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13 Cards in this Set

  • Front
  • Back
When demand increases and supply remains stable,prices go ____________.
UP
When supply increases and demand remains stable, prices go ___________.
DOWN
Name 4 factors that affect supply:
1) labor force
2) construction & material costs
3)goverment controls
4)financial policies
Name 3 factors that affect demand:
Population
Employment and wage levels
Demographics
Define NAR:
National Association of Realtors
Define Brokerage:
the business of bringing people together in a real estate transaction
Define Supply & Demand:
the forces in the market that determine how prices for goods and services are set
Define Broker:
one who acts as an intermediary on behalf of others for a fee or a commission
Define Market:
a place where goods can be bought and sold
Define Salesperson:
a licensee who has taken fewer real estate preparatory courses than a broker & does not have the broker's somewhat higher designation
What does the Federal Reserve Board do?
regularly establishes a discount rate of interest for the money it lends to its member banks
Define Demographics:
Study and Description of population
Name the 5 categories of real property:
1)residental
2)commercial
3)industrial
4)agricultural
5)special purpose