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NY “Real Estate Market Cycles and Trends” Questions only (no answers)
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1) When the city allows ADUs to be built in previously-zoned SFR properties, some home owners are concerned that the “look” of ADUs may change the character of the neighborhood and bring congestion and noise.
a. True
b. False

NY Real Estate Market Cycles and Trends

2) The conversion of an old church into a restaurant is an example of:
a. adaptive reuse.
b. makeover.
c. transformation.
d. urban degeneration.
3) According to Redfin’s real estate predictions for 2022, “cost-conscious homebuyers will seek out affordable northern cities like __________, Harrisburg, PA and Indianapolis, IN.
a. Columbus, OH.
b. Las Vegas, NV.
c. Miami, Fl.
d. Phoenix, AZ.
4) The advantages of adapting commercial or retail property to residential use include:
a. creating affordable housing opportunities.
b. meeting housing obligations.
c. municipal tax advantages.
d. All the choices are correct.
5) When making predictions, real estate analysts are concerned with:
a. inflation
b. labor.
c. the pandemic.
d. All the choices are correct.
6) The adaptive reuse of existing structures provides:
a. cultural advantages.
b. financial advantages.
c. sustainability advantages.
d. All the choices apply.
7) According to NAR’s study from November 2021, all the following are cities that have the best potential to adapt Class B offices to residential units, EXCEPT:
a. Boston.
b. Chicago.
c. El Paso.
d. Seattle.
8) What might happen if buyers have to pay for their own agent instead of having the seller pay the commission for both the buyer’s agent and seller’s agent at closing?
a. Buyers will only hire an agent to close the deal.
b. Buyers only work with the listing agents.
c. There might be we more dual-agency and pocket listings.
d. All the choices are correct.
9) The Mortgage Bankers Association recently indicated that 30-year-fixed mortgage rates now:
a. exceed 5%.
b. are going down to 2%.
c. are go up to 6.5%.
d. are staying the same.
10) ADUs tend to be significantly ______ to build.
a. more expensive.
b. less expensive.
c. easier.
d. more difficult.
11) An online real estate buyer that buys a seller’s home for cash, sight unseen is known as a(n):
a. iBuyer.
b. iVestor.
c. REIT.
d. All the choices are correct.
12) Types of ADUs include:
a. detached ADUs.
b. garage ADUs.
c. lower-level ADUs.
d. All the choices are correct.
13) Why do economists believe that rents may increase dramatically in 2022?
a. Home buying is out of reach so many first-time homebuyers are renting.
b. The end of mortgage forbearance will cause many homeowners to sell and rent instead.
c. Lack of inventory to purchase forces people to continue to rent.
d. All the choices are correct.
14) Accessory dwelling units (ADUs) are also known as:
a. basement apartments.
b. casitas.
c. multigenerational houses.
d. All the choices are correct.
15) The pandemic caused by Covid-19 is a perfect example of a(n):
a. economic shock.
b. emotional shock.
c. fiscal shock.
d. monetary shock.
16) The term underwaterwriting:
a. combines “underwriting” with “underwater.”
b. is the same as red lining.
c. is used in scuba diving.
d. combines “copywriting” with “underwater.”
17) A reason to build an ADU on a property zoned SFR is so:
a. empty nesters can build an ADU and move into it, then rent out the main house.
b. homeowners can use an ADU for guests or as housing for friends.
c. home-based workers can use an ADU as an office.
d. All the choices are correct.
18) A(n) _____ is a person who goes against prevailing ideas.
a. sycophant.
b. contrarian.
c. transformative thinker.
d. underwater economist.
19) Inflation is the _____ of purchasing power of a given currency over time.
a. decline.
b. increase.
c. rate.
d. sustainability.
20) The analysts at both Freddie Mac and Fannie Mae made predictions for 2022. Their predictions are:
a. exactly the same.
b. nearly the same.
c. completely different.
d. contrarian.
21) Underwaterwriting refers to the process of _____ drawing lines of risk around certain neighborhoods and streets based on their susceptibility to flooding or climate-related disasters.
a. real estate agents.
b. lenders.
c. economists.
d. NAR
22) As the suburbs grew, large shopping malls followed. The number of malls in the U.S. grew more than twice as fast as the population between
a. 1950 and 1970.
b. 1970 and 2000.
c. 1970 and 2015.
d. 2000 and 2020.
23) Types of existing properties that are adapted to residential use include:
a. hotels and motels.
b. office buildings.
c. retail property and malls.
d. All the choices are correct.
24) As sellers and buyers use online services, the demand for real estate agents will likely _____ .
a. increase.
b. decrease.
c. remain the same.
d. change online services.
25) Financial advantages of adaptive reuse include:
a. expediting the approval process.
b. saving money.
c. tax advantages.
d. All the choices apply.
26) A dead mall is a mall with a low vacancy rate and _____ consumer traffic.
a. high.
b. low.
c. decreasing.
d. no.
27) The Fed uses to increase interest rates by tapering its monthly bond purchases raising its key overnight lending rate.
a. True
b. False
28) _____ is the energy consumed by all of the processes associated with the production of a building, from the mining and processing of natural resources to manufacturing, transport and product delivery.
a. embodied energy.
b. adapted energy.
c. transformative energy.
d. absorbed energy.
29) Housing inventory growth can be accomplished through:
a. adaptive reuse of existing structures.
b. building ADUs.
c. more listings of existing homes.
d. All the choices are correct.
30) Which statement is INCORRECT regarding ADUs.?
a. ADUs are built on single-family lots as a secondary dwelling.
b. ADUs are very small, just like tiny houses.
c. ADUs can help older residents remain in their community and “age in place.”
d. ADUs can provide rental income to homeowners.
31) The National Bureau of Economic Research defines business cycles as:
a. two phases and one turning point.
b. two phases and two turning points.
c. two phases and three turning points.
d. four phases.
32) The upper turning point of a business cycle is known as the _____ .
a. nadir.
b. peak.
c. trough.
d. succession.
33) The lower turning point in a real estate cycle represents the:
a. trough.
b. peak.
c. expansion.
d. contraction.
34) At the __________, an oversupply of homes exists. In addition, sales prices are no longer declining sharply, but are maintaining a steady average.
a. peak
b. trough
c. summit
d. expansion
35) The economy is producing __________ when real GDP exceeds potential GDP.
a. potential output
b. above full capacity
c. below full capacity
d. at standard capacity
36) The lower turning point of a business cycle is the _____ .
a. nadir.
b. peak.
c. trough.
d. succession.
37) Which statement is INCORRECT regarding real estate cycles?
a. Real estate cycles exist in residential property markets.
b. Real estate cycles exist in commercial property markets.
c. Submarkets do NOT experience real estate cycles.
d. Each market is impacted by economic, financial, and demographic factors.
38) Partial employment refers to the economy that is operating at an output level considered to be at full capacity.
a. True
b. False
39) A(n) __________ is an economic downturn where real GDP falls by more than 10% and is more severe than a recession.
a. expansion
b. inflation
c. depression
d. succession
40) In a real estate cycle, the economy __________ during expansion and __________ during contraction.
a. speeds up / speeds up
b. speeds up / slows down
c. slows down / slows down
d. slows down / speeds up
41) The lower turning point in a business cycle represents the:
a. trough.
b. peak.
c. expansion.
d. contraction.
42) What defines a recession according to the National Bureau of Economic Research?
a. A sharp decline in economic activity lasting more than a few months.
b. A sharp decline in economic activity lasting less than a few months.
c. A sharp decline in economic activity lasting less than a few weeks.
d. A sharp decline in economic activity lasting more than one month.
43) A geographic entity with a core urban area of 50,000 or more population defined by the U.S. Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating, and publishing Federal statistics is called a metropolitan statistical area.
a. True
b. False
44) Inflation is the rise in the general level of prices caused by excessive money creation.
a. True
b. False
45) All of the following drive financial and real estate markets EXCEPT:
a. Trends
b. Waves
c. Cycles
d. Short-term fluctuations
46) Which is an example of an L-shaped recession, is considered the worst and most dramatic kind of recession?
a. Great Recession
b. The Energy Crisis Recession
c. Covid-19 Recession
d. Gulf War Recession
47) Official dates for the business cycles in the U.S. are determined by the:
a. Federal Reserve.
b. National Bureau of Economic Research.
c. Bureau of Business Cycles.
d. Department of Commerce.
48) Two common measures of inflation are the:
a. Consumer Price Index and the metropolitan statistical area.
b. Producer Price Index and the metropolitan statistical area.
c. Consumer Price Index and the Producer Price Index.
d. Recession Index and the Depression Index.
49) Which of the following is NOT a cause of inflation?
a. Increases in the supply of money
b. Cost-push inflation
c. Decrease in production costs
d. Rise in production costs
50) Changes in the financial and real estate markets occur as:
a. cycles.
b. short-term fluctuations.
c. trends.
d. All the choices apply.
51) Increasing demand creates a need for more properties during the __________ phase.
a. recovery
b. expansion
c. peak
d. contraction
52) Which real estate cycle is occurring when housing supply begins to exceed demand and prices stabilize after expanding?
a. Retraction
b. Contraction
c. Expansion
d. Peak
53) A depression is an economic downturn that is more severe compared to a recession whereby real GDP declines by more than .
a. 5%
b. 10%
c. 15%
d. 20%
54) Which of the following indicators is NOT used to determine turning points in U.S. business cycles?
a. Quarterly real GDP
b. Monthly payroll employment
c. Educational spending data
d. Industrial production
55) The real estate industry:
a. contributes significantly to the wealth in the economy.
b. generates significant banking activity.
c. strongly affects the job market.
d. All the choices apply.
56) Due to the locational differences inherent in real estate, each parcel of real estate is unique.
a. True
b. False
57) When is a market said to be in balance?
a. Quantities supplied and demanded are different.
b. Quantities supplied and demanded are equal.
c. Quantities supplied and demanded are unbalanced.
d. Quantities supplied and demanded are unequal.
58) Costs that cannot be changed, such as buildings and equipment are called variable costs.
a. True
b. False
59) In real estate, supply is:
a. the total amount of a given type of property for sale or lease.
b. at various prices.
c. at any given point in time.
d. All the choices are correct.
60) Which of the following will NOT cause a demand curve to shift in any direction?
a. An economic expansion or recession
b. A change in the price of substitute products
c. A change in support staff for a company’s products
d. An increase in disposable income
61) The real estate market is a(n) ___________ market.
a. imperfect
b. organized
c. efficient
d. perfect
62) Which of the following pairs of products are complements?
a. Vegetable oil/motor oil
b. Toothbrush/shoe polish
c. Peanut butter/jelly
d. Peanut butter/steak
63) The value of output (goods and services) produced per unit of input (productive resources) used is:
a. demand.
b. diminishing returns.
c. productivity.
d. the law of supply.
64) Characteristic of an imperfect market include:
a. limited number of buyers and sellers.
b. information is not readily available.
c. supply of land is limited.
d. All the choices apply.
65) Excess supply or surplus is a disequilibrium condition in which the quantity supplied is _____ .
a. less than the quantity demanded.
b. greater than the quantity demanded.
c. equal to the quantity demanded.
d. the maximum quantity that can be demanded.
66) Excess capacity can be a problem for suppliers because when production is below capacity:
a. the per-item cost of production does not change.
b. the per-item cost of production is higher.
c. the per-item cost of production is lower.
d. the per-item cost of production stabilizes.
67) Which theory states that the maximum price of a product is based on the cost of acquiring a similar substitute product?
a. anticipation
b. competition
c. diminishing returns
d. substitution
68) The ability and willingness to pay various prices for a commodity made available in the market place at varying quantities is known as supply.
a. True
b. False
69) Real estate is __________, which means it cannot be converted to cash quickly.
a. immobile
b. mobile
c. liquid
d. illiquid
70) Which of the following does NOT determine the quantity demanded for a particular commodity in a household?
a. Individual tastes
b. Individual needs
c. Cumulative IQ of the household
d. Household income
71) The elements required in a perfect market include:
a. homogenous products.
b. complete information.
c. no buyer or seller influence.
d. All the choices apply.
72) What is the most fundamental concept of economics and the backbone of real estate markets?
a. Available financing
b. Government regulation
c. Supply and demand
d. Fiscal policy
73) What is the point at which the demand and supply curves intersect—the single price at which the quantity demanded, and the quantity supplied are the same?
a. Disequilibrium
b. Equality
c. Equalization
d. Equilibrium
74) A disequilibrium condition known as __________ occurs when a low price attracts more buyers and causes supplier inventories to decrease.
a. surplus
b. oversupply
c. elasticity
d. shortage
75) Excess demand or shortage is a disequilibrium condition in a competitive market in which the quantity demanded is _____ .
a. less than the quantity supplied.
b. greater than the quantity supplied.
c. equal to the quantity supplied.
d. the maximum quantity that can be supplied.
76) If the quantity demanded for a particular product does NOT change when price changes, demand is:
a. elastic.
b. inelastic.
c. responsive.
d. volatile.
77) Movement along a supply curve shows that a consistent relationship exists between:
a. price and buyer expectations.
b. taste and buyer preferences.
c. price and quantity.
d. time and quantity.
78) In the real marketplace demand and supply are never equal, so equilibrium can only ever be reached in theory.
a. True
b. False
79) Major non-price factors that influence supply include:
a. cost of production.
b. expectations for the future.
c. time.
d. All the choices apply
80) When complete information is available in a prefect market, it means that:
a. only sellers know the prices in a market.
b. only buyers know the prices in a market.
c. buyers and sellers know the prices in a market.
d. only manufacturers know the prices in a market.
81) Which is worst example of an efficient, organized market?
a. Commodities market
b. Online auction
c. Real estate market
d. Stock market
82) If consumers have enough __________, they can search for substitutes. This directly influences demand.
a. supply
b. time
c. brand loyalty
d. preferences
83) A disequilibrium condition known as __________ occurs when a low price attracts more buyers and causes supplier inventories to decrease.
a. surplus
b. oversupply
c. elasticity
d. shortage
84) The ability and willingness to sell various amounts of a commodity at varying prices during a specific time period is:
a. demand.
b. supply.
c. elasticity.
d. quality.
85) All of the following occur during an expansion, EXCEPT:
a. retail sales are growing.
b. industrial production increases.
c. inflation occurs.
d. deflation occurs.
86) Why might some home owners not want to have ADUs built in their neighborhood? They think ADUs will:
a. exacerbate the housing problem.
b. make property values increase.
c. change the character of the neighborhood.
d. solve crowded parking conditions.
87) Slow sales growth and more homes being delivered to the market with less demand are signs of:
a. expansion.
b. contraction.
c. recovery.
d. liquidity.
88) The elements required in a perfect market include all of the following, EXCEPT:
a. homogenous products.
b. complete information.
c. no buyer or seller influence.
d. high prices.
89) The lower turning point of a business cycle is called the: the misery index.
a. peak.
b. trough.
c. nadir.
d. bottom.
90) The upper turning point of a business cycle is known as the:
a. peak.
b. trough.
c. nadir.
d. bottom.
91) The practice where lenders draw lines of risk around certain neighborhoods and streets based on their susceptibility to flooding or climate-related disasters, is:
a. called blue lining.
b. called red lining.
c. illegal.
d. unethical, but legal.
92) Which of the following does NOT drive financial and real estate markets?
a. Trends
b. Waves
c. Cycles
d. Short-term fluctuations
93) The single most important determinant of demand for goods and services is:
a. Buyers’ expectations
b. Buyer’s preferences
c. Disposable income
d. Substitutes
94) Declining retail sales and high vacancy rates in existing malls:
a. attract new businesses.
b. create an opportunity for more open space.
c. reduce the amount of sales tax that cities need to fund basic services.
d. None of the choices are correct.
95) A recession is a period when gross domestic product (GDP) declines for:
a. 2 consecutive quarters.
b. 3 consecutive quarters.
c. 4 consecutive quarters.
d. 5 consecutive quarters.
96) In 2022, which buyers are predicted to be a prominent force in the housing market?
a. Baby boomers
b. Generation X
c. Millennials.
d. Silent Generation
97) All the following rules help make ADUs visually compatible with the primary dwelling, EXCEPT:
a. create internal ADUs.
b. design standards for ADUs so they architecturally match the primary dwelling.
c. mandate ADUs be taller and larger than the primary dwelling.
d. require that detached ADUs be behind the main house or a minimum distance from the street.
98) A(n) __________ is an increase and a(n) _________ is a decrease in the pace of economic activity.
a. extraction/contraction
b. expansion/extraction
c. contraction/expansion
d. expansion/contraction
99) When the demand and supply curve intersect, what occurs?
a. Disequilibrium
b. Equilibrium
c. Equalization
d. Equality
100) An extremely rapid or out of control rate of inflation is called:
a. hyperinflation.
b. stagflation.
c. deflation.
d. declination.
101) Of the following, which is NOT an advantage of an adaptive reuse of existing structures.
a. cultural advantages.
b. financial advantages.
c. literary advantages.
d. sustainability advantages.
102) Which of the following results in a negative inflation rate?
a. Deflation
b. Degradation
c. Defamation
d. Demarcation
103) The degree to which the demand or supply of a product reacts to a change in price is referred to as:
a. brand loyalty.
b. complementary.
c. conformity.
d. elasticity.
104) The process of repurposing existing buildings for viable new uses and modern functions, other than those originally intended, to address present-day needs is known as:
a. adaptive reuse.
b. gentrification.
c. renovation.
d. urban renewal.
105) In a competitive market, what disequilibrium condition occurs when the quantity demanded is greater than the quantity supplied?
a. Excess supply
b. Perfect market
c. Shortage
d. Surplus
106) One financial advantage of adapting an existing structure rather than building a new one from the ground up is:
a. conserving energy.
b. expediting the approval process.
c. instilling a sense of pride in the restored structure.
d. reducing the need to extract and exploit natural resources for new materials.
107) Inflation causes consumers to spend:
a. less money for goods they previously purchased at lower prices.
b. more money for goods they previously purchased at higher prices.
c. more money for goods they previously purchased at lower prices.
d. the same money for goods they previously purchased at market prices.
108) Costs that include raw materials and labor are called:
a. adjustable costs.
b. fixed costs.
c. stabilized costs.
d. variable costs.
109) A graphical depiction of the relationship between the demand price and quantity demanded is a(n):
a. complementary purchase.
b. demand curve.
c. supply curve.
d. Y axis.
110) Typically, ADUs are less expensive to build because the home owner:
a. must purchase an additional lot.
b. adds additional parking.
c. often builds with cost-effective one or two-story wood frames.
d. puts in costly infrastructure.
111) In 2022, most real estate analysts predict the home prices will:
a. collapse.
b. go down.
c. go up.
d. stay the same.
112) During contraction, the entire region can experience all of the following, EXCEPT:
a. bad loans.
b. foreclosures.
c. high employment.
d. recession.
113) A person who does not support something and shows his or her lack of support by leaving the place where it is happening or by leaving the organization that is promoting it is:
a. absconding.
b. defecting.
c. changing sides.
d. voting with his or her feet.
114) A period that is characterized by slow economic growth, high unemployment, and inflation is:
a. expansion.
b. deflation.
c. stagflation.
d. a recovery.
115) Demand:
a. is the desire to possess plus the ability to buy.
b. is the number of consumers in the marketplace at any given time, regardless of whether they can afford to pay for the item.
c. has two components: the desire for something and an ample amount of it in the market.
d. All of the choices apply
116) Which is NOT a characteristic of an imperfect market?
a. Limited number of buyers and sellers
b. Information is not readily available
c. Product is unique; Supply of land is limited
d. Supply of land is unlimited
117) What part of the real estate cycle experiences an oversupply of unsold homes?
a. Contraction
b. Expansion
c. Extraction
d. Trough
118) Which recession shape is considered the worst and most dramatic kind of recession?
a. W-shaped recession
b. V-shaped recession
c. U-shaped recession
d. L-shaped recession
119) Which recession shape is displayed after the following sequence of economic events: a sharp downturn, a temporary recovery, another downturn, and then a full recovery?
a. W-shaped recession
b. V-shaped recession
c. U-shaped recession
d. L-shaped recession
120) A market in which participants operate under recognized rules for the purpose of buying and selling a particular commodity is called a(n):
a. efficient market.
b. organized market.
c. real estate market.
d. unorganized market.
121) Which real estate cycle is marked by expansion of credit and increasing demand for properties?
a. Contraction
b. Expansion
c. Extraction
d. Trough
122) What type of ADU is a stand-alone home on the same lot as a larger, primary dwelling.
a. Attached ADU
b. Detached ADU
c. Garage ADU
d. Upper-level ADU
123) The cost of production applies to developers and home builders. As costs increase, production tends to be less profitable. Costs that in the short run cannot be changed are called:
a. adjustable costs.
b. fixed costs.
c. stabilized costs.
d. variable costs.
124) Stocks and bonds are examples of commodities that are:
a. liquid.
b. immobile.
c. illiquid.
d. imperfect.
125) The decline of purchasing power of a given currency over time is called:
a. abatement.
b. deflation.
c. expansion.
d. inflation.
126) During periods of contraction, reduced economic activity can result in:
a. job growth.
b. unemployment.
c. more homebuilding.
d. expansion.
127) The real estate market experiences an oversupply of unsold homes at the:
a. apex.
b. expansion.
c. peak.
d. trough.
128) Some suppliers have excess capacity. Excess capacity is production capacity that is less than the potential production capacity available to the producer. When production is below capacity, the per-item cost of production:
a. is higher.
b. is lower.
c. remains the same.
d. does not change.
129) A mall with a high vacancy rate and low consumer traffic is called a(n).
a. commercial success.
b. dead mall.
c. mixed-use mall.
d. strip mall.
130) As the supply of available property tightens in the marketplace, prices:
a. begin to fall rapidly.
b. begin to rise rapidly.
c. begin to stabilize.
d. remain static.
131) In a competitive market, what disequilibrium condition occurs when the quantity supplied is greater than the quantity demanded?
a. Excess demand
b. Perfect market
c. Shortage
d. Surplus
132) A municipal ADU zoning code could anger concerned neighbors when ADUs are approved for a neighborhood by:
a. allowing short-term rentals.
b. providing for adequate parking,
c. limiting the number of ADUs allowed per lot.
d. making sure that the ADUs are visually attractive.
133) What is considered a modest inflation rate?
a. Between 2% to 4% annually
b. Between 8% to 10% annually
c. Between 10% to 12% annually
d. Between 12% to 14% annually
134) A market with a large number of buyers and sellers in which easily produced goods and services are readily transferable, and market prices adjust rapidly to reflect new information, is called a(n):
a. efficient market.
b. organized market.
c. perfect market.
d. unorganized market.
135) The real estate market is an example of a(n):
a. efficient market.
b. imperfect market.
c. organized market.
d. perfect market.
136) What national issues are real estate analysts rarely concerned about?
a. inflation rate.
b. labor market.
c. pandemic.
d. recidivism rate.
137) What part of the cycle gives buyers the best opportunity to purchase a home?
a. Contraction
b. Expansion
c. Extraction
d. Trough
138) In a tight housing market, inventory can be increased in all the following ways, EXCEPT by:
a. adaptive reuse of existing structures.
b. building ADUs.
c. fewer listings.
d. new construction.
139) A random, unpredictable event that has a widespread impact on the economy and is caused by things outside the scope of economic models is called a(n):
a. algorithm.
b. economic shock.
c. fiscal shock.
d. unknown trend.
140) Unemployment information is available by the Bureau of Labor Statistics for:
a. the entire nation only.
b. metropolitan statistical areas only.
c. international regions only.
d. the entire U.S. and metropolitan statistical areas.
141) A graphical representation of the relationship between the supply price and quantity supplied.is a(n):
a. complementary purchase.
b. demand curve.
c. supply curve.
d. substitute.
142) Periods of expansion and contraction define:
a. economic cycles.
b. economics.
c. the supply of money.
d. inflation.
143) A product or service that can take the place of another product or service is:
a. a complement.
b. a substitute.
c. a normal good.
d. brand loyalty.
144) The ability and willingness to pay a specific price for a commodity at various quantities is:
a. supply.
b. demand.
c. disposable income.
d. buyer expectations.
145) Which is NOT a determinant for supply?
a. Cost of production
b. Appreciation of the past
c. Expectations for the future
d. Time
146) The value of output (goods and services) produced per unit of input (productive resources) used. defines:
a. brand loyalty.
b. profit.
c. productivity.
d. variable costs.
147) A person who goes against prevailing ideas is considered a(n):
a. contrarian.
b. disciple.
c. prognosticator.
d. provocateur
148) Products that are used (and usually purchased) together are called:
a. complements.
b. substitutes.
c. normal goods.
d. None of the choices is correct.
149) All the following are reasons why home owners add an ADU to their property, EXCEPT:
a. individuals in need of care can reside in an ADU to be near family members.
b. the ADU can be partitioned off to be sold separately.
c. empty nesters can build an ADU and move into it, then rent out the main house.
d. remote workers can use an ADU as their office or workshop.
150) In a perfect market, what is the effect of a large number of buyers and sellers?
a. The more buyers, the better price a seller will get.
b. The more sellers, the better price a buyer will get.
c. It really does NOT matter how many buyers and sellers are in a market.
d. No one buyer or seller will be able to impact the market price.
151) Which of the following is NOT one of the chart shapes that describes a recession?
a. T-shaped
b. V-shaped
c. U-shaped
d. L-shaped
152) All the following would be considered a changing economic condition that make existing structures outlive their original purposes, EXCEPT the:
a. intended function no longer applies in a particular location.
b. space is outdated.
c. original use still exists.
d. structure is functionally obsolete.
153) Because of the pandemic, many companies are:
a. creating satellite offices for their workers.
b. downsizing to reduce their physical footprint.
c. increasing their physical footprint.
d. requiring their employees to commute to work every day.

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