After a structure is built, it is impractical for even a building expert to fully assess the quality of the construction and the safety hazards it may harbor. This is an example of which of the following problems that plagues private real estate markets?

Question

Quizplus · Accepted Answer

The problem described is an example of incomplete information, as even an expert cannot fully assess the quality and safety of the construction. Incomplete information refers to situations where either buyers or sellers do not have all the information necessary to make optimal decisions, leading to market inefficiencies.

After a Structure Is Built, It Is Impractical for Even