5.1 Define the term title deed - NSC Consumer Studies - Question 5 - 2020 - Paper 1
Question 5
5.1 Define the term title deed.
5.2 Give the purpose of the National Home Builders' Registration Council (NHBRC).
5.3 Differentiate between full-title ownership an... show full transcript
Worked Solution & Example Answer:5.1 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
A title deed is a legal document that serves as proof of ownership of a property, detailing the rights and responsibilities of the owner.
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 buyers, ensuring that builders adhere to regulations and maintain responsible construction practices.
Step 3
Differentiate between full-title ownership and sectional-title ownership.
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Full-title ownership: The buyer owns the entire property and has full control over it, including all structures on the land.
Sectional-title ownership: The buyer owns a section of a larger property (e.g., an apartment) and shares ownership of common areas with other owners.
Step 4
Name THREE financial responsibilities that John will have as a landlord.
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John must pay property taxes and rates.
He is responsible for regular maintenance and repairs of the property.
He must pay for any required insurance, such as mortgage protection insurance.
Step 5
Explain to John the possible disadvantages of renting out his property.
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Tenants may cause damage to the property or not adhere to the rental agreement.
There can be a risk of late payments or defaulting on rent.
John may face periods of vacancy where he doesn’t receive rental income.
Step 6
Explain why it would be best for John to take a fixed interest rate on the home loan.
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Opting for a fixed interest rate allows John to have predictable monthly payments, protecting him from potential interest rate increases in the future.
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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Weight – the cleaner should be lightweight for easy handling.
Cord length or cordlessness – consider ease of movement during cleaning.
Adjustable settings – providing options for different floor types.
Ergonomic design – ensuring the vacuum is comfortable to hold and maneuver.
Step 8
Discuss the advantage(s) of the following universal design features of the microwave oven: Stainless steel finish.
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A stainless steel finish offers durability and prevents rusting. It can also be easily cleaned and maintains a modern aesthetic, making it visually appealing.
Step 9
Discuss the advantage(s) of the following universal design features of the microwave oven: Clear display text.
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Clear display text enhances usability, allowing users to easily interpret settings and options, thereby reducing the chances of incorrect usage.
Step 10
Discuss the advantage(s) of the following universal design features of the microwave oven: Automatic programming based on the weight of the food.
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This feature ensures optimal cooking times based on the food's weight, leading to better cooking results while saving time and reducing user guesswork.
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
INSTALMENT SALE TRANSACTION
A deposit is paid.
A deposit is paid.
It is regarded as a cash purchase.
The consumer repays the store in instalments over a period of time.
Interest is paid to the bank.
Interest is paid to the store.
No insurance charges are paid.
Insurance charges are paid to the store if the outstanding balance is paid.
Step 12
Predict the possible financial consequences for homeowners who have lost their homes due to floods or fires.
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Homeowners may face issues like losing their primary residence, incurring additional debt to rebuild, or struggling to meet existing financial obligations with reduced income. Insurance may not fully cover the losses, and they could experience prolonged periods of financial instability.
