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FINC 371 Final Exam (New Material) Questions & Answers 100% Correct!!
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Types of residential development: - ANSWER1. single family detached 2. single family attached 3. multifamily 4. manufactured homes 5. second homes Single family detached houses: - ANSWER- most sought after by American families - provides more privacy - "elbow room" - best resale value ...

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  • August 5, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • finc 371 final exam new material questions ans
  • finc 371 final exam stuvia 2024
  • types of residential development answer1 singl
  • single family detached houses answer most sou

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FINC 371 Final Exam (New Material) Questions & Answers 100% Correct!!



Types of residential development: - ANSWER1. single family detached

2. single family attached

3. multifamily

4. manufactured homes

5. second homes



Single family detached houses: - ANSWER- most sought after by American families

- provides more privacy

- "elbow room"

- best resale value



Patio or zero-lot-line houses: - ANSWER- construction is from lot line to lot line

- outdoor living area in an interior garden court enclosed by the house

- smaller yard, but very private

- generally one story and L shaped and may have a side yard



Single family attached houses: - ANSWER- clustering requires less road frontage and shorter utility
lines

- lower development costs per unit

- higher density.. lower land costs

- less ecological impact

- reduced yard work



Types of single family attached homes: - ANSWER- town home: has own door, shares a wall(s), front
and rear yards, face street or common area

- plexes: contains two or more units in one building, shares characteristics of town home and single
family detached

- patio or zero-lot-line houses



Multifamily residences: - ANSWER- cheaper alternative

,- empty nesters, young couples, single person households

- no down payment

- allow you to live in certain areas you couldn't normally afford

- no maintenance/yard work

- tenants can change residences easily

Pros of manufactured homes: - ANSWER- economies of scale and controlled environment in
construction

- affordable ($40 psf vs $90 for site built)

- trend towards owner occupied manufactured home subdivisions (rather than rental parks) has led
to better lending standards with 30 year FHA-insured loans



Cons of manufactured homes: - ANSWER- reputation

- typically decrease in value over time

- lenders treat as personal property: short term, high interest (10-15 year, 2% higher interest than
conventional loans)

- difficult to get zoning in a city



Second homes: - ANSWER- used for leisure time enjoyment

- access to amenities (mountains, beaches, golf, ski)

- occupied only part of the year

- "time shares"- sold to a number of buyers, each gets exclusive ownership for certain time period



Steps in market and feasibility analysis: - ANSWER1. delineation of the market area

2. analysis of recent economic trends in the local market area

3. determination of possible changes in demand

4. analysis of potential supply



Absorption rate: - ANSWERthe number of units that are being absorbed by the market



Delineation of the market area: - ANSWER- describe the housing submarket in which it will compete

- explain employment opportunities and commuting ranges

- in large city, must determine extent of employment within commuting ranges

, - public transportation can expand market area and commuting range



Analysis of recent economic trends in the local market area: - ANSWER- past and current trends

- vacancy rates, absorption rates, rent vs. own



Determination of future demand: - ANSWER- such as: employment, disposable income, population,
absorption rate, household characteristics

- what changes in economic base or in national/regional/local conditions will affect demand?

- pipeline of new development

- legislation changes



Condominiums and cooperatives: - ANSWER- ownership alternatives

- condo: owner holds title and shares ownership of common areas

- co-op: owner owns stock in co. that holds the title



Manufactured homes (mobile home): - ANSWER- single wide, double wide, triple wide

- assembled on site (24ft-36ft)

- bad reputation in the past, but design has been improved to resemble a conventional house and
improved construction




Analysis of future supply: - ANSWER- long gestation period so must analyze supply during that period

- examine developments in the pipeline

- determine what lies behind the trends



Financial feasibility: - ANSWERdetermine the probable success of the project (NPV and IRR)



Financial feasibility analysis: - ANSWER- analyze

- analyze sources of

- analyze timing of



Three most important factors in RE development:

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