Unit 1 RECA questions and answers latest 2023/2024

Unit 1 RECA questions and answers latest 2023/2024Define real estate - correct answer refers to land and fixed improvements to land (permanent) What are the building classifications - correct answer Residential Commercial Retail Institutional Agricultural Real Estate Sectors/Property Types - correct answer Residential commercial rural property management characteristics that identifies real estate as limited resource - correct answer scarce characteristic that defines real estate as indestructable - correct answer durable real estate as immobile - correct answer fixed parcels of land being different from eachother - correct answer unique characteristics that describe how transactions are handled between buyer and seller - correct answer private charactersitics that identifies the slow response of these 2 market forces - correct answer supply and demand identifies the inability to market properties for all areas of real estate in a universal approach - correct answer standardized real estate occuring in a defined area - correct answer local charactersitcs of economic growth - correct answer natural resources capital rate of savings tech progress real estate effects the economy - correct answer housing starts real estate sales building permits issued