REE 3043 Chapter 4 Test Questions and Answers All Correct
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Course
REE 3043
Institution
REE 3043
REE 3043 Chapter 4 Test Questions and Answers All Correct
A traditional zoning ordinance includes all of the following except
-minimum setback requirements.
-minimum lot dimensions.
-provisions for special use districts.
-performance standards. - Answer Performance Standards
Real estate...
REE 3043 Chapter 4 Test Questions
and Answers All Correct
A traditional zoning ordinance includes all of the following except
-minimum setback requirements.
-minimum lot dimensions.
-provisions for special use districts.
-performance standards. - Answer ✔ Performance Standards
Real estate taxes represent the largest single source of revenue for a large portion of
local governments. Most property taxes are applied in relation to the value of the
property, or in other words, they are - Answer ✔ ad valorem taxes.
Negative externalities can diminish a property's value by imposing costs on the
community at large. In order to offset this detrimental impact, economists advocate
internalizing these externalities by implementing - Answer ✔ Impact Fees
When a zoning ordinance is revised, some existing land uses then fall outside the new
zoning classification. These land uses are referred to as - Answer ✔ Non-Conforming
Uses
Given the following information, compute the property tax rate for the community in
mills: total budget expenditures: $250 million; total nonproperty tax income: $150
million; total assessed value of all properties: $5 billion; total exemptions: $900 million.
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 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.
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