Chapter 4 - Government Controls And Real Estate Markets Written Exam 2024.

Chapter 4 - Government Controls And Real Estate Markets Written Exam 2024. The power of state and local governments in the United States to regulate in the interest of the health, safety and welfare of citizens in general is known as: - correct answer Police powers Examples of market failure due to incomplete information about construction quality include - correct answer non-visible electrical systems once walls are closed in, inability to examine plumbing under a concrete slab floor A type of land use that has often been viewed as a threat to destabilize a single family, owner oriented neighborhood is - correct answer large numbers of student rental households in the neighborhood the presence of apartments or commercial activity in the neighborhood Budget: 1000000, non tax rev: 100000 Tax base: Exempt: - correct answer one percent effective rate, ten millls Common examples of partial exemptions for property taxes include exemptions for - correct answer Homestead, blind, veteran, widow, historic, agricultural, disabled To find the property tax amount for a property multiply the taxable value by the total - correct answer tax rate True statements about special assessments include: - correct answer The assessments often are proportional to front footage of the lots involved, common applications are for sidewalks, street improvements, sewer extensions, etc. They are used to fund public improvements affecting a limited set of properties Generally, higher property taxes on a property tend to lower its value, while more resulting community service for the property tend to increase its value. In short, the effects of the property tax are captured or - correct answer Capitalized The property tax is a form of ad ____ tax that is the primary source of revenue for almost all forms of local government in the United States - correct answer Valorem An example of market failure due to incomplete information is - correct answer the buyer of a house doesn't know that the electrical wiring is aluminum, and prone to cracking.