4 - Home Ownership

Question 1

A single-family home is not attached to another dwelling like a town home or condominium. Most often in a subdivision of homes of similar price and styling.

Answer 1

Single-Family Home

Question 2

Multi-family complexes with individually owned units.

Answer 2

Condominium

Question 3

Multi-family complexes with propriety leases for each unit.

Answer 3

Cooperative

Question 4

Distinct living unit on an individual lot that shares a common wall with another unit.

Answer 4

Townhome

Question 5

Building types are combinations of buildings that allow for a “ mix” of uses.

example: The domain

Answer 5

mixed-use developement

Question 6

The financial value of real estate minus the sum of all mortgaged debt.

Answer 6

Equity

Question 7

Often Condominiums situated in resort areas common these properties give the owner the right to occupy for a specified time interval, often by the week.

Answer 7

Timeshare

Question 8

The money made when an asset is sold

Answer 8

Capital Gain

Question 9

A contract between the insurance company and the policyholder that offers coverage to protect property owners from losses related to the structure, personal possessions, and liability.

Answer 9

Homeowners Insurance

Question 10

A type of insurance that protects against wind that isn’t offered by most insurance companies in Texas.

Answer 10

Windstorm Insurance

Question 11

Insurance that covers direct physical loss caused by a flood, which is defined as an excess of water on land that is normally dry.

Answer 11

Flood Insurance

Question 12

Insurance that protects renters from loss due to theft or other hazards. Also known as contents coverage, or renters insurance.

Answer 12

Personal Property Coverage

Question 13

TDHCA

An agency responsible for affordable housing, housing related, and community service programs, as well as the regulation of the state’s manufactured housing industry.

Answer 13

The Texas Department of Housing and Community Affairs