The number of houses sold over a period is measured as sales volume. This term captures market activity by counting how many units actually closed in the chosen time frame, reflecting demand and turnover in the market. A higher sales volume means more properties were sold, indicating stronger activity, while a lower volume shows slower activity. This is different from inventory rates, which relate to how quickly homes are sold from the current listings or how much inventory is available. New building permits track future construction activity, not actual sales. Price levels reflect how much homes are selling for, not how many are sold.

When a tenant abandons, the lease is breached, so the landlord can pursue remedies to regain possession and recover losses. Terminating the lease is appropriate because abandonment effectively ends the tenant’s obligations under the fixed term. Eviction is the lawful process to repossess the property if the tenant won’t leave voluntarily. Damages cover the financial impact of the breach—typically the rent that would have been due for the remainder of the term, plus costs to re-rent the unit (such as advertising and any commissions or damages needed to make the unit ready for a new tenant). The landlord must mitigate by attempting to re-let, which helps limit damages, and the security deposit can be applied toward unpaid rent and damages. Reasoning why the other options don’t fit: Forfeiture of an option to purchase relates to a separate contract feature, not a standard remedy for lease abandonment. A rent increase for next year isn’t a remedy tied to the act of abandonment. Converting tenancy to month-to-month without notice isn’t an automatic remedy of SAMPLEabandonment; it would depend on the lease terms or new agreement and isn’t a granted remedy simply because the tenant left early.

The fundamental idea is recognizing different real estate documents by purpose. A purchase agreement (also called a sale contract or contract of purchase and sale) is the contract that sets the sale terms—price, contingencies, closing date, and what’s being transferred. A promissory note, on the other hand, is a debt instrument: a written promise to repay money borrowed. It lays out loan details (amount, interest, payments) but does not set the sale terms or transfer ownership. So it’s not another name for the purchase agreement or sale contract. The buyer representation agreement is a separate contract with a broker, not the real estate sale contract, but the term that least resembles a sale contract is the promissory note because it fundamentally functions as a loan document rather than a sales contract.

Amortization is the gradual repayment of a loan's principal and interest over the term of the loan. With each payment, interest is charged on the current loan balance, and the remainder reduces the principal. As you progress through the loan, the interest portion of each payment typically decreases while the portion applied to principal increases, so the loan is paid off by the end of its term. An amortization schedule shows the breakdown for every payment and the evolving loan balance. This concept helps you understand how much total interest you'll pay and how loan term and payment amount affect how quickly the loan is repaid. It is not about valuing property by comps, paying taxes, or a closing cost.