Term
| Why is real estate considered an inefficient market? |
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Definition
- heterogeneous
- incomplete information'
- supply lags
- small market
- not brought together formally
- could be unmarketable and illiquid
- high transaction costs
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Term
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Definition
| grouping properties together based on similar attributes or characteristics |
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Term
| To identify a specific real estate market, an appraiser investigates the following factors: |
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Definition
- Property Type
- Features
- Market Area
- Availible Substitute Properties
- Complementary Properties
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Term
| When are appraisals for financing and traditional transactions most common in the cycle? |
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Definition
| recovery and expansion phases...upswing |
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Term
| The position of a real estate market in its cycle depends on.. |
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Definition
- Supply
- Demand
- Vacancy
- Rents
- Capitalization Rates
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Term
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Definition
| rents will fall and cap rates will rise |
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Term
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Definition
| area of influence defined as a group of complementary land uses |
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Term
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Definition
| one predominant land use....commonly composed of apartments, commercial, industrial, or agricultural properties |
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Term
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Definition
| comprises one or more neighborhoods/districts or both |
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Term
| Benefits of using market area rather than the otherss... |
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Definition
- avoids the confusing and possibly negative implications of the other terms
- can indlue neighborhoods and districts
- good when analyzing value influences
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Term
| Land Uses evolve through what 4 stages? |
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Definition
- Growth
- Stability
- Decline
- Revitalization8
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