Real Estate Principles Study Set 1

Business

Quiz 6 :
Forecasting Ownership Benefits and Value

Quiz 6 :
Forecasting Ownership Benefits and Value

We know that we need to find the distribution of reported house value for owner-occupied residences from the latest American Community Survey located at the U.S. Census Bureau website www.census.com. The following data represented in Table 1 shows the required information which is specific to Orange County, Florida: Table 1 img Source: http://factfinder2.census.gov/faces/tableservices/jsf/pages/productview.xhtml pid=ACS_11_1YR_DP04 prodType=table

The features required of a residence depend heavily upon the income level of the target market which includes the size of the yard or dwelling or the mix of rooms. There are differences between the life styles of the wealthy, the poor, and the single person vs working couples, and families with children vs retired household. Therefore the correct answer is (d) Household unemployment status

There are many non-locational requirements that you might consider when selecting an apartment: size, pets allowed, adequate parking, age and condition of complex, security and safety, number of bedrooms, number of bathrooms, kitchen size and layout, view, noise, swimming pool, rental rate, security deposit required, etc. Six of the non-locational requirements listed above that you would most likely consider important are: "Rental rate, size of apartment, number of bedrooms, number of bathrooms, adequate parking, age and condition of complex".