Il Real Estate Ch#1

Front 1

When demand increases and supply remains stable,prices go ____________.

Back 1

UP

Front 2

When supply increases and demand remains stable, prices go ___________.

Back 2

DOWN

Front 3

Name 4 factors that affect supply:

Back 3

1) labor force
2) construction & material costs
3)goverment controls
4)financial policies

Front 4

Name 3 factors that affect demand:

Back 4

Population
Employment and wage levels
Demographics

Front 5

Define NAR:

Back 5

National Association of Realtors

Front 6

Define Brokerage:

Back 6

the business of bringing people together in a real estate transaction

Front 7

Define Supply & Demand:

Back 7

the forces in the market that determine how prices for goods and services are set

Front 8

Define Broker:

Back 8

one who acts as an intermediary on behalf of others for a fee or a commission

Front 9

Define Market:

Back 9

a place where goods can be bought and sold

Front 10

Define Salesperson:

Back 10

a licensee who has taken fewer real estate preparatory courses than a broker & does not have the broker's somewhat higher designation

Front 11

What does the Federal Reserve Board do?

Back 11

regularly establishes a discount rate of interest for the money it lends to its member banks

Front 12

Define Demographics:

Back 12

Study and Description of population

Front 13

Name the 5 categories of real property:

Back 13

1)residental
2)commercial
3)industrial
4)agricultural
5)special purpose