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5.1 5.1.1 Name the type of housing ownership where a levy is paid each month - NSC Consumer Studies - Question 5 - 2019 - Paper 1
Question 5
5.1 5.1.1 Name the type of housing ownership where a levy is paid each month. 5.1.2 State to whom the levy is paid. 5.2 Name THREE documents that will be required ... show full transcript
Worked Solution & Example Answer:5.1 5.1.1 Name the type of housing ownership where a levy is paid each month - NSC Consumer Studies - Question 5 - 2019 - Paper 1
Step 1
5.1.1 Name the type of housing ownership where a levy is paid each month.
Answer
The type of housing ownership where a levy is paid each month is known as Sectional Title Ownership. This framework typically involves shared ownership of common areas and the management of the property by a body corporate.
Step 2
Step 3
5.2 Name THREE documents that will be required by a bank to grant a prospective homeowner a home loan.
Answer
A bank will require the following three documents to grant a home loan:
- A certified copy of the buyer's South African identity document or passport.
- Proof of income, such as recent salary slips or banking statements for the last three months.
- A copy of the purchase agreement or Deed of Sale.
Step 4
Step 5
5.4 Refer to the information above and discuss THREE benefits of renting property and THREE benefits of buying property.
Answer
Benefits of Renting Property:
- Flexibility: Renting allows for easier relocation without the burden of selling a house.
- Lower Initial Costs: Renters are not burdened by down payments, property taxes, and maintenance costs associated with ownership.
- Negotiable Terms: Rent can often be negotiated, giving tenants the opportunity to find more affordable options.
Benefits of Buying Property:
- Investment Growth: Buying a property can be a long-term investment as home values typically appreciate over time.
- Stability: Homeowners benefit from stable monthly payments and are not subject to rental increases.
- Customization: Owners have the freedom to modify their property without needing landlord approval.
Step 6
5.5.1 Name FOUR universal design features that may be found in freezers.
Answer
- Reversible door: Allows the door to be positioned to open from either side.
- Automatic door closing: Ensures that the door closes by itself.
- Adjustable shelves: These provide flexibility in organizing the interior space.
- Glass viewing window: Enables easy visibility of contents without opening the door.
Step 7
5.5.2 State the advantages of a freezer that has a no-frost option.
Answer
- Energy efficiency: No-frost freezers save energy by maintaining a stable temperature.
- Less maintenance: They do not require manual defrosting, reducing the frequency of cleaning.
- Food preservation: No-frost technology prevents ice buildup that can affect the quality of frozen foods.
Step 8
5.5.3 Give THREE reasons why buying a freezer for cash will be the best option.
Answer
- No interest or finance charges: Paying upfront eliminates additional costs associated with financing.
- Ownership: Immediate ownership increases personal control over the appliance.
- Discount opportunities: Cash purchases can open negotiation pathways for better deals.
Step 9
5.5.4 Explain the advantages of buying a freezer according to an instalment sales transaction.
Answer
- Easy payment management: Payments can be spread out over time, making budgeting simpler.
- Flexibility: Consumers can purchase now while paying later, easing the immediate financial burden.
- No interest: Many instalment plans offer the possibility of no interest, making it a cost-effective option.