6.1

Question 0

The four government rights that exist with all owned real estate are _____, _______, ______, _______.

Answer 0

Taxes, escheat, police power, and eminent domain

Question 1

A tax based on the assessed value of real estate is called _______.

Answer 1

Ad Valorem

Question 2

______ is the right of government to take a property without compensation.

Answer 2

Police power

Question 3

______ is a government reversionary right when one dies intestate (without a will) and without heirs.

Answer 3

Escheat

Question 4

_____ is the right of a public utility to acquire property through condemnation and with compensation.

Answer 4

Eminent domain

Question 5

The amount of property taxes is based on _______.

Answer 5

Assessed value

Question 6

In Minnesota, to obtain full homestead tax status for the next year, a homeowner must notify the county assessor by ______ of the current year.

Answer 6

December 15

Question 7

True or False:

Assessing property taxes is one of the rights that the government has regarding real estate.

Answer 7

True

Question 8

Ad valorem tax is also known as ________ tax or _______ tax.

Answer 8

Property tax or real estate tax

Question 9

If a lender requires the real estate taxes and insurance to be paid with the monthly payment, those funds will be ______ by the lender.

Answer 9

Escrowed

Question 10

The _______ value is used to compute an annual real estate tax for a property.

Answer 10

Assessed value

Question 11

A property tax that is levied on homeowners and landowners to cover the costs of improvements is called a _______.

Answer 11

Special assessment

Question 12

The acronym for a monthly mortgage payment that includes taxes and insurance is _______.

Answer 12

PITI

Question 13

Property owners have their property evaluated for tax purposes on a periodic basis by a(n) _______.

Answer 13

Tax assessor

Question 14

If someone dies without a will and no heirs can be found, the property reverts to the _______.

Answer 14

State

Question 15

Condemnation is an example of a way ______ power can be applied to real property.

Answer 15

Police

Question 16

Housing codes is an example of a way _______ power can be applied to real property.

Answer 16

Police

Question 17

Zoning is an example of a way ______ power can be applied to real property.

Answer 17

Police

Question 18

A/an _______ assessment is an estimate or contractor’s bid for improvements, but the work has not yet been completed.

Answer 18

Pending

Question 19

A/an ______ assessment is for an improvement that has been billed, and the work is complete, but it has not yet been paid by the property owner.

Answer 19

Levied

Question 20

_______ is the right of the government or a public utility to acquire property that is necessary for public use.

Answer 20

Eminent domain

Question 21

A/an ______ tax credit is a property tax reduction program open to Minnesota homeowner.

Answer 21

Homestead

Question 22

If you purchase and occupy non-homestead property before December 1st, and apply for homestead treatment before December 15th, then the homestead level of taxation will begin ______.

Answer 22

In the next year

Question 23

If you did not own and occupy the property by December 1, the taxes payable in the following year will be at the ______ rate.

Answer 23

Non-homestead

Question 24

A _______ exists when a public entity is transfering ownership to a private individual.

Answer 24

Land-patent

Question 25

______ is the gift of land for public use.

Answer 25

Dedication

Question 26

______ transfers property from private ownership to public ownership.

Answer 26

Dedication