Questions and Answers
Schools are considered part of which real estate classification?
The term REALTOR® refers to
a member of the National Association of REALTORS®
All of these would affect overall demand in the real estate market EXCEPT
When demand for a commodity decreases and supply remains the same,
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A REALTOR® is
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The Federal Reserve Board
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A professional estimate of a property's market value is performed by a
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A real estate professional who prepares an analytical report for a purchaser or owner is acting as
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The term appraisal is defined as the
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What is the profession of a licensee who helps clients choose among alternatives in property purchasing?
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When the supply of a commodity decreases while demand remains the same, price tends to
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Which factor MOST likely influences the demand for real estate?
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When maintaining a client's property and maximizing return on investment, a real estate licensee is serving as
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Detailed information about the characteristics of a population group is called
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What effect does the relocation of a major manufacturer's factory likely have on a small town's housing market?
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In general, when the supply of a certain commodity increases, prices tend to
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All of these affect how quickly the forces of supply and demand work EXCEPT
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Which factors tend to affect supply in the real estate market?
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All of these are categories of the uses of real property EXCEPT
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Property management, leasing, appraisal, financing, and development are all examples of
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Study Notes
Real Estate Classifications and Professionals
- Special-purpose real estate encompasses properties like schools, churches, cemeteries, and government-held lands.
- REALTOR® is a trademarked term for members of the National Association of REALTORS® (NAR), which requires adherence to a Code of Ethics.
- A real estate appraiser provides professional estimates of property market values, requiring specific training and licensing.
- A home inspector conducts visual surveys of properties and prepares analytical reports for buyers and homeowners.
Market Dynamics
- Demand Drivers: Population, demographics, and employment/wage levels significantly influence real estate demand.
- Price Trends: Decreased demand with stable supply leads to falling prices; conversely, decreased supply with stable demand leads to rising prices.
Economic Influences
- The Federal Reserve Board sets discount rates for member banks, impacting borrowing costs and consumer purchasing power in real estate.
- When a major employer relocates and brings jobs, housing demand in that area increases, resulting in higher prices.
Market Forces
- Supply increases generally cause prices to drop, while increased demand with limited supply raises prices.
- Government controls and financial policies play significant roles in affecting the supply side of real estate.
Real Estate Functions and Specializations
- A real estate counselor aids clients in making informed decisions regarding property use, purchasing, or investment, grounded in industry expertise.
- Categories of real property include residential, commercial, industrial, agricultural, and special purpose; "developmental" is not a recognized category.
- Various sectors such as property management, appraisal, and financing are considered specialties within the real estate industry, essential for professionals to understand.
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Description
Test your knowledge of key concepts from Chapter 1 of the Real Estate course. This quiz covers important definitions and classifications, helping you grasp the fundamentals of real estate terminology. Perfect for students preparing for exams or professionals looking to refresh their knowledge.
