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Questions and Answers
What is a real estate market?
What is a real estate market?
- An organisation for property buyers and sellers to exchange properties (correct)
- A non-physical market where property transactions take place
- A physical place where actual property transactions are concluded
- A virtual marketplace for property auctions
What purpose does the property market serve?
What purpose does the property market serve?
- To facilitate rental property transactions
- To allocate scarce resources in property interests (correct)
- To promote speculative investment in real estate
- To enable purchasers to buy their favorite properties
A property market has the following characteristic(s):
A property market has the following characteristic(s):
- There is no central property market
- The property market is imperfect (correct)
- All property markets have uniform pricing
- Each property market is perfectly competitive
An efficient market has the following characteristic(s):
An efficient market has the following characteristic(s):
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The mechanism used for the allocation of a scarce commodity is known as:
The mechanism used for the allocation of a scarce commodity is known as:
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