Unit 1 The Real State Business

Question 1

Identify the information on the subdivision plat map.

Answer 1

The subdivision plat map indicates the proposed size and location of individual building lots, streets, and public utilities, including water and sewer lines, and other clarifying information.

Question 2

Distinguish among the three categories of residential construction.

Answer 2

1. ) Speculative (spec) homes.
2. ) Custom homes
3. ) Tract homes

Question 3

Speculative (spec) homes

Answer 3

Building on “Speculation” involves purchasing one or more lots and constructing a home (or homes) without a buyer in advance of construction. Used often in older homes.

Question 4

Custom homes

Answer 4

A custom builder constructs homes under contract with a buyer, often using building plans provided by architects or buyers.

Question 5

Tract homes

Answer 5

Tract homes are a type of speculative building. A new subdivision will typically feature several model homes. Buyers select a floor plan from the models and a log on which to build in the new subdivision.