FINC 371 Midterm Exam 3 Questions
With All Correct Solutions.
Types of Residential Development - Answer 1.Single-family detached
2.Single-family attached
3.Multifamily
4.Manufactured homes
5.Second homes
Single-family detached - Answer •Pro's
-Privacy
-Elbow room
-Often have best resale value
examples:
-Patio or Zero
-Lot-Line Homes
-Traditional
-Modern
-Ranch
patio house - Answer a detached house with at least one wall that touches the property line.
Has garden court enclosed by house and walls.
construction is from lot line to lot line
usually L shaped
can be attached or detached
Single-family attached - Answer •Pro's
, -Lower ecological impact
-Less yard work
•Town Houses
•Plexes
town house - Answer shares one or both walls. can have front and rear yards.
suburban version of rowhouse
plex - Answer each building contains two or more units, each with its own outside entrance.
Multifamily - Answer •Pro's
-Don't need down payment
-May allow you to live in certain areas you couldn't afford to purchase in
-No maintenance/ yard work
-Tenants can change residences easily
•Condominiums & Cooperatives
-Condo = real property -Co-op ≠ real property
condominium ownership - Answer real property. Holds title in fee simple to particular unit.
Shares ownership of general facilities
co-op ownership - Answer not real property. own stock in corporation
Manufactured Home - Answer ("Mobile Home")•Single wide, Double wide, Triple wide-24'-36'
homes
•Pro's-Economies of scale in construction
-Affordable (avg. $40 cost psf vs. $90 for site-built)
-Trend toward owner occupied mf home subdivisions
•Better lending standards
With All Correct Solutions.
Types of Residential Development - Answer 1.Single-family detached
2.Single-family attached
3.Multifamily
4.Manufactured homes
5.Second homes
Single-family detached - Answer •Pro's
-Privacy
-Elbow room
-Often have best resale value
examples:
-Patio or Zero
-Lot-Line Homes
-Traditional
-Modern
-Ranch
patio house - Answer a detached house with at least one wall that touches the property line.
Has garden court enclosed by house and walls.
construction is from lot line to lot line
usually L shaped
can be attached or detached
Single-family attached - Answer •Pro's
, -Lower ecological impact
-Less yard work
•Town Houses
•Plexes
town house - Answer shares one or both walls. can have front and rear yards.
suburban version of rowhouse
plex - Answer each building contains two or more units, each with its own outside entrance.
Multifamily - Answer •Pro's
-Don't need down payment
-May allow you to live in certain areas you couldn't afford to purchase in
-No maintenance/ yard work
-Tenants can change residences easily
•Condominiums & Cooperatives
-Condo = real property -Co-op ≠ real property
condominium ownership - Answer real property. Holds title in fee simple to particular unit.
Shares ownership of general facilities
co-op ownership - Answer not real property. own stock in corporation
Manufactured Home - Answer ("Mobile Home")•Single wide, Double wide, Triple wide-24'-36'
homes
•Pro's-Economies of scale in construction
-Affordable (avg. $40 cost psf vs. $90 for site-built)
-Trend toward owner occupied mf home subdivisions
•Better lending standards
