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Details Title: Florida Real Estate Description: Chapter 19 Total Flash Cards: 11 Created: 06/06/2005 04:14:56	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term buyer's market Definition supply of available properties exceeds the demand Term demand Definition the quantity of goods or services wanted by the consumers Term household Definition one individual or a group of individuals living in one dwelling unit Term sellers market Definition the demand for available properties exceeds the supply Term supply Definition the quantity of goods or services offered for sale to consumers Term vacancy rate Definition the percentage of rental units that are not occupied Term every economy in every land in the world has to deal with the following three basic questions Definition 1 what will be produced 2 who will do the producing 3 who will get what is produced Term what are the five characteristics of the real estate market Definition 1 immobility of real estate 2 the market is slow to respond to change in supply and demand 3 land is industructable 4 real estate is unique 5 government controls influence the market through zoning, building codes, taxes, and so forth Term variables that influence supply Definition 1availability of skilled labor 2 availability of construction loans and financing 3 availability of land 4 availability of materials Term price of real estate Definition there is an inverse relationship between price and the demand for real estate. When price rise, demand goes down when prices decrease demand goes up. Term variables that influenced demand Definition 1 price of real estate 2 population numbers and household composition 3 income of consumers 4 availability of mortgage credit 5 consumer tastes or preference