Unit 1 RECA Exam Questions and Answers (Graded A)

Unit 1 RECA Exam Questions and Answers (Graded A) Define real estate -Answer-refers to land and fixed improvements to land (permanent) What are the building classifications -Answer-Residential Commercial Retail Institutional Agricultural Real Estate Sectors/Property Types -Answer-Residential commercial rural property management characteristics that identifies real estate as limited resource -Answer-scarce characteristic that defines real estate as indestructable -Answer-durable real estate as immobile -Answer-fixed parcels of land being different from eachother -Answer-unique characteristics that describe how transactions are handled between buyer and seller -Answer- private charactersitics that identifies the slow response of these 2 market forces -Answer-supply and demand identifies the inability to market properties for all areas of real estate in a universal approach - Answer-standardized real estate occuring in a defined area -Answer-local charactersitcs of economic growth -Answer-natural resources capital rate of savings tech progress real estate effects the economy -Answer-housing starts real estate sales building permits issued vacancy rates and occupancy rates factors of production -Answer-land, labor, capital, entrepreneurship non price determinants of supply (CSENP) -Answer-costs of production state of techology expectations of producers number of supplies to the market government taxes and subsidies non price determinants of demand (CACCP) -Answer-consumers expectations available credit consumer disable income consumer tastes and preferences price substitutes or comprementary product changes in economic activity -Answer-seasonal fluctuations business cycles secular trends types of real estate market -Answer-balanced market buyers market sellers market market bubble -Answer-prolonged and self sustaining accelerlation in real estate, combined with construction agressvie lending and economic growth bubble burst -Answer-rise in inter