Capitalism
an economic system in which most of the economy's resources are privately owned
Net worth
the value of all assets minus all liabilities
Appreciation
the increase in market value of real estate
Inflation
the increase in the general price level of goods and services
Median home price
the price that is middle value of a sample of sales, with one-half of the sales below and one-half of the sales above
Demographics
information from a variety of sources used to create a broad profile of any community
Gold rush
a large migration of people to a newly discovered gold field
Housing inventory
housing units that are available for sale or in the process of being made ready for sale
C.A.R.
A California trade association representing REALTORS statewide
Unemployment rate
the percentage of the people classified as unemployed as compared to the total labor force
California's economy is so large that it actually competes with:
countries
The most populous state in the country is:
California
A large, densely populated metropolitan area consisting of a number of major urban areas and smaller surrounding cities is called a:
megalopolis
An economic system in which most of the economy's resources are privately owned and managed is called:
capitalism
The increase in market value of real estate defines:
appreciation
A decrease in purchasing power of the dollar describes:
inflation
The real estate housing market is influenced by
the inventory of available housing, the affordability of housing, and mortgage interest rates
The best housing market would be created by:
adequate housing inventory, high affordability index, and low interest rates
The price that is middle value of a sample of sales, with one-half of the sales below and one-half of the sales above is called:
median home price
In California, to work as a real estate salesperson or broker you must have:
a real estate license issued by the California Bureau of Real Estate
Affordability index
shows how many households will be able to afford a median-priced home in California ... as the index gets lower it means fewer households will be able to buy a home