5.1.1 Name the type of housing ownership where a levy is paid each month - NSC Consumer Studies - Question 5 - 2019 - Paper 1

The levy is paid to the body corporate. This entity manages the common property and finances of the sectional title scheme.

The three documents typically required by a bank to grant a home loan include:

1. A certified copy of the buyer's South African identity document or passport.
2. Proof of income, such as recent salary slips or banking statements for the last three months.
3. A copy of the Deed of Sale.

A lease is a contractual agreement between a property owner (landlord) and a tenant, outlining the terms and conditions under which the tenant may occupy the property. It typically includes duration, rent amount, and responsibilities of each party.

Benefits of renting property include:

1. Flexibility: Renters can negotiate rental terms, making it easier to relocate if needed.
2. Lower upfront costs: Renting typically requires a smaller initial financial outlay compared to purchasing a property.
3. Maintenance savings: The landlord is usually responsible for maintenance and repairs, easing financial burdens on renters.

Benefits of buying property include:

1. Investment opportunity: Purchasing a property is a long-term investment that may appreciate over time.
2. Stability: Homeownership provides a sense of security and permanence that renting cannot offer.
3. Equity accumulation: Homeowners build equity with each mortgage payment, enhancing their financial future.

Four universal design features that may be found in freezers are:

1. Reversible doors: Allowing the door to open from either side for better accessibility.
2. Automatic door closing: Ensures the door closes automatically to maintain temperature.
3. Adjustable racks: Providing flexibility in organization and usage of space.
4. Interior lighting: Allowing users to easily view items within the freezer.

The advantages of a no-frost freezer include:

1. Time-saving: Avoids the need for manual defrosting, saving time for users.
2. Energy efficiency: No frost means the freezer operates more efficiently and consumes less energy.
3. Hygienic: Less frost buildup means fewer opportunities for bacteria growth, ensuring food safety.

Three reasons for buying a freezer for cash include:

1. No interest charges: Paying in cash eliminates additional costs associated with financing.
2. No monthly repayments: Avoids long-term debt by paying upfront for the appliance.
3. Cash discounts: Retailers often offer price reductions for cash purchases, making it a more economical choice.

The advantages of buying a freezer on an instalment sales transaction include:

1. Budget-friendly: Allows the freezer to be paid off over time within a manageable budget.
2. Immediate use: The buyer can start using the freezer while making payments, improving convenience.
3. Flexible payment options: Options can be tailored to meet the buyer's financial situation, making it more attainable.