Which real estate market is homogeneous quizlet?
Land is indestructible. The answer is land is homogeneous. Real estate is heterogeneous; no two tracts of land are identical.
What type of relationship exists between price and supply?
Economists call this positive relationship between price and quantity supplied—that a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied—the law of supply. The law of supply assumes that all other variables that affect supply are held constant.
Which of the following conditions would be true if the market for an item has achieved market equilibrium?
If the market for an item has achieved “market equilibrium,” which of the following conditions would be TRUE? Unmet demand for the item is directed toward demand for some other item. Supply and demand are equal, and price and value are equal.
How readily or easily title or rights to real estate can be transferred affects the property’s?
How readily or easily title or rights to real estate can be transferred affects the property’s: Transferability value.
Is real estate homogeneous?
Real estate is geographically nonhomogeneous, or heterogeneous. No two structures are alike. This is because the support underneath the house lack uniformity. While non-homogeneity is always present, there is such a thing as homogeneous real estate.
Is real estate a heterogeneous product?
Heterogeneity. Every unit of real estate is unique in terms of its location, the building, and its financing. This makes pricing difficult, increases search costs, creates information asymmetry, and greatly restricts substitutability.
Which curve shows a direct relationship between price and quantity?
A demand curve shows the relationship between price and quantity demanded on a graph like Figure 1, with quantity on the horizontal axis and the price per gallon on the vertical axis.
What type of relation is commonly observed between price and demand and price and supply?
The law of supply and demand is a keystone of modern economics. According to this theory, the price of a good is inversely related to the quantity offered. This makes sense for many goods, since the more costly it becomes, less people will be able to afford it and demand will subsequently drop.
What determines market price and equilibrium output in a market?
Together, demand and supply determine the price and the quantity that will be bought and sold in a market. The graph shows the demand and supply for gasoline where the two curves intersect at the point of equilibrium.
What is the single most important factor in determining demand in the real estate market?
The most important influence on housing demand is the size of the population. Housing is for people, and their presence or absence affects housing demand.
Which statement is true about real estate as an economic product?
Which statement is TRUE about real estate as an economic product? Real estate is governed in the market by the price mechanism. It is controlled by the cost of demolition. Real estate has no inherent value.
What is absorption real estate quizlet?
What is “absorption?” The number of available units that become occupied over a period of time. Of the possible influences on the real estate cycle in a local market, the one most likely to cause a change in prices is. exhaustion of developable land.
How do married couples hold title in NC?
Parties must be married to each other at the time of recordation for it to apply. If the parties are unmarried at the time of recordation, a new conveying instrument to themselves must be executed and recorded to create the ownership. Both spouses must take title by the conveying instrument.
Which of the following is a local market influence on market value?
Or, the belief that an action today can add future value or income. Which of the following is a local market influence on market value? Inflation.
When a person dies ownership of real estate quizlet?
When a person dies, ownership of real estate immediately passes either to the heirs by decent or to the persons named in the will. Before full title and possession of the property may be taken, the estate must go through a judicial procedure called probate.