unti 1

Question 1

vacancy rates

Answer 1

of available units not occupied against the total number of units

Question 2

occupancy rates

Answer 2

of units or space occupied against the total number of units

Question 3

Factors of production

Answer 3

land, labor, capital, entrepreneurship

Question 4

includes machinery, plant, and equipment, new technology, and factories.
Includes inventories of finished and semi-finished goods that will either be consumed in the near future or made into finished consumer goods

Answer 4

fixed capital

Working capital

Question 5

this occurs when there are changes in an influencing factor other than the price. (How do they look)

Answer 5

Shifts

Question 6

market equilibrium

Answer 6

the balance between supply and demand. The prices consumers are willing to pay are equal to that producers are willing to accept

Question 7

quantity supplied exceeds the quantity demanded at the current prices

Answer 7

market surplus

Question 8

quantity demanded exceeds the quantity supplied at current prices

Answer 8

market shortage

Question 9

irregular up/down movements in economic activity that occur over time, typically several months or years. Cycles never are alike

Answer 9

business cycles

Question 10

the long-term persistent movement of economic activity occurs once in a course of an era or decade (5 years)

Answer 10

secular trend

Question 11

balanced market

Answer 11

supply of available properties and number of potential buyers are balanced

Question 12

buyers market

Answer 12

properties exceed the number of buyers, prices are lowered

Question 13

seller’s market

Answer 13

demand for properties is higher than the available supply. Prices increase

Question 14

created when the price of real estate increases faster than the rate of inflation

Answer 14

market bubble

Question 15

market corrections

Answer 15

automatic processes through which the market readjusts from disequilibrium to equilibrium

Question 16

a regulatory model that enables a gov to delegate its authority to a representative body of individuals who will oversee and regulate the practice of their industry/prof

Answer 16

self-regulation

Question 17

t/f, direct gov involvement is minimal in a self-regulated profession or industry. Mechanisms are facilitated through the minister from the department that enacted the legislation

Answer 17

true

Question 18

council

Answer 18

provides overall leadership and strategic direction, then delegates authority & responsibility to the executive director

Question 19

provides info, advice, and support to enable sound decision-making by the council and is responsible for the day-day operations of RECA

Answer 19

executive director

Question 20

trust assurance and practice reviews

Answer 20

provide positive, constructive assistance to brokers and real estate appraiser. Also, review the brokerage systems books and records.

Question 21

t/f executive director is responsible for the proceutional process which is delegated to the register

Answer 21

TRUE

Question 22

responding to broker & delegate questions with practical timely info & guidance that supports them in their responsibilities and duties

Answer 22

advisory services

Question 23

property inspectors

Answer 23

provide an independent & objective analysis of a property’s major systems and components

Question 24

land surveyors

Answer 24

responsible for preparing a real property report, which illustrates property boundaries & any improvements to the property

Question 25

demographics

Answer 25

study of characteristics related to human populations

Question 26

which entity has the authority to amend the real estate act

Answer 26

provincal legislature