Set 3 Flashcards
T/F: Eminent domain is the RIGHT of the government to take private property for the public good
True
Eminent domain refers to the RIGHT of the government to take private property for the public good
Condemnation is the PROCESS used to take private property for the public good.
T/F: General assessment taxes are used to cover public good items
True
general assessment taxes are to cover public good items such as police and fire protection.
T/F: A special assessment tax pays for improvements (sewers, sidewalks) that benefit certain properties.
True
A special assessment tax pays for improvements (sewers, sidewalks) that benefit certain properties.
A general assessment tax is ad valorem
True
A general assessment tax is an ad valorem (based on value) tax on land plus improvements.
Is the following be an example of a buffer zone:
Garden apartments between a residential area and shopping center
Yes
A buffer zone separates two incompatible areas - an apartment complex between residential and commercial does just that.
What is the purpose of a master plan?
A » To insure safety in construction
B » To guide in the future development of cities
C » To give developers a way to make subdivisions uniform
D » To allow cities a way to acquire private property in the future if needed
B » To guide in the future development of cities
(B) A master plan is a plan for the cities future growth. (A) Building codes are designed to insure safety in construction. (C) Private deed restrictions allow developers to make a subdivision look a certain way. (D) Eminent domain allows a government entity to take private property for public good
What is an abstract in real estate
A written history of the property
Estoppel Certificate
“a signed statement by a party (such as a tenant or mortgagee) certifying for another’s benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date.
provides confirmation by the tenant of the terms of the rental agreement, such as the amount of rent, the amount of security deposit and the expiration of the agreement
States the current loan balance on a note; used especially when notes are sold to others
T/F: The purpose of an appraisal is to estimate assessed value
False
An appraisal is used to estimate fair market value.
Assessed value is used for tax purposes.
T/F: Assessed value is used for tax purposes.
True
Assessed value is used for tax purposes.
T/F: An appraisal is used to estimate fair market value.
True
An appraisal is used to estimate fair market value
APPRAISAL
A document that gives an estimate of fair market value; for lenders, owners, etc.
Is an assessed valuation used for the taxation of real property?
Yes
The assessed valuation is used for the taxation of real property.
T/F: Appraisals (which are based on recent sale prices of properties in your area and other factors) are used to determine your home’s actual value.
Assessments are relative measures of value that indicate how this same property will be taxed by the government instead.
True
Put simply, appraisals (which are based on recent sale prices of properties in your area and other factors) are used to determine your home’s actual value. Assessments are relative measures of value that indicate how this same property will be taxed by the government instead.
T/F: Physical deterioration would be things like peeling paint and sagging floors - caused by deferred maintenance.
True
Physical deterioration would be things like peeling paint and sagging floors - caused by deferred maintenance.
