CHAPTER TWO QUIZ

Question 1

When are properties assessed for tax purposes?

Answer 1

It varies, but generally is annually

Question 2

The zone for a particular property will be located on the local…?

Answer 2

Zoning maps

Question 3

An industrial zone may also be classified as a/an…?

Answer 3

Manufacturing zone

Question 4

Retail space is permitted in …………zones.

Answer 4

Commercial

Question 5

Warehouses are permitted in ………….zones.

Answer 5

Industrial

Question 6

You’re representing a buyer who is interested in a house that has been owned and occupied by an older couple for over 40 years. The house is in a flood plain, and was built before 1975. The current owners have had the same insurance policy for the entire time and they paid the mortgage off years ago. The owners say they don’t have an Elevation Certificate (EC). How should you advise your buyer when they’re ready to make an offer on the property?

Answer 6

Ask the listing agent to work with the current owners to find an elevation certificate (EC) that could have been performed before they paid off their mortgage, as well as getting you a history of the claims against the house. Advise the buyer to talk to an insurance company and their lender about the additional insurance cost and the feasibility of the loan. Then ask for the seller to reduce the price of the home accordingly.

Question 7

You’re representing a seller who is motivated to sell their property, but their home’s elevation certificate says the home is 2.5 feet above the BPE. What does BPE mean and how would this affect the home’s potential sales price and value?

Answer 7

BPE stands for base flood plain elevation, and homes that are less than three (3) feet above the BPE according to their EC will have higher flood risk ratings and higher insurance premiums than homes that are more than 3 feet above the BPE.

Question 8

Are special tax assessments deductible?

Answer 8

No, generally they are not deductions like traditional property taxes

Question 9

Rent controls are a type of police power that limits…?

Answer 9

The amount a landlord can charge for rent

Question 10

Who is responsible for updating the assessed value of a property?

Answer 10

The local tax assessor

Question 11

What gives city or municipal inspectors the right to enforce building code standards?

Answer 11

Police power

Question 12

Eminent domain can also be called…?

Answer 12

All of these are true
BExpropriation
CAppropriation
DCondemnation

Question 13

Which of the following entities cannot exercise eminent domain powers?

Answer 13

A business owner wanting to expand their store

Question 14

Which of the following does not have the authority to tax real estate?

Answer 14

The Federal government

Question 15

In most states, the assessed value for taxes is determined by…?

Answer 15

The most recent sale of the property, with an annual inflation adjustment

Question 16

Property taxes fund all of the following, except…?

Answer 16

Private schools

Question 17

What type of laws protect homeowners from the types of issues that can come from an industrial building being built in a residential neighborhood?

Answer 17

Zoning laws

Question 18

The local tax assessor is responsible for which of the following?

Answer 18

Establishing assessed values

Question 19

James is looking to buy a new property. Where should James look to find what zone the property is located in…?

Answer 19

Zoning maps

Question 20

The ………….dictate the allowed building envelope for a building on a property.

Answer 20

Bulk regulations

Question 21

Which of the following requirements are included in the local zoning ordinances?

Answer 21

All of the answer choices provided are correct
BYard setback requirements
CMaximum building height requirements
DFloor area ratio requirements

Question 22

A use that is not permitted by the current zoning ordinances is referred to as a/an…?

Answer 22

Non-conforming use

Question 23

Housing inventory has reached a ten year low, primarily because a new plant in a nearby town brought in hundreds of workers from other parts of the state. City leaders are considering an application for a new subdivision development that would increase housing options. This is an example of …………, triggering change to the master plan.

Answer 23

Net migration

Question 24

Consider this scenario being played out in many cities today. Due to declining sales, a mall closes and remains vacant for several years. The number of homeless veterans is growing because local affordable housing is limited. Forward-thinking city planners could change the commercial zoning restrictions at the mall location to a ………… designation that would allow investors to create a community with small, low-cost apartments in part of the space and medical service offices in larger abandoned retail spaces.

Answer 24

Mixed-use

Question 25

Student dorms, nursing homes, and on-campus fraternity houses are considered…?

Answer 25

Temporary housing

Question 26

Two building code standards that many states use to model their own policies after are the 2015 International Code Council (ICC) code and the…?

Answer 26

International Building Code (IBC)

Question 27

Municipal building code enforcement regulates buildings and other structures to protect the health, safety, and…?

Answer 27

Welfare of the general public

Question 28

Building codes started out as a…?

Answer 28

Mechanism for insurance companies to manage risk

Question 29

Three universal control metrics in building codes are…?

Answer 29

Construction type, occupancy type, and building supplies and materials.

Question 30

Which statement is true about log home construction?

Answer 30

Log home construction has a unique set of building codes.

Question 31

Peter shows an investor a commercial building for sale, but the front entrance steps are hard to navigate. He tells them they can negotiate with the seller to see if they will pay for an ADA approved ramp. To calculate how long the ramp will be without landings, they estimate…?

Answer 31

One foot in length for every 1 inch of rise (1:12)

Question 32

Alex is showing a multi-story apartment building to an investor. The buyer plans to modify all units to accommodate visually impaired tenants. To make sure that corridors, halls, and connecting paths are compliant, the investor needs to make sure nothing protrudes from the wall more than ………… into the path, and is positioned no lower than ………… from the floor.

Answer 32

Four inches, twenty-seven inches

Question 33

According to the ADA, what is the minimum height requirement of handrails on ramps?

Answer 33

34 inches

Question 34

What is the minimum size for ramp landings under ADA guidelines?

Answer 34

5’ X 5’

Question 35

The EPA was originally established to…?

Answer 35

Stem the escalating negative impact on human health and the natural environment.

Question 36

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), originally funded by taxes collected from …………., established a superfund to clean up uncontrolled hazardous waste at sites identified by the EPA as priorities in need of immediate attention.

Answer 36

The oil and gas industry

Question 37

Meghan is negotiating a deal to buy an abandoned property “as is” from a mortgage company. Her agent advises her to ask the seller to remove some old metal drums with an unknown liquid in them, which have been stored in a shed. Her reasoning is that…?

Answer 37

People who transport substances on the EPA’s National Priorities List may be subject to penalties and fines.

Question 38

What was the primary EPA objective in establishing the Clean Water State Revolving Fund?

Answer 38

To empower states to proactively manage water quality.

Question 39

Deed restrictions can be created by…?

Answer 39

AAll of the answer choices provided are correct
BHomeowner’s association
CBuilder
DTownship

Question 40

How long do deed restrictions last?

Answer 40

They are permanent