unti 1 Flashcards
vacancy rates
of available units not occupied against the total number of units
occupancy rates
of units or space occupied against the total number of units
Factors of production
land, labor, capital, entrepreneurship
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
fixed capital
Working capital
this occurs when there are changes in an influencing factor other than the price. (How do they look)
Shifts
market equilibrium
the balance between supply and demand. The prices consumers are willing to pay are equal to that producers are willing to accept
quantity supplied exceeds the quantity demanded at the current prices
market surplus
quantity demanded exceeds the quantity supplied at current prices
market shortage
irregular up/down movements in economic activity that occur over time, typically several months or years. Cycles never are alike
business cycles
the long-term persistent movement of economic activity occurs once in a course of an era or decade (5 years)
secular trend
balanced market
supply of available properties and number of potential buyers are balanced
buyers market
properties exceed the number of buyers, prices are lowered
seller’s market
demand for properties is higher than the available supply. Prices increase
created when the price of real estate increases faster than the rate of inflation
market bubble
market corrections
automatic processes through which the market readjusts from disequilibrium to equilibrium
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
self-regulation
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
true
council
provides overall leadership and strategic direction, then delegates authority & responsibility to the executive director
provides info, advice, and support to enable sound decision-making by the council and is responsible for the day-day operations of RECA
executive director
trust assurance and practice reviews
provide positive, constructive assistance to brokers and real estate appraiser. Also, review the brokerage systems books and records.
t/f executive director is responsible for the proceutional process which is delegated to the register
TRUE
responding to broker & delegate questions with practical timely info & guidance that supports them in their responsibilities and duties
advisory services
property inspectors
provide an independent & objective analysis of a property’s major systems and components
land surveyors
responsible for preparing a real property report, which illustrates property boundaries & any improvements to the property
demographics
study of characteristics related to human populations
which entity has the authority to amend the real estate act
provincal legislature
