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Exam 4: Government Controls and Real Estate Markets

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Question 1

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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.

A) $75,000
B) $375,000
C) $416,750
D) $425,000

E) A) and B)
F) A) and D)

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Question 2

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

A) urban sprawl
B) holdout
C) urban service areas
D) homestead

E) A) and B)
F) C) and D)

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Question 3

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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:

A major problem in buildings constructed prior to the early 1970's,which of the following environmental hazards commonly associated with insulation has been the focus of costly cleanups at many public buildings,especially schools?

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:

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

Which of the following tools of public land use control represents the earliest method of police power to regulate land use? (Hint: Standards for energy efficiency and sustainability are the most recent trends in the application of this land use control)

Given the following information,compute the effective tax rate for the particular piece of property in percentage terms.Market value of property: $325,000,Assessed value of property: $250,000,Exemptions: $50,000,Taxes paid: $5,363.

All of the following statements are true in describing the determination of just compensation EXCEPT:

Externalities can play an important role in determining a property's price,either by adding value through positive externalities or by diminishing value through negative externalities.Which of the following is most likely to be considered a negative externality?

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:

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:

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 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:

While most property taxes are levied in order to finance services that benefit the community,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:

One of the main criticisms of property taxes is that the property tax of lower income households is higher than that of higher income households,as a percentage of their respective incomes.In other words,taxes are criticized for being:

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?

A traditional zoning ordinance includes all of the following EXCEPT:

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

It was not until the late 1960's that land use controls moved to the forefront of public interest,as the belief that the environment was an endless and costless resource was replaced with the notion that the world was a closed system with limited space,air,water,and other resources.Environmentalists coined which of the following terms to refer to this new point of view?