Questions and Answers
Schools are considered part of which real estate classification?
In general, when the supply of a certain commodity increases, what happens to the price?
Price tends to drop.
What will be the likely effect on the housing market when a major auto manufacturer relocates a factory and 2,000 employees to a small town?
Houses will likely become more expensive.
The Counselors of Real Estate (CRE), Commercial Investment Real Estate Institute (CIREI), and Institute of Real Estate Management (IREM) are affiliated institutes of what organization?
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All of the following affect how quickly the forces of supply and demand work EXCEPT?
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What does residential real estate include?
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What are property management, appraisal, financing, and development examples of?
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Which factor primarily affects supply in the real estate market?
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What does industrial real estate include?
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A licensee who helps clients choose among the various alternatives involved in purchasing, using, or investing in property is known as what?
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What is the NAR composed of?
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What does commercial real estate include?
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Study Notes
Real Estate Classifications
- Schools, along with churches, cemeteries, and government-held lands, fall under special-purpose properties.
Supply and Demand
- An increase in the supply of a commodity generally results in a decrease in its price.
Housing Market Dynamics
- Relocation of a major auto manufacturer and 2,000 jobs to a small town is likely to lead to an increase in house prices in that area.
Professional Affiliations
- The Counselors of Real Estate (CRE), Commercial Investment Real Estate Institute (CIREI), and Institute of Real Estate Management (IREM) are affiliated with the National Association of Realtors (NAR).
Factors Influencing Supply and Demand
- Factors affecting supply and demand include geographic location, immobility of products, uniqueness of properties, while standardization of price does not significantly impact the speed of these forces.
Residential Real Estate
- Comprises properties used for single-family or multifamily dwellings and spans urban, suburban, and rural areas.
Real Estate Specializations
- Includes property management, appraisal, financing, and development as key specializations within the industry.
Regulatory Factors
- Governmental financial policies are the primary factor affecting supply in the real estate market.
Industrial Real Estate
- Encompasses warehouses, factories, land in industrial areas, and power plants.
Roles in Real Estate
- A Real Estate Counselor assists clients in choosing among various options for purchasing, using, or investing in properties.
Composition of the NAR
- The National Association of Realtors consists of state, regional, and local associations.
Commercial Real Estate
- Includes office spaces, shopping centers, stores, theaters, hotels, and parking facilities.
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Description
Test your knowledge on real estate classifications and their implications on the economy. This quiz covers special-purpose properties, supply-demand relationships, and the impact of industrial relocations on local housing markets. Perfect for anyone interested in real estate and economic concepts.
