Unit 1 RECA Question with 100 % correct answers | Verified

alberta real estate association - Answer-provincial member based organization representing the interests and concerns of albertas regional real estate boards BOMA of Canada - Answer-building owners and management association member based organization representing commercial real estate and property management industries across canada and within its regional assocation bubble burst - Answer-rise in interest rates, and real estate prices decreases to more realistic levels CAHPI alberta (canadian association of home and property inspection) - Answer-member based organization that supports and regulates the residential property inspection profession in the province CAHPI assocation - Answer-provincial member based organization that supports and regulates the residential property inspection profession in the province changes in economic activity - Answer-seasonal fluctuations business cycles secular trends characteristic that defines real estate as indestructable - Answer-durable characteristics that describe how transactions are handled between buyer and seller - Answer-private characteristics that identifies real estate as limited resource - Answer-scarce charactersitcs of economic growth - Answer-natural resources capitalrate of savings tech progress charactersitics that identifies the slow response of these 2 market forces - Answer-supply and demand CMHC - Answer-Canada Mortgage and Housing Corporation federal agency that provides housing policies and programs Define real estate - Answer-refers to land and fixed improvements to land (permanent) Equation for GDP - Answer-consumer spending + investment spending + government spending +(exports - Imports) factors of production - Answer-land, labor, capital, entrepreneurship GNP equation - Answer-GDP + Net income inflow from abroad - net income outflow from foreign countries identifies the inability to market properties for all areas of real estate in a universal approach - Answerstandardized ladn surveyors - Answer-responsible for preparing real property reports (RPR's) market bubble - Answer-prolonged and self sustaining accelerlation in real estate, combined with construction agressvie lending and economic growth