Unit 1 - Introduction to the Real Estate Business

Question 1

Warehouses, factories, and power plants are examples of

Answer 1

Industrial properties

Question 2

Population demographics and wage levels have an important effect on

Answer 2

Demand

Question 3

The two characteristics of real estate that govern the way the market reacts to supply and demand

Answer 3

Uniqueness and immobility

Question 4

Real estate markets are best described as

Answer 4

Local

Question 5

When the supply of a commodity decreases

Answer 5

Prices tend to rise

Question 6

When the demand of a commodity decreases

Answer 6

Prices tend to drop

Question 7

A real estate professional who performs a visual survey of a propertys structure and systems and prepares an analytical report for a purchaser or an owner is acting as

Answer 7

A home inspector

Question 8

When responsible for maintaining a client’s property and maximizing return on the clients investment, a broker is serving as

Answer 8

A property manager