CHAPTER 3 Objectives  Be able to discuss reasons for home ownership.  List types of housing available  Identify tax benefits of home ownership  Identify.

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Presentation transcript:

CHAPTER 3 Objectives  Be able to discuss reasons for home ownership.  List types of housing available  Identify tax benefits of home ownership  Identify costs of home ownership including mortgage payments: determine how much house someone could afford\  Distinguish the types of household insurance and the protection given  State the purpose of the Federal Flood Insurance Program

Home Ownership Reasons Types of housing  Single family detached  Apartments  Condominiums  Cooperatives  Planned Unit Development  Retirement Communities  High-rise Developments  Mobile Homes  Modular Homes  Time Share

Affordability Mortgage types and terms Investment considerations  Growing Equity  Tax Deductions  Capital Gains Homeowner’s Insurance

Federal Flood Insurance Program Created by Congress in 1968 Managed by FEMA Purpose  Improve floodplain management  Decrease taxpayers costs for disaster relief Required coverage  Property in Special Flood Hazard Area  When obtaining federally regulated or federally insured loans

CHAPTER 4 Objectives:  Define types of agency relationships in general and types of representation in real estate  Understand how agency relationships are created and terminated  Distinguish between common law and statutory law agency requirements  Describe fiduciary duties in an agency relationship  Distinguish between the duties owed to a client vs. a customer