REE3043 CHAPTER 4 QUESTIONS WITH CORRECT ANSWERS REVISED AND UPDATED
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Course
REE3043 CHAPTER 4
Institution
REE3043 CHAPTER 4
REE3043 CHAPTER 4 QUESTIONS WITH CORRECT ANSWERS REVISED AND UPDATED
In considering the acquisition of real property, it is important to remember that certain factors may limit ownership rights. Which of the following is an example of a situation in which ownership rights can be fully removed from...
REE3043 CHAPTER 4 QUESTIONS
WITH CORRECT ANSWERS
REVISED AND UPDATED
n considering the acquisition of real property, it is important to remember that certain
factors may limit ownership rights. Which of the following is an example of a situation in
which ownership rights can be fully removed from the property?
-land use controls
-leasehold interests
-homeowner association (HOA) bylaws
-defaulted lien - Answer-leasehold interests
Given the following information, compute the effective tax rate for the particular piece of
property in percentage terms. Market value of property: $325,000, Assessed value of
property: $250,000, Exemptions: $50,000, Taxes paid: $5,363.
A. 1.50%
B. 2.35%
C. 1.65%
D. 2.68% - Answer-1.65%
All of the following statements are true in describing the determination of just
compensation except
-the value of the property is based on its highest and best use at the time.
-the value of the property is determined solely by its current use.
-the value is the amount that restores the property owner to a financial position
equivalent to that existing before the property was taken.
-the value is the market value of the property if completely taken, or the total value of all
financial loss if partially taken. - Answer-The value of the property is determined solely
by its current use.
Special assessments are levied to pay for specific improvements that benefit a
particular group of properties. All of the following characteristics of special assessments
are true EXCEPT:
-they are considered ad valorem taxes.
-they are applied as pro rata charges.
-they are levied directly on the properties benefited.
-they are commonly used to finance streets, storm water systems, sidewalks, and other
area improvements. - Answer--they are considered ad valorem taxes.
The right of government to acquire private property, without the owner's consent, for
public use in exchange for just compensation is referred to as - Answer-Eminent
Domain
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