Question

All of the following are characteristics of

real estate, EXCEPT:
a. The market is local in nature.
b. The market is slow to respond to
changes in supply and demand.
c. There is no central control over the
market.
d. The market is homogenous.

Answer 1

The characteristics of real estate include being local in nature, slow to respond to changes in supply and demand, and having no central control. However, the market is not homogenous.

Step-by-step explanation:

The real estate market has several characteristics:

1. The market is local in nature, meaning that it operates within a specific geographic area.
2. The market is slow to respond to changes in supply and demand. This is because real estate transactions, such as buying and selling properties, can be complex and time-consuming processes.
3. There is no central control over the market. Instead, it is influenced by various external factors, including economic conditions, government policies, and local regulations.
4. One characteristic that is incorrect is that the market is homogenous. In fact, real estate properties can vary greatly in terms of location, size, condition, and other factors.