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CE shop Unit 3 questions/TF
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CE shop Unit 3 questions/TF
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O CE SHOP UNIT 3 QUESTIONS/TFReal estate activities have an impact on the economy. TF - True
The health of the overall economy may rely heavily on construction of new properties. TF - True
Which of these phases have an effect on the economy? - Planning, building, buying/selling, moving and
living
Engineers, city and/or county officials map out local development - Planning
Engineers, contractors, and other workers build properties and infrastructure - Construction
Consumers work with real estate professionals, lenders, home inspectors, etc., to purchase or sell a
home. - Buying/selling
Consumers make arrangements to occupy or leave the property. - Moving
Residents enjoy local amenities and services. - Living
Several different phases make up the real estate cycle. What are they? - Over supply, Recession,
Expansion and Recovery
During the _____ phase, the market begins to bottom out. We see home prices fall, while foreclosures
increase - Recession
During the ____ phase, things start to improve, and they continue improving until the end of the ____
phase, when the market peaks. - Recovery; Expansion
We see the market begin to make a downturn during the ____ phase, when buyers are over-paying and
activities are occurring at a rapid rate, which is not sustainable - Over supply
There are so many houses on the market, with many sitting vacant because everyone is too scared to
buy. This does nothing to help the increasing number of foreclosures. Deals can be had for those who are
ready to buy, however. During this phase, prices tend to fall in order to encourage home shoppers to buy.
- Recession
Things in the real estate market are starting to improve. Foreclosures are still high, but not increasing.
The same is true with unemployment. The public is still generally uneasy about the economy, but we've
made it through the worst. - Recovery
Public confidence is increasing and we're finally starting to see some properties moving. More buyers in
the market mean a reduction in the high number of properties that have been sitting on the market. -
Expansion
As unemployment decreases, more and more buyers enter the market looking to purchase homes. The
number of homes does not meet buyer demand, so new home construction increases to boost the
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