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Concepts & Responsibilities of Home Ownership

Principles 1 Chapter 3
Horizontales
Money directed toward the purchase, improvement, and development of an asset in expectation of income or profits
Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all the condominium residents
The current market value of a property minus any loans
A planned combination of diverse land uses, such as housing, recreation, and shopping, in one contained development or subdivision
A clause in an insurance policy that limits the exposure to loss for an insured homeowner
The absolute ownership of an apartment or a unit (generally in a multiunit building) based on a legal description of the airspace the unit actually occupies, plus an undivided common interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners
Property that accommodates more than one use, such as commercial use and residential use
Verticales
A government agency that sets program standards for flood insurance
An additional document attached to an original insurance policy that amends the original; a rider
Multiple purchasers share ownership of a single property, usually a vacation home
A manufactured home is a single-family house constructed entirely in a controlled factory environment, built to the federal Manufactured Home Construction and Safety Standards
A provision in insurance policies covering real property that requires the policyholder to maintain coverage generally equal to at least 80% of the property's actual replacement cost
Income earned from the sale of an asset