Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Consumer Studies > Housing > Flashcards

Housing Flashcards

1
Q

what are the three types of housing options

A

RENT
BUY
BUILD

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

5 factors to consider when choosing housing options

A 
lifestyle 
size of family
stage in family life cycle 
financial situation 
location
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

list 4 functions of an estate agent

A

documentation
queries
legal advice
mediation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

what does RDP stand for

A

reconstruction and development program

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

what is a lease

A

rent agreement between a property owner and a tenant in which the tenant commits to remnting a property for a minimum period at fixed rental fee.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

list 5 pieces of info in a lease

A

specifications of the property

signatures
occupation date
amount to be paid
date to pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

the owner usually pays for

A

water and waste

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

the tenant usually pays for

A

elec

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

list 4 advantages of renting

A
  • more flexible
  • less responsiblilities
  • less maintenance
  • cheaper in longrun
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

list 6 disavantages of renting

A
  • not legal owner
  • no long term financial perks
  • no asset growth
  • improvements you have done you wont financially beneift from.
  • no profit
  • rent increases
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what are the 2 options when buying a house

A

full title/ free hold

sectional title

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

list 5 advantages of buying a full title house

A
  • security of tenure
  • no landlord
  • profit when selling
  • rent out section
  • run business from home
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

list 5 disadvantages of buying a full title house

A
  • long term financial commitement
  • mainteneance
  • bond repayment > rent
  • pay rates/ tax
  • capital gains tax
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

explain management plan of sectional title

A

each owner is a member of the body corporate who elects trustees, they are responsbile for day to day running

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

how is money to run complex found

A

levies paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

list 5 advantages to buying sectional titel

A 
more secure 
less maintenance 
common facilities 
closer to city
sectional title act safeguards you
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

list 5 disadvantages to buying sectional title

A 
abide by body corporate 
pay extra 
can't interefere 
limited outdoor space
levies rise with inflation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

list 5 things included in mortgage

A 
loan amount 
interest 
life insurance 
homeowners insurance 
admin fees
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

list 5 things not included in mortgage

A 
transfer cost 
legal fees 
initiation fee 
admin fees 
property tax
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what are the transfer costs

A

payment to the deeds office to register your name as the owner of house, done by a lawyer and this document is known as a deed of transfer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

what is the initiation fee

A

once off fee charged by bank for setting up home loan account

22
Q

what is the admin fee

A

monthly fee paid to bank for admin of your home

23
Q

when is occupation rent paid

A

case of owner living in house before its registered at deeds office

24
Q

council that ensures only reputable businesses are used

A

national home builders registration council

25
Q

4 advantages of building own house

A

choose how
choose design
choose components
personal satisfaction

26
Q

4 disadvantages of building own house

A

more expensive
complicated
takes long
building codes

27
Q

list 5 financial apsects of building

A 
land 
labour 
building material 
municipal fees 
unforeseen expenses
28
Q

list 6 things on a building contract

A 
costs 
measurements 
completion date 
consequences 
list of specs 
copy of NHBRC certificate
29
Q

what is a housing subsidy

A

grant when the gov. provides a beneficiary to low income groups in order to acquire housing.

30
Q

list 6 thing in order to quallify for a housing subsidy

A 
married/ living together 
single with dependants 
SA citizen / PR 
legally competant 
21 + 
never owned house
31
Q

where to apply for housing subsidies

A

provincial departmnet of human settlement or the municipality

32
Q

individual subsidies

A

once off
somebody to buy residential property for first time
credit linked/ credit linked

33
Q

project linked subsidy

A

built in units

run by municipality

34
Q

consolidation subsidies

A

top up

improve structure

35
Q

discount benefit scheme

A

tenants of state owned rental housing to promote ownership

receive discount on selling price - if less free

36
Q

institutional subsidies

A

institutions want to provide rental to low income group. institution recieves subsidy

37
Q

relocation assistance

A

homeonwers loands can’t afford

assisted to buy more affordable house

38
Q

rural subsidies

A

don’t own land

property basis only

39
Q

people’s housing process

PHP

A

supports households that wish to enhance housing subsidy by building own home.

40
Q

how can emploers help employees with housing

A

company owned houses rent out
subsidize interest on home loan
help with relocation
offer guarantees to lenders on HL

41
Q

what do employees have to do to recieve monthly housing subsidy

A

permanently employed
contributing to pension fund
must live in

42
Q

list 8 factors to consider when purchasing household appliances

A 
needs 
budget 
lifestyle 
available space 
surrounding environment 
new/used
function of applicance 
universal design feature 
gas or electricity utilities
43
Q

what act protects the relationship between the landlord and renter

A

rental housing act no. 50 1999

44
Q

what is the maximum lenth a lease can be signed for

A

24 months

45
Q

how many days notice to both the landlord and the tenant have to give one another

A

20 BD

46
Q

what is another term for sectional title

A

condominium title

47
Q

list 4 factors that will influence what bond repayment you can afford

A

income
debt
size of family
health

48
Q

what is transfer duty

A

gov. tac on property paid to have a house transfered into your name.

49
Q

list 4 things you need to be able to apply for a home loan

A

proof of income
forms
ID
offer to purchase

50
Q

list the 4 steps in building a house

A

buy land
house plan
builder
finance

51
Q

what 4 things does a standard home builders warranty ensure the client with

A
  • house is built within standards of the NHBRC
  • refer defects within 90 days
  • roof links within 12m
  • 5 years for structual integrity
52
Q

list 6 factors to consider when shopping for HH appliances

A 
your needs 
your budget 
lifestyle 
space avaibale 
surrounding environment 
function

Consumer Studies (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions