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24 Cards in this Set

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affordability index
shows how many households wil be able to afford a median-priced home. e.g ai < 19 means less than 1 in 5 households able to purchase median-priced house.
appreciation
1) an increase in the worth or value of property
2) the increase in market value of real estate
3) an increase in property value with the value of time
black gold
oil
C.A.R
The California Association of REALTORS is a trade association with more than 105,000 members and is dedicated to the advancement of professionalism in real estate
capitalism
is an economic system in which most of the economy's resources are privately owned and managed.
demographics
information from a variety of sources used to create a broad profile of any community
diversity
various groups of different nationalities living in
housing inventory
housing units that are available for sale or in the process of being made ready for sale.
inflation
increase in the general price level of goods and services
median home price
price that is midway between the least expensive and most expensive home sold in an area during a given period of time
mortgage interest rate
determine the amount of a loan a borrower can get
net worth
value of all assets minus all liabilities
trade association
a voluntary nonprofit organization of independant and competing business units engaged in the same industry or trade, formed to help solve industry problems, promote progress and enhance service.
unemployment rate
percentage of people classified as unemployed as compared to the total labor force
California has the 5th largest economy in the world. Which of following countries have economies larger than California?
United States, Japan, Germany, and United Kingdom
The most populous state in the country is
California with over 35 million people
In California, 98% of the employers are
small business owners
An economic system in which most of the economy's resources are privately owned and managed is called
capitalism
The increase in market value of real estate defines
appreciation
A decrease in purchasing power of the dollar describes
inflation
The real estate housing market is influenced by
a. inventory of available housing
b. affordability of housing
c. mortgage interest rate
the best housing market would be created by all of the following except:
a low affordablity index
The price that is midway between the least expensive and most expensive home sold in an area during a given period of time is called
median home price
In California, to work as a real estate salesperson or broker you must have
a real estate license issued by the California Department of Real Estate