Chapter 15 Review

The real estate market is unusually slow to respond to changes in supply and demand

• True

• False

Nohomogeneous is a term that refers to the uniqenenss of land

• True

• False

The availability of land influences supply

• True

• False

Consumer taste or preferences is a variable that influences demand

• True

• False

Of a 430-unit apartment building, 387 units have been rented out. The building's occupancy rate is 85%

• True

• False

Market indicators include price levels, vacancy rates, and sales volume

• True

• False

A seller's market develops when the supply and demand equilibrium is upset by excess demand

• True

• False

Which characteristic does NOT describe the real estate market

• The market is slow to respond to changes in supply and demand

• The government uses indirect controls

• Land is indestructible

• Land is homogenous

What type of relationship is said to exist between price and supply

• Unrelated

• All of these

• Positive

• Inverse

Which characteristic is NOT a physical characteristic of real estate

• Land is durable

• Land is immoble

• Real estate is nonhomogeneous

• The market is slow to respond to change in supply and demand