CHAPTER TWO QUIZ Flashcards
When are properties assessed for tax purposes?
It varies, but generally is annually
The zone for a particular property will be located on the local…?
Zoning maps
An industrial zone may also be classified as a/an…?
Manufacturing zone
Retail space is permitted in …………zones.
Commercial
Warehouses are permitted in ………….zones.
Industrial
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?
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.
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?
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.
Are special tax assessments deductible?
No, generally they are not deductions like traditional property taxes
Rent controls are a type of police power that limits…?
The amount a landlord can charge for rent
Who is responsible for updating the assessed value of a property?
The local tax assessor
What gives city or municipal inspectors the right to enforce building code standards?
Police power
Eminent domain can also be called…?
All of these are true
BExpropriation
CAppropriation
DCondemnation
Which of the following entities cannot exercise eminent domain powers?
A business owner wanting to expand their store
Which of the following does not have the authority to tax real estate?
The Federal government
In most states, the assessed value for taxes is determined by…?
The most recent sale of the property, with an annual inflation adjustment
Property taxes fund all of the following, except…?
Private schools
What type of laws protect homeowners from the types of issues that can come from an industrial building being built in a residential neighborhood?
Zoning laws
The local tax assessor is responsible for which of the following?
Establishing assessed values
James is looking to buy a new property. Where should James look to find what zone the property is located in…?
Zoning maps
The ………….dictate the allowed building envelope for a building on a property.
Bulk regulations
Which of the following requirements are included in the local zoning ordinances?
All of the answer choices provided are correct
BYard setback requirements
CMaximum building height requirements
DFloor area ratio requirements
A use that is not permitted by the current zoning ordinances is referred to as a/an…?
Non-conforming use
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.
Net migration
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.
Mixed-use
