Chapter 5: Government

Question 1

What is the purpose of zoning?

Answer 1

Regulate how each parcel of land is used (density, height &bulk of buildings, aesthetic considerations)

Question 2

What are the 5 special types of zoning?

Answer 2

aesthetic zoning, bulk, directive, incentive, exclusionary

Question 3

What is the purpose of bulk zoning?

Answer 3

to limit population growth and density in areas

Question 4

What is the purpose of directive zoning?

Answer 4

designed to encourage the highest and best use of land

Question 5

What is the purpose of incentive zoning/

Answer 5

an award based system that encourages developers to meet physical, social, and cultural benefits

Question 6

What is the purpose of exclusionary zoning?

Answer 6

laws requiring lots and houses so large that low-income families are effectively barred

Question 7

What is an variance?

Answer 7

an exception to be allowed to use the land for a purpose that doesn’t comply with current use-designation

Question 8

What is a building code?

Answer 8

regulations that set standards for construction material, methods, and safety procedures

Question 9

What is abatement?

Answer 9

when the building inspector finds that construction is not in compliance with code

Question 10

What is the floor area ratio?

Answer 10

divide the total floor area by the lot area

Question 11

What are ad valorem taxes?

Answer 11

taxes that pay for schools, hospitals, fire and police protection

Question 12

What is a tax base or assessment roll?

Answer 12

the assessor’s records showing the total assessed value of all properties in jurisdiction

Question 13

What is tax abatement?

Answer 13

a temporary suspension of property taxes to encourage economic development

Question 14

What is homestead exemption?

Answer 14

is offered on a principal residence to encourage home ownership

Question 15

What type of taxes are prriorty?

Answer 15

unpaid taxes are a lien against the property and have priority over all other liens

Question 16

What is right of redemption?

Answer 16

some states allow delinquent owner to pay tax bill plus 20% after sale

Question 17

What is a tax certificate?

Answer 17

the successful bidder at tax sale is entitled to a sheriff’s deed after redemption period has expired

Question 18

What is an improvement district?

Answer 18

when an improvement will only benefit the neighborhood served (street lights, sewers, sidewalks, etc.)

Question 19

what is capital gain?

Answer 19

any taxable profit asset i buy for one price and sell for more

Question 20

What are estate taxes?

Answer 20

tax imposed on deceased person’s estate

Question 21

what does state taxes consist of?

Answer 21

a transfer/conveyance tax is charged when the property is conveyed. paid at the time of recording

Question 22

what is the 1031 exchange?

Answer 22

tax code that permits investors to defer the payment of capital gain

Question 23

How long after established business relationship can you continue to call?

Answer 23

18 months

Question 24

How long can you contact consumer who made an inquiry?

Answer 24

3 months from the date of last inquiry

Question 25

What is the sherman anti-trust act?

Answer 25

Designed to protect the public from monopolistic practices