Exam 4: Government Controls and Real Estate Markets

Nearly half of states in the U.S.use the sale of tax lien certificates to manage defaulted property taxes.The certificates are auctioned to the public at:

A contemporary planning movement that explicitly advocates a traditional grid pattern of development designed to give pedestrian life priority over motor vehicles (e.g. ,including narrowed streets with houses close to the street and garage access through side alleys)is commonly referred to as:

A public planning movement that explicitly advocates a cul-de-sac hierarchy of development,an automobile oriented society,and separated land use is more commonly referred to as:

Zoning ordinances that tend to exclude lower income groups by large lot size,or that do not adequately provide low- and moderate-income housing are referred to as:

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:

A traditional zoning ordinance includes all of the following EXCEPT:

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:

While most real property in the United States is privately owned,government regulations limit private property use and therefore play an important role in the determination of property value.Proponents of government intervention argue that regulation is needed to address the unintended and unaccounted for consequences of one land user upon others,more commonly referred to as:

When a zoning ordinance is revised,some existing land uses then fall outside the new zoning classification.These land uses are referred to as:

State and federal control of land uses has increased greatly over the past 40 years due in part to an increased awareness of environmental hazards.Which of the following federal environmental control laws was responsible for establishing the "Superfund" to finance emergency responses and cleanups of abandoned and unregulated waste dumps?

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:

Development taking place in rural areas well beyond the urban fringe is commonly referred to as:

Given the following information,calculate the effective tax rate expressed in mills.Market value of property: $280,000,Assessed value of property: 50 % of the market value,Exemptions: $2,000,Annual tax liability: $4,685.10.

Given the following information,compute the property tax rate for the community in percentage terms.Total budget expenditures: $108 million,Total non-property tax income: $50 million,Total assessed value of all properties: $2 billion,Total exemptions: $550 million.

A developer plans to place a subdivision slightly outside the city limits in an area that is rapidly developing.However,the city claims to have the right to control urban development even in the proposed area.The right the city is attempting to invoke is referred to as:

Eminent domain is the right of government to acquire private land,without the owner's consent,for public use,with due process and just compensation.The legal procedure for exercising the right of eminent domain is referred to as:

In order for the board of adjustment to approve a variance,all of the following conditions must be met EXCEPT:

In the state of Florida,for example,homeowners may qualify for a tax exemption in which up to $50,000 will be deducted from the assessed value of the property before taxes are calculated as long as the property owner occupies a home as the family's principal residence And has claimed residency within the state.This exemption is better known as the:

Given the following information,compute the taxable value for the particular piece of property in dollar terms.Market value of property: $500,000,Assessed value of property: 85 % of the market value of the property,Exemptions: $50,000,Taxes paid: $8,250.

Growth management laws at the state level require local jurisdictions to plan for and meet certain requirements.One such requirement prohibits local development unless adequate infrastructure,schools,police/fire protection,and social services have been put in place first.This requirement is referred to as the: