Modern Real Estate Practice in Illinois Chapter 3: Concepts of Home Ownership.

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Modern Real Estate Practice in Illinois Chapter 3: Concepts of Home Ownership

© 2008 Dearborn Real Estate Education Home Ownership Types of Housing –Apartment complexes –Condominiums –Cooperative –Planned unit developments –Retirement communities –High-rise developments –Converted-use properties –Manufactured housing –Modular homes –Time shares

© 2008 Dearborn Real Estate Education Housing Affordability Mortgage Terms Ownership Expenses and Ability To Pay –"Rule of thumb" formula Investment Considerations –Gain –Equity –Tax entitlements including 1031 Exchange Tax benefits

© 2008 Dearborn Real Estate Education Homeowner’s Insurance Coverage and Claims –Basic form –Broad-form –Special apartment and condominium policies

© 2008 Dearborn Real Estate Education Coinsurance clause requires the owner to maintain insurance equal to at least 80 percent of the replacement cost of the dwelling (not including the price of the land). Homeowner’s Insurance

© 2008 Dearborn Real Estate Education Federal Flood Insurance Program National Flood Insurance Act of 1968 Federal Emergency Management Agency (FEMA)

© 2008 Dearborn Real Estate Education Comprehensive Loss Underwriting Exchange (CLUE) A database of consumer claim history that enables insurance companies to access prior claim information in the underwriting and rating process

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