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FINC 371 Study Guide Questions & Answers (RATED A+)
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The five principal types of residential developments are - ANSWER(a) single-family detached houses, (b) single-family attached houses, (c) multifamily residences, (d) mobile homes and (e) second homes. What are the differences between condominium and cooperative ownership? What are some advantag...

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  • August 5, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • finc 371 study guide questions answers rated a
  • finc 371 study guide stuvia 2024
  • the five principal types of residential developme
  • what are the differences between condominium and c

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FINC 371 Study Guide Questions & Answers (RATED A+)



The five principal types of residential developments are - ANSWER(a) single-family detached houses,
(b) single-family attached houses, (c) multifamily residences, (d) mobile homes and (e) second
homes.



What are the differences between condominium and cooperative ownership? What are some
advantages of these types of ownership over renting? - ANSWERThe owner of a condominium holds
title in fee simple while the owner of a cooperative owns stock in a corporation. Often the co-op
owner cannot dispose of his property without the consent of the corporation. The condo owner has
the freedom to choose his buyer. Ownership of these types of housing allows deduction of taxes and
interest which can offset rental charges of larger units.



What are three types of single family attached housing? What are the differences among the three? -
ANSWERThe three types of single-family attached housing are: (a) the townhouse, (b) the plex and,
(c) the patio house. The townhouse has an entrance for each unit and is built in a series of five to ten
units. The plex has an entrance for each unit and contains two to four units. The patio home is
constructed from lot line to lot line with an outdoor living area in an exterior garden court.



What are the three types of multifamily residential housing? What are the differences among the
three? - ANSWERThe three types of multifamily residential housing are: (a) the garden apartment,
generally two or three-story buildings; (b) the mid-rise, consisting of four to eight stories, usually
with an elevator; and (c) the high-rise, containing more than eight stories and multiple elevators.



Discuss some of the factors that are leading to greater acceptance of manufactured or mobile
homes. - ANSWERMobile homes have been greatly improved. They more closely resemble a
conventional house today with the inclusion of the "double-wide" and "triple-wide" assemblies.
Construction quality also has been upgraded. Owner-occupied subdivisions have enhanced the
image, as well. There is a trend to call all off-site built housing manufactured housing.



What are the principal reasons for owning a vacation home, and how do they differ from the reasons
for owning a principal residence? - ANSWERAmenities are the primary factors leading to the
purchase of a second home, although investment potential is also very important because most
buyers cannot occupy their units for much of the year. Second homeowners often are looking for an
improved climate for a few weeks of the year; the possibility of retirement to this better climate is
also a factor.



Discuss the use of timesharing in the marketing of vacation homes. - ANSWER7. Time-sharing
enables the buyer to purchase the use of a second home for a specific time period each year. Buyers

, thus protect a large portion of their future vacation cost from inflation and also benefit from any
appreciation in the value of their ownership interest.

Describe the process of financial feasibility analysis for a proposed residential project? - ANSWER10.
The steps involved in determining the financial feasibility of a proposed residential project are: (a)
making assumptions regarding the cost of development, timing and financing; (b) constructing a cash
flow statement; and (c) constructing a pro forma profit-and-loss statement.



Provide a justification for federal government's decision to establish minimum education
requirements and standards of practice for appraisers. - ANSWERTo ensure that people engaged in
appraisal services do so in a competent and professional manner, all states have established
minimum education and experience requirements.



How many hours of experience are required for each of the categories of appraisers under AQB
criteria? - ANSWERBecoming a trainee appraiser requires at least 75 hours of classroom instruction
in appraisal topics. Licensed appraisers must have completed 150 hours of classroom instruction,
must have passed a written examination, and must have completed 2,000 hours of appraisal
experience. Certified residential appraisers must have completed at least 200 hours of appraisal
education, must have passed a written examination, and must have completed at least 3,000 hours
of appraisal experience.



Based on the widely accepted definition, what is market value? - ANSWERMarket value is the most
probable price which a property should bring in a competitive and open market under all conditions
requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as
of a specified date and the passing of title from seller to buyer under conditions whereby:



a. buyer and seller are typically motivated

b. both parties are well informed or well advised and acting in what they consider their best interests

c. a reasonable time is allowed for exposure in the open market

d. payment is made in terms of cash in United States dollars or in terms of financial arrangements
comparable thereto, and

e. the price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions by anyone associated with the sale.



Define the following: Value in exchange, value in use, investment value. - ANSWERa. Value in
exchange is the consensus price that would be reached in a market with many buyers and sellers.

b. Value in use is the value of property to a particular owner.

c. Investment value is the value of property to a particular investor.

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