Question

Real estate markets are said to be imperfect because

a. buyers and sellers are not always well informed
b. most properties are alike
c. property is easily and quickly developed
d. all of the above

Answer 1

Real estate markets are imperfect due to factors such as lack of information and homogeneity of properties.

Step-by-step explanation:

The real estate market is said to be imperfect because buyers and sellers are not always well informed, most properties are alike, and property is not easily and quickly developed. Imperfect information in the real estate market means that buyers and sellers may not have all the necessary information to make well-informed decisions.

For example, buyers may not have complete knowledge about the condition of a property or the going market rates.

This lack of information can make it challenging for buyers and sellers to agree on a price or negotiate terms.