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