1. California Real Estate Principles, 10.1 Edition
Chapter 15
Single-Family Homes and Mobile Homes

2. Chapter 15 Identify construction terms associated with home building.
Differentiate among architectural styles.
Discuss the advantages and disadvantages of owning a:
Mobile home
Condominium
Vacation home
List the advantages and disadvantages of owning versus renting.

3. Home Construction Styles
One story
Simplest to build
Easiest to maintain
Occupies more land per square foot of living space

4. Split Level Home More expensive to build Better utilization of land
Good for varying topography
Pleasing cosmetic effect

5. Two Story Home Lower cost per square foot
Difficult to reach some of exterior areas
One foundation
One roof
Stairs

6. Roof Styles One sided Flat Shed Two sided Gable * Four sided Hip *
Gambrel *
Five sided
Victorian
Mansard *
Pyramid

7. Architectural Styles Colonial: New England, Georgian, Southern, Dutch
California:
Bungalow, Ranch*, Monterey *
English:
Elizabethan, Tudor
French:
Provincial
Norman

8. Architectural Styles Victorian* Spanish Contemporary
Mediterranean or Italian

9. Construction Details Key words: Ceiling joist C. Cripples D. Bracing
E. Fire stop
F. Flashing
G. Floor joist
L. Rafter
O. Stud L F A C O D E G

10. Remodel: Ceiling joist & studs

11. Remodel: framing & studs

12. Remodel: Header, studs, foundation, & floor sheathing

13. Manufactured Home Sales
If made after June 15, 1976, it must have a HUD tag
If purchased after July 1, 1980 can be taxed as real estate if attached to a permanent foundation
Licensees should read mobile home Residency Law Civil Code 798 and Mobile Home Parks Act Sections of Health and Safety Code

14. Selling Manufactured Homes
NEW manufactured home must be sold by Mobile Home Dealer, licensed by Dept. of Housing & Community Development.
USED mobile home can be sold by BRE real estate licensee if the mobile home has already been registered with Department of Housing and Community Development

15. Manufactured Homes Single: 8 foot x 10 foot wide
Single: 10 foot wide unit
Multiple-wide, double-wide or triple-wide
Quad: four units together

16. Financing Mobile Homes
Considered personal property
Recorded Security agreement (not trust deed)
FHA, DVA and Cal-Vet loans
Bank conventional loan
Amortized for 15- or 20-year term
Higher interest rate than conventional home loans

17. Condominiums
Condominium – exclusive interest in living unit and common interest in remainder
Condo developments have an owner elected governing board of directors
Condos may be residential, commercial or industrial

18. Condominium Owner can sell individual unit
Insurance usually with association
Income tax benefit of home ownership
Lower maintenance costs for amenities
Individual loan with equity
Ownership appreciation
More amenities
Homeowner association dues

19. Vacation Homes Risk – Greater risk than principal home
Liquidity – Ability to convert home to cash
Management – Cost and time at a distance
Tax aspects – Deduct loan interest
Appreciation – Increased future value

20. Rent or Buy? Amount of cash Down payment or refundable deposit
Monthly payment
Fixed, variable or known future rent increases
Mobility
Long term or short term housing need
Maintenance
Time, money, convenience, tax benefits
Appreciation
Future cash or rental income
Security
Stable and more known or unknown