Barney Fletcher Exam 2: 2024
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B. highest and best use - An appraiser recommended tearing down a
$28,000 house. There was a shopping center across the street. Which of the
following appraisal principles BEST describes this si...
B. highest and best use - ✔✔An appraiser recommended tearing down a
$28,000 house. There was a shopping center across the street. Which of the
following appraisal principles BEST describes this situation?
A. deterioration
B. highest and best use
C. capitalization
D. substitution
B. title insurance policy - ✔✔What could guarantee no encroachments and good
title?
A. assumption package
B. title insurance policy
C. survey
D. termite inspection
A. it is imposed by an individual on other people through a contract or deed -
✔✔Which of the following statements is true of a private deed restriction?
A. it is imposed by an individual on other people through a contract or deed
B. it is put on a property by an owner to reduce tax liability
C. it applies only to crops on agricultural property
D. it is imposed by the city restricting the use on the property
, B. aesthetic zoning because of architecture - ✔✔A city council zoned a two
block area so that only Spanish style homes could be built because of the
Spanish heritage in the area. This is usually referred to as which type of zoning?
A. directive zoning
B. aesthetic zoning because of architecture
C. cultural zoning
D. bulk zoning
C. zoning ordinances because sometimes these contain what animals may be
kept - ✔✔A person bought a house and wanted to bring along a pet cougar to
keep in the backyard. Which of the following governmental rights would MOST
likely prohibit this?
A. police power because the police have authority over types of animals for pets
B. urban development regulations as they list allowable animals for the properties
C. zoning ordinances because sometimes these contain what animals may be
kept
D. building codes as they would contain the most restrictions for city dwellings
A. the ad valorem tax on Rand's property is higher than Howe's - ✔✔Howe's
property was assessed at $30,000. Rand's property was assessed at $35,000.
Which is true?
A. the ad valorem tax on Rand's property is higher than Howe's
B. the improvement tax on Rand's property is higher than Howe's
C. the special assessments on Rand's property are higher than Howe's
D. the special assessments on Howe's property are higher than Rand's property
B. $28,000
$4,200 divided by 2 years = yearly interest of $2,100. $2,100 divided by 10% =
$21,000 loan divided by 75% = $28,000 price - ✔✔A 3 year straight note was
obtained at 10% per year. Interest paid the first two years was $4,200. The loan
on the house was 75% of the value. What was the total value of the property?
A. $21,000
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