Exam 1 - Chapter 11 Flashcards
What is a neighborhood?
A group of complimentary land uses
Neighborhoods are defined by their diverse land uses that work together.
What characterizes a district?
A type of neighborhood characterized by homogeneous land use, also known as area of influence
Districts focus on uniformity in land use.
Define market area.
Can include several districts and often includes more than one neighborhood
Market areas are broader than neighborhoods and districts.
What are the components of the market delineation process?
Property type, property features, occupancy, customer base, quality of construction, design, amenities
These components help identify and define market areas.
Fill in the blank: Market area boundaries could be a _______ or a city.
district
List some social influences on real estate markets.
- Population Density
- Education
- Age
- Household Size
- Cost of Living
- Employment
- Crime
Social factors significantly impact real estate values.
List some economic influences on real estate markets. (There are 8).
Hint: IPIC VORC
I.P.I.C. V.O.R.C.
Each letter stands for a key economic influence:
• I – Income Levels
• P – Per Capita Income
• I – Income Distribution
• C – Consumer Activity
• V – Vacancy Rates for Various Properties
• O – Extent of Owner Occupancy
• R – Rent Levels and Trends
• C – Construction Levels
Economic conditions directly affect property values and market behavior.
What governmental factors influence real estate markets?
- Property Tax Burden
- Impact Fees
- Zoning
- Quality of Public Services
- Environmental Regulation
Government regulations and taxes can impact real estate investment decisions.
What are some environmental influences on real estate markets?
- Topography
- Wildlife Environment
- Navigable Waterways
- Open Space
- Nuisances and Hazards
- Public Utilities
- General Maintenance
- Property Ages
- Land Use Patterns
- Environmental Threats (flooding and landslides)
- Public Transportation
Both natural and man-made environmental factors can affect property desirability.
Name types of real estate districts.
Different types of districts cater to various land uses and business needs.
- Single Family
- Multifamily districts
- Commercial districts
- Office districts
- Retail districts
- Commercial Business District (CBD)
- Industrial districts
- Flex space
- Warehouse and distribution centers
- Manufacturing districts
Fill in the blank: Medical districts may include _______ and regional hospitals.
specialty districts
What are some examples of specialty districts?
Hint: Specialty districts focus on specific industries or services.
- Medical Districts & Regional hospitals
- Research and Development Parks
- High-Tech Parks
- Silicon Slopes
What is one type of area designated for preservation?
- Historic areas
Historic preservation is important for maintaining cultural heritage and community identity.
