What is IREM? When was it founded? - ANSWER Institute of Real Estate
Management, founded in 1933
What is RTC? When was it founded? - ANSWER Resolution Trust
Corporation, founded in 1989
What does CPM stand for? - ANSWER Certified Property Manager
What did the government create in the 80s to help us get out of crisis? -
ANSWER Tax Reform act of 1980
What happened in the 20s that created real estate management, when property
managers hired real estate managers - ANSWER The owners would buy
properties in different cities and need people in the cities with the property to
manage the property
Great depression- what did it mark? - ANSWER Banks started owning a lot of
rental properties and needed experts to manage the property.
What is supply? - ANSWER The availability of goods and services
What is demand? - ANSWER The availability of purchases for a given amount
of goods or services
Definiton of price? - ANSWER Amount of money required in exchange for a
unit of the item
What determines price? - ANSWER Market factors
When supply is less than demand, prices... - ANSWER Rise
When supply exceeds demand, prices.. - ANSWER Fall
, What is the business cycle? - ANSWER The various periods of inflation and
deflation of an economy
What are the 4 stages of business cycle? - ANSWER -Recession
-Depression
-Recovery
-Prosperity
What is GDP? - ANSWER Gross Domestic Product
-Measure of productivity used in USA. Indicates the market value of all final
goods and services
What is a fiduciary? - ANSWER When one party is legally empowered to act
on behalf of another
Example= Lawyer & Client
What is an asset manager? - ANSWER Supervision of owner's real estate asset
at investment level. Included in acquisition, development, and divestiture.
Primary responsibility of real estate manager? Which one doesn't make sense? -
ANSWER Property manager is not a broker, does not buy and sell
Why is land so important to economic activity? - ANSWER Principles of
scarcity- Can't just create land, limited space
What happens when there is an over-supply of land use? - ANSWER Value is
going to decrease
Real property is taxed based on what? - ANSWER Assessed value, market
value
What are the 4 Real Estate Cycles? - ANSWER -Overbuild
-Adjustment
-Stabilization
-Development
What tracks inflation? - ANSWER Consumer Price Index (CPI)
Management, founded in 1933
What is RTC? When was it founded? - ANSWER Resolution Trust
Corporation, founded in 1989
What does CPM stand for? - ANSWER Certified Property Manager
What did the government create in the 80s to help us get out of crisis? -
ANSWER Tax Reform act of 1980
What happened in the 20s that created real estate management, when property
managers hired real estate managers - ANSWER The owners would buy
properties in different cities and need people in the cities with the property to
manage the property
Great depression- what did it mark? - ANSWER Banks started owning a lot of
rental properties and needed experts to manage the property.
What is supply? - ANSWER The availability of goods and services
What is demand? - ANSWER The availability of purchases for a given amount
of goods or services
Definiton of price? - ANSWER Amount of money required in exchange for a
unit of the item
What determines price? - ANSWER Market factors
When supply is less than demand, prices... - ANSWER Rise
When supply exceeds demand, prices.. - ANSWER Fall
, What is the business cycle? - ANSWER The various periods of inflation and
deflation of an economy
What are the 4 stages of business cycle? - ANSWER -Recession
-Depression
-Recovery
-Prosperity
What is GDP? - ANSWER Gross Domestic Product
-Measure of productivity used in USA. Indicates the market value of all final
goods and services
What is a fiduciary? - ANSWER When one party is legally empowered to act
on behalf of another
Example= Lawyer & Client
What is an asset manager? - ANSWER Supervision of owner's real estate asset
at investment level. Included in acquisition, development, and divestiture.
Primary responsibility of real estate manager? Which one doesn't make sense? -
ANSWER Property manager is not a broker, does not buy and sell
Why is land so important to economic activity? - ANSWER Principles of
scarcity- Can't just create land, limited space
What happens when there is an over-supply of land use? - ANSWER Value is
going to decrease
Real property is taxed based on what? - ANSWER Assessed value, market
value
What are the 4 Real Estate Cycles? - ANSWER -Overbuild
-Adjustment
-Stabilization
-Development
What tracks inflation? - ANSWER Consumer Price Index (CPI)
