Real Estate Exam - Chapter 3: Concepts Of Home Ownership

Real Estate Exam - Chapter 3: Concepts Of Home Ownership

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Side ASide B
Condo - what do you own?
Own the studs in of single. Has shared / common areas. 
Do not actually own the unit. Own an Interest / Stock in the unit. 
Planned-Unit Developements i.e. Retirement Community 
Mixed-Use Development i.e. High rise with stores / cinema in it / combo of things
Converted-Use PropertiesManufactured HousingModular HomesTime-Shares
1) Something thats been converted into residential i.e. Warehouse, School, Factory etc2) = Mobile Home 3) Pre-fabricated. Each room made separate and dropped onto foundation by crane4)...
Basic costs of owning a home: PITI
Mortgage Principle and Interest, Taxes, Insurance.Remember 28% - Housing allowable36% - Housing and other Debts allowable
Tax Benefits oh home ownwership: 
$500,000 excluded from capital gains tax on proftis of sale by Married taxpayers filing jointly$250,000 Single filing
Equity is:
Increasing ownership interest and Represents the paid-off share of a property, not mortgaged. i.e. difference between Current Market Value (what you paid) and Property Debt (what you...
Homeowners Insurance:Basic FormBroad FormFlood
Basic: Fire, Riots, Smoke etcBroad: Frozen Pipes, Ice, SnowFlood: Separate Insurance required by bank based on town maps of flood zones.

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