Real Estate - Unit 2 Review

Question 1

what is generally NOT a use classification established by municipal zoning?

Answer 1

architectural

Question 2

nonconforming use is a term used in reference to a property that…

Answer 2

does not comply with current zoning requirements

Question 3

a light industrial plant has been operating in compliance with the zoning classification. after a zoning change to single-family residential use, the owners of the industrial plant are permitted to….

Answer 3

continue the present use as long as it is not enlarged or expanded due to a nonconforming use

Question 4

land use classifications, controls and restrictions are designed to accomplish 3 things except….

Answer 4

guarantee that all property will be applied to its highest and best use. the governments police power does not provide any guarantee

Question 5

the value of a property established for property tax purposes is…

Answer 5

assessed value. property taxes aka “ad valorem” are based on the assessed value of a property

Question 6

the established useful asset life for nonresidential income-producing property under the IRS code is how many years?

Answer 6

39 years nonresidential

Question 7

new owners who acquire residential property before January 1st of 2017 have until what date in 2017 to file for the Florida homestead tax exemption?

Answer 7

march 1st

Question 8

when property taxes are delinquent the government collects money by auctioning a….

Answer 8

property tax certificate. it is sold at the auction

Question 9

what property is EXEMPT from property taxes?

Answer 9

church. church is considered a non-profit

Question 10

if a zoning provision causes undue hardship on a property owner, the zoning board of adjustment is authorized to issue a….

Answer 10

variance. a variance allows the owner to vary from strict compliance due to a hardship

Question 11

the creditor of which type of delinquent debt would NOT be allowed to force the sale of a residence protected by the constitutional homestead laws?

Answer 11

a judgement lien for consumer credit card debt. homestead is protected by someone holding a judgement. mortgages, construction, tax and assessment liens may be foreclosed against a homestead.

Question 12

the Florida constitution was amended to limit the amount the assessed value of a homestead that can increase in a given year. the name of the amendment is…

Answer 12

save our home. SOH caps the annual increase of assessed value to a homestead.

Question 13

a residence is located in an area that was later zoned for commercial use. the owner of the residence is allowed to continue the use but is not allowed to undergo structural changes. this is an example of….

Answer 13

nonconforming use

Question 14

which right of the government allows “taking with just compensation?”

Answer 14

eminent domain. this Is the right of the government upon payment of just compensation to take private lands for public use.

Question 15

a community has zoning restriction that require setback distance of 20 feet from the property frontward. the owner wants to build a garage addition that comes within 19 feet of the front property boundary. before construction, owner should apply for…

Answer 15

a zoning variance. a zoning variance is issued by the zoning board of adjustments when the zoning code causes an undue hardship on a property owner.

Question 16

the local commission or board implements the comprehensive plan for development through enacting…

Answer 16

zoning ordinances

Question 17

what is the governments right to enact and enforce land-use restrictions?

Answer 17

police power

Question 18

what items are deductible from income tax for owners of residential homestead properties?

Answer 18

mortgage interest and property taxes.

Question 19

smiths property was rented to jones under a 3 year written lease. one year into the lease smith’s property was taken through eminent domain. what must jones do?

Answer 19

it is terminated so jones must vacate the premises.

Question 20

what CANNOT foreclose on an individuals homestead?

Answer 20

judgement creditors, such as credit card companies, cannot force the sale of the debtors homestead to collect the debt.

Question 21

special assessments are charged against who?

Answer 21

against the properties that benefit from the improvement.

Question 22

which of the following are federal deductions on income tax for a primary residence?

Answer 22

mortgage interest and property tax payment, they qualify for IRS tax deductions

Question 23

what is NOT deductible on income tax for a commercial property?

Answer 23

reserves for replacement

Question 24

the distance that a zoning ordinance requires between a property’s boundaries and its improvements is known as a:

Answer 24

setback

Question 25

what is NOT true about the homestead property tax exemptions?

Answer 25

that there is no differentiation in exemptions based upon how long an owner has been resident

Question 26

the government has the power to take title to a property through escheat when…

Answer 26

the owner dies intestate and without heirs

Question 27

the process of taking property under the power of eminent domain is…

Answer 27

condemnation

Question 28

what is not a governmental power?

Answer 28

deed restriction

Question 29

government regulations that specify acceptable uses and density are…

Answer 29

zoning ordinances