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Modified over 2 years ago
©2011 Cengage Learning
Chapter 14 Single-Family Homes and Mobile Homes California Real Estate Principles ©2011 Cengage Learning
Chapter 14 1. Identify construction terms associated with home building. 2. Differentiate among architectural styles. 3. Discuss the advantages and disadvantages of owning a: a. Mobile home b. Condominium c. Vacation home 4. List the advantages and disadvantages of owning versus renting. ©2011 Cengage Learning
Home Construction Styles One story Simplest to build Easiest to maintain Occupies more land per square foot of living space ©2011 Cengage Learning
Split Level Home More expensive to build Better utilization of land Good for varying topography Pleasing cosmetic effect ©2011 Cengage Learning
Two Story Home Lower cost per square foot Difficult to reach some of exterior areas One foundation One roof Stairs ©2011 Cengage Learning
Roof Styles One sided Flat Shed Two sided Gable * Four sided Hip * Gambrel * Five sided Victorian Mansard * Pyramid ©2011 Cengage Learning
Architectural Styles Colonial: New England, Georgian, Southern, Dutch California: Bungalow, Ranch*, Monterey * English: Elizabethan, Tudor French: Provincial Norman ©2011 Cengage Learning
Architectural Styles Victorian* Spanish Contemporary Mediterranean or Italian ©2011 Cengage Learning
Construction Details ©2011 Cengage Learning Key words: A.Ceiling joist C. Cripples D. Bracing E. Fire stop F. Flashing G. Floor joist L. Rafter O. Stud
Remodel: Ceiling joist & studs ©2011 Cengage Learning
Remodel: framing & studs ©2011 Cengage Learning
Remodel: Header, studs, foundation, & floor sheathing ©2011 Cengage Learning
Manufactured Home Sales If made after June 15, 1976, it must have a HUD tag If purchased after July 1, 1980 can be taxed as real estate if attached to a permanent foundation Licensees should read mobile home Residency Law Civil Code 798 and Mobile Home Parks Act Sections 18200 of Health and Safety Code ©2011 Cengage Learning
Selling Manufactured Homes NEW manufactured home must be sold by Mobile Home Dealer, licensed by Dept of Housing & Community Development. ©2011 Cengage Learning USED mobile home can be sold by DRE Real estate licensee if the mobile home has already been registered with Department of Housing and Community Development
Manufactured Homes Single: 8 foot x 10 foot wide Single: 10 foot wide unit Multiple-wide, double-wide or triple-wide Quad: four units together ©2011 Cengage Learning
Financing Mobile Homes Considered personal property Recorded Security agreement (not trust deed) FHA, DVA and Cal-Vet loans Bank conventional loan Amortized for 15 or 20 year term Higher interest rate than conventional home loans ©2011 Cengage Learning
Condominiums Condominium – exclusive interest in living unit and common interest in remainder Condo developments have an owner elected governing board of directors Condos may be residential, commercial or industrial ©2011 Cengage Learning
Condominium Owner can sell individual unit Insurance usually with association Income tax benefit of home ownership Lower maintenance costs for amenities Individual loan with equity Ownership appreciation More amenities Homeowner association dues ©2011 Cengage Learning
Vacation Homes Risk – Greater risk than principal home Liquidity – Ability to convert home to cash Management – Cost and time at a distance Tax aspects – Deduct loan interest Appreciation – Increased future value ©2011 Cengage Learning
Rent or Buy? Amount of cash Down payment or refundable deposit Monthly payment Fixed, variable or known future rent increases Mobility Long term or short term housing need Maintenance Time, money, convenience, tax benefits Appreciation Future cash or rental income Security Stable and more known or unknown ©2011 Cengage Learning
Review Quiz Chapter 14 1. A real estate licensee can sell used mobile homes provided the mobile homes have been registered with the: a. Department of Housing and Community Development b. Federal Housing Administration c. Department of Veterans Affairs d. Department of Real Estate ©2011 Cengage Learning
Review Quiz Chapter 14 2. Which of the following regarding mobile homes is true? a. interest rates on loans are usually lower than on conventional homes b. they usually depreciate more rapidly than a conventional home c. they cannot be financed using FHA, VA, or Cal-Vet programs d. in most cities, they are allowed to be placed in any residential area ©2011 Cengage Learning
Review Quiz Chapter 14 3. One advantage a two-story home has over a one-story home is: a. usually less cost per square foot to build b. ease of access to the roof c. convenient floor plan for disabled people d. easier to maintain ©2011 Cengage Learning
Review Quiz Chapter 14 4.What portion of the building do the upright beams, known as studs, rest upon? a. collar beam b. floor joist c. fire stops d. sole plate 5.Which of the following is false regarding condominium ownership? a. There are commercial as well as residential condos. b. Each owner has an undivided interest in common areas. c. Airspace within each unit is held as fee simple ownership. d. All condos are single level buildings. ©2011 Cengage Learning
Review Quiz Chapter 14 6. Which of the following roof styles is best described as a "pitched roof sloping from two sides with the sides meeting at the top"? a. gable roof b. gambrel roof c. hip roof d. mansard roof ©2011 Cengage Learning
Review Quiz Chapter 14 7.In the construction of a frame house, the short vertical 2" x 4" boards above or below a window opening are commonly called a cripple or a: a. lintel b. sole plate c. header d. cripples 8.In order to protect a building from seepage of water to the inside, around chimneys, and in the valley of the roof, builders use what is known as: a. flashing b. matting c. drain pipe d. curbing ©2011 Cengage Learning
Review Quiz Chapter 14 9.All registration fees on the transfer of title to a mobile home must be paid within: a. 5 days b. 10 days c. 15 days d. 30 days 10. Before purchasing a house, a person must decide whether to rent or buy. In considering the pros and cons, which would be considered an advantage of owning rather than renting? a. tax deductions b. possible appreciation c. control d. all of the above ©2011 Cengage Learning
Answers to Chapter 14 Review Quiz 1.A6. A 2.B7. C 3.A8. A 4.D9. B 5.D10. D ©2011 Cengage Learning
Objective 2.03 Analyze financial and legal aspects of home ownership.
BUYING A HOUSE Are You Ready?. Advantages of home Ownership Sense of stability and permanence Allows individual expression Can have pets Financial Benefits.
Chapter © 2010 South-Western, Cengage Learning Buying a Home Why Buy a Home? The Home-Buying Process 22.
Buying a Home Unit Two—Budgeting Financial Literacy Standard 4 Mrs. Morrey.
The Housing Expenditure. Objectives Discuss the options available for rented and owned housing and whether renters or owners pay more for housing. Determine.
6.03 -B Students will be able to understand options and practices for meeting housing needs.
Chapter 9: The Housing Expenditure. Objectives Discuss the options available for rented and owned housing and whether renters or owners pay more for housing.
©2011 Cengage Learning.
Chapter 23 Housing. Housing often fulfills two basic needs 1. physical need for shelter and safety 2. psychological need of privacy, belonging and family.
Evaluating Housing Alternatives Section Understanding Business and Personal Law Evaluating Housing Alternatives Section 34.1 Buying a Home Section.
© 2012 Cengage Learning. Condominiums, Cooperatives, PUDs, and Timeshares Chapter 22.
Chapter 6 Own a Home or Car.
Purchasing a Home Copyright 2011© Texas Education Agency. All rights reserved 1.
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
PERSONAL FINANCE Buying a Home. Objectives: Buying a Home Students will understand how key percentages are used to determine how much housing expense.
Chapter 5 Owning a Home The Right Place The Right Price Buying Process and Terms Feeling at Home.
Buying a House Chapter 5. Outcomes Learn some terminology about buying a house in Nova Scotia Learn rights/responsibilities of a homeowner and the bank.
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