Chapter 1 Mastering Real Estate Flashcards
1
Q
Name the five classes of real estate.
A
Residental, Commercial, Industrial, Agricultural, Special purpose
2
Q
Name the three characteristics of real estate.
A
Immobility, Indestructilibility, Nonhomogeneity.
3
Q
Name the economic characteristics of Real Estate.
A
Scarity, Modification, Fixity, Situs
4
Q
When demand increases or supply decreases, what happens to price?
A
It increases.
5
Q
When demand decreases or supply increases, what happens to price?
A
It decreases.
6
Q
What factors affect the supply of real estate?
A
Federal regulations: taxation, zoming, building
Government Financial Policy:
7
Q
What factors affect demand?
A
Population and demographics;
Employment and Wage Levels
Vacancy Levels
