ______ is the geographic region from which a majority of demand comes and in which the majority of competition is located

Answer 7

Area

1-8

Question 8

A Neighborhood is a group of complementary _____ ______; a congruous grouping of inhabitants, buildings, or business enterprises

Answer 8

Land uses

1-8

Question 9

Key words for Market Area are where does _________ come from and where is ___________ located

Whereas

The keyword for neighborhoods is ___________

Answer 9

Demand and Competition

Complementary

1-8

Question 10

A _______ is a neighborhood characterized by homogenous land use, e.g., apartment, commercial, industrial out agricultural

Answer 10

District

1-8

Question 11

A Market ________ is the study of the supply and demand in a specific area for a specific type of property

Answer 11

Analysis

1-9

Question 12

The 3 fundamental forces of demand are:
P________
I_________
E________

Answer 12

Population
Income
Employment

1-11

Question 13

The First Premise states that real estate exists to meet ________ needs

Answer 13

Human

1-11

Question 14

T/F The Second Premise says the relationships among these forces of demand are important no matter which type of market analysis is done

Answer 14

True

1-12

Question 15

Inferred Analysis uses ___________ trends to predict future market conditions

Answer 15

Historical

1-10

Question 16

Market ___________ is the theoretical balance where demand and supply for a property, good or service are equal. This is seldom achieved

Answer 16

Equilibrium

1-18