Answer Federal Government, State Government, Local Government, Courts
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9. Members of NAR (National Association of Realtors) Are Known as??
Answer Real- tors
10. What are the two types of Real Estate Managers?
Answer Property Managers and Asset Managers
11. Which action is often used to define specific aspects of newly created
law?
Answer Court Decision
12. Market Equilibrium
Answer a market tends toward a state of equilibrium in which supply equals
demand, and price, cost, and value are identical.
13. Absorption
Answer the amount of available property that becomes occupied over a period of
time.
14. What is the definition of value as it applies to real estate?
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Answer The present worth of future benefits that would be gained from owning real
property
15. How do elements of supply, demand and price interact in the market?
Answer In a continuous manner
16. What type of Real Estate User would be interested in the level of trade area
competition?
Answer Retail User
17. If Price Decreases?
Answer Demand is declining in relation to supply
18. Types of Real Estate Users
Answer Residential, Retail Industrial, office
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