Real Estate - Unit 2 Review Flashcards
(29 cards)
what is generally NOT a use classification established by municipal zoning?
architectural
nonconforming use is a term used in reference to a property that…
does not comply with current zoning requirements
a light industrial plant has been operating in compliance with the zoning classification. after a zoning change to single-family residential use, the owners of the industrial plant are permitted to….
continue the present use as long as it is not enlarged or expanded due to a nonconforming use
land use classifications, controls and restrictions are designed to accomplish 3 things except….
guarantee that all property will be applied to its highest and best use. the governments police power does not provide any guarantee
the value of a property established for property tax purposes is…
assessed value. property taxes aka “ad valorem” are based on the assessed value of a property
the established useful asset life for nonresidential income-producing property under the IRS code is how many years?
39 years nonresidential
new owners who acquire residential property before January 1st of 2017 have until what date in 2017 to file for the Florida homestead tax exemption?
march 1st
when property taxes are delinquent the government collects money by auctioning a….
property tax certificate. it is sold at the auction
what property is EXEMPT from property taxes?
church. church is considered a non-profit
if a zoning provision causes undue hardship on a property owner, the zoning board of adjustment is authorized to issue a….
variance. a variance allows the owner to vary from strict compliance due to a hardship
the creditor of which type of delinquent debt would NOT be allowed to force the sale of a residence protected by the constitutional homestead laws?
a judgement lien for consumer credit card debt. homestead is protected by someone holding a judgement. mortgages, construction, tax and assessment liens may be foreclosed against a homestead.
the Florida constitution was amended to limit the amount the assessed value of a homestead that can increase in a given year. the name of the amendment is…
save our home. SOH caps the annual increase of assessed value to a homestead.
a residence is located in an area that was later zoned for commercial use. the owner of the residence is allowed to continue the use but is not allowed to undergo structural changes. this is an example of….
nonconforming use
which right of the government allows “taking with just compensation?”
eminent domain. this Is the right of the government upon payment of just compensation to take private lands for public use.
a community has zoning restriction that require setback distance of 20 feet from the property frontward. the owner wants to build a garage addition that comes within 19 feet of the front property boundary. before construction, owner should apply for…
a zoning variance. a zoning variance is issued by the zoning board of adjustments when the zoning code causes an undue hardship on a property owner.
the local commission or board implements the comprehensive plan for development through enacting…
zoning ordinances
what is the governments right to enact and enforce land-use restrictions?
police power
what items are deductible from income tax for owners of residential homestead properties?
mortgage interest and property taxes.
smiths property was rented to jones under a 3 year written lease. one year into the lease smith’s property was taken through eminent domain. what must jones do?
it is terminated so jones must vacate the premises.
what CANNOT foreclose on an individuals homestead?
judgement creditors, such as credit card companies, cannot force the sale of the debtors homestead to collect the debt.
special assessments are charged against who?
against the properties that benefit from the improvement.
which of the following are federal deductions on income tax for a primary residence?
mortgage interest and property tax payment, they qualify for IRS tax deductions
what is NOT deductible on income tax for a commercial property?
reserves for replacement
the distance that a zoning ordinance requires between a property’s boundaries and its improvements is known as a:
setback
