Define the term title deed - NSC Consumer Studies - Question 5 - 2020 - Paper 1
Question 5
Define the term title deed.
The title deed is a document that reflects the ownership details of a property. It serves as proof of ownership and includes information... show full transcript
Worked Solution & Example Answer:Define the term title deed - NSC Consumer Studies - Question 5 - 2020 - Paper 1
Step 1
Define the term title deed.
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Answer
The title deed is a document that reflects the ownership details of a property. It serves as proof of ownership and includes information about the property and its legal specifics.
Step 2
Give the purpose of the National Home Builders' Registration Council (NHBRC).
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The NHBRC aims to assist and protect home owners by ensuring adherence to standards of construction and promoting responsible behavior among contractors.
Step 3
Differentiate between full-title ownership and sectional-title ownership.
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Full-title ownership: The buyer becomes the legal owner of the entire property, which includes the land and all structures.
Sectional-title ownership: The buyer owns a section of a housing complex and shares ownership of common property with others.
Step 4
Name THREE financial responsibilities that John will have as a landlord.
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John must pay bond repayments.
He must pay the rates and taxes.
He is responsible for property insurance.
Step 5
Explain to John the possible disadvantages of renting out his property.
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Tenants might damage his property or neglect it.
He may face late payments or tenants who do not pay at all.
The property may remain unoccupied, leading to loss of income.
There could be disputes with tenants regarding the rental contract or maintenance.
Step 6
Explain why it would be best for John to take a fixed interest rate on the home loan.
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A fixed interest rate means that if interest rates rise, John's bond repayments will remain unchanged, which adds predictability to his financial planning.
Step 7
State FOUR factors to consider when shopping for a vacuum cleaner to ensure that it is easy to operate.
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Must reduce workload and/or clean automatically and thoroughly.
Should be lightweight and not too heavy.
Should be easy to store.
Should be safe for use in homes with children or pets.
Step 8
Discuss the advantage(s) of the following universal design features of the microwave oven: 5.6.1 Stainless steel finish.
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It does not rust and is easy to maintain.
Step 9
Discuss the advantage(s) of the following universal design features of the microwave oven: 5.6.2 Clear display text.
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Easy to operate and read.
Step 10
Discuss the advantage(s) of the following universal design features of the microwave oven: 5.6.3 Automatic programming based on the weight of food.
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Will only use the required time to cook food, conserving energy.
Step 11
Compare the financial aspects of buying household appliances using a bank credit card and with using an instalment sale transaction.
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Credit Card Transaction vs. Instalment Sale Transaction:
CREDIT CARD TRANSACTION
INSTALMENT SALE TRANSACTION
A deposit is not paid.
A deposit is paid.
It is regarded as a cash transaction in the store where the appliance is bought.
The consumer repays the store in instalments over a period of time.
The consumer/credit card holder repays the bank in instalments over a period of time.
Interest is paid to the store for the outstanding balance.
No insurance charges are paid to the bank.
Insurance charges are paid to the store.
Step 12
Predict the possible financial consequences for homeowners who have lost their homes due to floods or fires.
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They may face homelessness while waiting for their houses to be rebuilt. The loss of belongings that are not insured means they cannot replace them easily. Even if covered by insurance, they might face delays in fund distribution. This scenario might force them to seek financial assistance elsewhere to pay their debts, leading to further financial burdens.
