Check Your Understanding-Answers
- What economic factors affect the real estate market as well as other goods and services?
Supply and demand
Pricing
Costs incurred in bringing the properties to market
Value aspects of desire, usefulness, scarcity and ability to pay
- How are properties affected by the local economy?
If the economy picks up, sales increase. If it slows, sales decrease.
- Other than residential list three kinds of property in the real estate market.
Any three of these six: industrial, commercial, agricultural, special purpose, recreational, investment
- Jim has decided that he will learn all he can about the new subdivisions at the west end of town. Jim has decided to specialize in what area of real estate?
Geography
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