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Fundamentals of Real Estate - Unit 1 with 100- correct answers.
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Fundamentals of Real Estate - Unit 1 with 100- correct answers.
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Fundamentals of Real Estate- Unit 1 with 100% correct
answers
Defining Realestate. - answer In common Law. the term real estate refers
to the land and fixed improvements to the land, such as buildings, fences,
wells, and other on site improvements. These permeant or fixed
improvements typically effect the use and the value of the land.
Building Classification - Residential - answer refers the buildings used as
dwellings by one or more occupants. These property types can be located
in urban or rural settings. Examples, detached houses, townhouses,
duplexes, apartments and condominiums.
Building Classification - Recreational - answer Refers to building
designed for leisure or as a second residence. Generally similar to the
design and sale of residential homes. Recreational buildings are usually
built along side amenities such as golf courses, lakes.
Building Classification - Commercial - answer Refers to a building
intended for business use. these buildings are typically leased or rented
and are usually only inhabited during business hours. these buildings are
usually concentrated to a specific area such as, downtown.
Building Classification - Institutional - answer Refers to buildings with a
specialized use aimed at serving public or private clientele. Examples
include, schools, laboratories, personal care facilities, government
buildings and hospitals. occupants of these buildings may be occupants or
may only be present during working hours.
Building Classification - Agricultural - answer Refers to buildings used for
the production off food or other goods through endeavours such as
farming, ranching, or forestry. Examples include, barns, greenhouses,
stables, cellars, coops, silos, and processing facilities.
, The 4 building classifications are not the same as the Realestate sectors.
What are the 4 real estate sectors? - answer - Residential
- Commercial
- Rural
- Property Management
Macroeconomics - answer the study of economy-wide phenomena,
including inflation, unemployment, and economic growth. it examines the
factors that determine the production, employment, and price levels in a
country.
Microeconomics - answer the study of how individuals, households and
firms make decisions and how they interact in markets.
Economic Growth - answer Refers to the long term expansion of the
productive potential of an economy and is often measured as the
percentage change in the gross domestic product (GDP), adjusted for
inflation from one year over an earlier period. Economic growth occurs
from accumulating human capital, investing in physical capital, and
implementing new tech in the production process. One cost of economic
growth is that in order to increase the consumption possibilities for
tomorrow, society has the forgo some consumption today. To maintain
economic growth, more effort has to be places on the production of tech
and capital in order to produce goods for future consumption, rather than
producing goods for currant consumption.
What key variables need to be considered to promote economic growth? -
answer - Natural Resources
- Capital
- Rate of Savings
- Technology Progress.
Benefits of economic growth. - answer - Improves standard of living
- Stimulates employment
- Increases government revenue
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