Why is land so important to economic activity? Land was the definitive measure of wealth in feudal times and that value continues All economic activity occurs on land The amount of land available for use is strictly limited Land carries with it mineral rights and they are a driving force in economics How are real estate cycles related to business cycles? The stages of real estate cycles follow those of business cycles The stages of real estate cycles precede those of business cycles The two are not related The stages of real estate cycles are exactly opposite those of business cycles What is a "point" in lending? One percent of the property purchase price paid to the lender by the borrower One percent of the property purchase price paid to the lender by the seller of the property One percent of the property purchase price paid by the real estate broker to the purchaser's lender One percent of the total loan amount paid to the lender by the borrower Why is land so important to economic activity? Land was the definitive measure of wealth in feudal times and that value continues All economic activity occurs on land The amount of land available for use is strictly limited Land carries with it mineral rights and they are a driving force in economics How are real estate cycles related to business cycles? The stages of real estate cycles follow those of business cycles The stages of real estate cycles precede those of business cycles The two are not related The stages of real estate cycles are exactly opposite those of business cycles What is a "point" in lending? One percent of the property purchase price paid to the lender by the borrower One percent of the property purchase price paid to the lender by the seller of the property One percent of the property purchase price paid by the real estate broker to the purchaser's lender One percent of the total loan amount paid to the lender by the borrower