What does ad valorem mean - Study guides, Class notes & Summaries

Chapter 03 Business in a Borderless World True / False Questions 1. International business involves the buying, selling, and trading of goods and services across national boundaries. True False 2. Nations trade with other nations to obtain resources that would otherwise be unavailable to them. True False 3. Importing is the sale of goods and services to foreign markets. True False 4. When a nation imports more than it exports, it has a pos...

Colibri Real Estate (Real Estate Express) Final Exam Review Questions and Complete Solutions Broker Jane has been accused of a law violation regarding commissions. Which of the following might result in her being found guilty? A) Jane paid a commission to her licensed personal assistant. B) Jane paid a commission to the wife of one of her licensees who was recently killed in an auto accident. The deceased licensee had earned the commission prior to his death. C) Jane paid a commission pl...

The fact that an individual must go to the land describes what physical characteristics of land? - Immobility John and Mary are co-owners of a property. John has a 60% interest in the property and Mary has 40%. What type of freehold estate do they have? - Tenancy in Common A Property is surveyed to determine a legal description. The surveyor works from a point of beginning, and measures terminal points and angles. What method of land description is he using? - Metes and Bounds ...

Exam Prep: Financing and Taxes 2023. What is an assessment? - ANSWER A percentage of market value What is an approved assessing unit? - ANSWER A taxing jurisdiction certified by the NYS Office of Real Property Tax Services What is an assessment review board? - ANSWER Hears property tax grievances What is a levy? - ANSWER The placement of tax that creates a lien on the property What is a special assessment district? - ANSWER A geographic area in which the properties benefit from a pu...

Taxes and Assessments Already Passed What is the purpose of taxation? If a property is based on "ad valorem" what does that mean? The assessed value of a property is $70,000. The tax rate is $1.25 per $100 of value. What would the annual taxes on this property be? Formula for tax rate: Rate = Tax dollars needed/Taxable assessed value Scenario: A home valued at $100,000 is assessed at a uniform percentage rate of 15%. The assessed value of that home would be $___________. Using the tax ...

Exam Question Master 1 T/F - Real estate professionals provide knowledge of market conditions - ANS True The product that real estate licensees market is - ANS Expert Information Real estate professionals provide expert information in three areas: - ANS Property transfer, market conditions, and how to market real estate and businesses. D.B.P.R (Department of Business and Professional Regulation) main office location - ANS - Located in Tallahassee, FL. DRE (Divisio...

ASREB School and State Test Review Q & A Rated Perfectly!! How are AZ property taxes charged? Ad Valorem What does Ad Valorem mean? Assessed Value How are Arizona Property Taxes paid? Levied once, Paid Twice When are AZ property Taxes Due? and Delinquent? Oct-Nov and March-May (O No More Money) Who do you pay the property taxes to? County Treasurer What is the penalty for AZ Property Tax Delinquency? 16% Property Tax Assessment Ratio Residential? 10% Property Tax Assessment Ra...

NYS Real Estate Exam Questions And Correct Answers. Complete Verified Solutions Which of the following is considered a fixed operating expense? utilities, cleaning expenses, insurance premiums, management fees. Insurance Premiums What is overage rent? Rent calculated on a percentage of sales volume what is the amount a buyer owes at closing equal to? The excess of the buyers debits over the buyers credits real estate agents are typically what kind of agent special agent what is the em...

The fact that an individual must go to the land describes what physical characteristics of land? - ANSWER-Immobility John and Mary are co-owners of a property. John has a 60% interest in the property and Mary has 40%. What type of freehold estate do they have? - ANSWER-Tenancy in Common A Property is surveyed to determine a legal description. The surveyor works from a point of beginning, and measures terminal points and angles. What method of land description is he using? - ANSWER-Metes an...

What are the four assumptions of micro economics? Rational Consumers, perfectly competitive market, average consumer, ceteris paribus What is a positive statement? a statement that can be tested and validated What is a normative statement? an opinion, a value judgement What is the economic problem? Resources are scarce, however wants are unlimited. There are finite resources so goods/services need to be allocated efficiently. What is opportunity cost? Cost of the next be...