Chapter 15 Quiz Flashcards

Chapter 15 Quiz Flashcards Demand for Real Estate is inverse to price. As the price comes down demand rises. As the price rises the demand goes downTrueFalse True The entire property including building structures and the land are calculated into depreciation.TrueFalse False- Land is durable and is not calculated into depreciation formulas.Real estate is generally quick to respond to changes in supply and demand.TrueFalse False- Real estate is generally slow to respond to changes in supply and demand.Highest and best use is fundamentally determined by alternate types of potential users bidding for a site in accordance with the locational and environmental value of the sit in each use.TrueFalse True There is a relationship between supply, demand and price.The more real estate that is available, the less demand there is for each individual parcel. Prices in turn go up.TrueFalse False The definition of Situs involves a buyer's personal preference for Location, Accessibility, and Features.TrueFalse True When the mortgage credit market tightens up, less are able to qualify for a mortgage, increasing demand for houses.TrueFalse False A buyers market exists when there are more buyers (demand) than available real estate for sale.TrueFalse False A physical characteristic of real estate is the fact that real estate is immobile. Simply put, it doesn't move.TrueFalse True Nonhomogeneous means that no two parcels are alike.TrueFalse True