Unit 1 - part 2

Question 1

What is a code of ethics?

Answer 1

A code of ethics is a written system of standards for ethical conduct.

Question 2

Who provides and enforces a code of ethics?

Answer 2

National Association of Realtors (NAR) provides and enforces a Code of Ethics. (companion is CO Association of Realtors.)
A code of ethics are not enforced by Colorado Real Estate Commission (CREC)

Question 3

Types of RE property:

Answer 3

1. Residential (all property used for single-family or multifamily housing, whether in urban, suburban or rural areas).
2. Commercial (business property, including office space, shopping centers, stores, theaters, hotels and parking facilities).
3. Mixed use (property that allows for two uses, commercial and residential, in the same building).
4. Industrial (warehouses, factories, land in industrial districts, and power plants).
5. Agricultural (farms, timberland, ranches and orchards).
6. Special purpose (privately owned properties, such as places of worship, schools, cemeteries, as well as publicly held properties, such as schools, municipal service buildings and parks).

Question 4

Types of housing:

Answer 4

1. Single-family detached house
2. Apartment building (complex)
3. Condominium
4. Cooperative
5. Planned Unit Development (PUD)
6. Mixed use development (MUD)
7. Converted use property
8. Factory built housing (manufactured and modular homes)

Question 5

What is market?

Answer 5

Market is a place where goods can be bought and sold.

Question 6

What is supply?

Answer 6

Supply is the quantity of goods or services that can be sold at a given price.

Question 7

What is demand?

Answer 7

Demand refers to a quantity of goods or services that consumers are willing and able to buy at a given price.

Question 8

What factors are affecting supply?

Answer 8

1. Labor force, construction and material cost

2. Governmental controls and monetary policy.

Question 9

What factors are affecting demand?

Answer 9

1. Population

2. Demographics