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If I had a clustered filesystem, then I might consider sharing the ORACLE_HOME directory. Keep in mind that any changes to that directory impact all instances running with that ORACLE_HOME. This means that a patch or patchset requires you to shut down all instances. Separate ORACLE_HOME directories let you apply patches one by one which can help you with availability requirements.
The CLUSTER_DATABASE initialization parameter defines if the instance is part of RAC or stand alone. If part of RAC, then this parameter is set to TRUE. Otherwise, it is FALSE.
If you attempt to start a non-clustered database a second time, Oracle uses a lock file located in $ORACLE_HOME/dbs for most platforms to check to see if the instance is already running.
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