Answer the following questions regarding a lease - NSC Consumer Studies - Question 5 - 2018 - Paper 1
Question 5
Answer the following questions regarding a lease.
5.1.1 Define the term lease.
5.1.2 Suggest THREE cost implications that should be included in a lease.
5.2 Where... show full transcript
Worked Solution & Example Answer:Answer the following questions regarding a lease - NSC Consumer Studies - Question 5 - 2018 - Paper 1
Step 1
Define the term lease.
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A lease is a legal contract or agreement between a property owner (landlord) and a tenant, granting the tenant the right to use the property for a specified period in exchange for rent.
Step 2
Suggest THREE cost implications that should be included in a lease.
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Payment obligations for utilities such as water and electricity consumption.
Charges for waste removal services.
The amount of rent agreed upon by both parties.
Step 3
Where is a title deed registered?
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A title deed is registered at the local deeds office, where property ownership and transactions are recorded.
Step 4
Name FIVE ways in which an employer can support an employee in buying a house.
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Renting out company-owned houses at a lower cost.
Providing monthly housing allowance or subsidy.
Offering assistance in obtaining housing loans.
Subsidizing the interest on an employee's housing loan.
Helping with relocation costs.
Step 5
Explain how paying a deposit influences EACH of the following when buying a property:
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Step 6
Discuss why it may be better to buy a house than to build a house.
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Buying a house may be preferable due to several reasons:
Lower initial costs compared to building, which involves planning and unexpected expenses.
Less time-consuming, as the property is ready for occupancy.
Avoidance of stress from potential delays in construction.
Compliance with local building codes, which can be complex for new constructions.
Established neighborhoods can offer better community facilities and amenities.
Step 7
Compare the washing machines with specific reference to:
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Step 8
Read the information below and validate the statement.
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The statement "There is an increased demand for rental properties across South Africa" can be validated as follows:
Renting is often more affordable initially, which may draw more tenants.
Many individuals are burdened with financial responsibilities linked to homeownership.
The fixed rental period allows for easier movement without maintenance worries.
