REAL 4000 Test 2 Review -
Definitions, Concepts, & Quiz
Questions and Answers (Ch. 3, Ch. 4,
Ch. 7, Ch. 8)
A parcel described as "the northeast quarter of the southeast quarter of
section 14" contains how many acres? - -40
- A square mile contains ______________ acres. - -640
- An acre = __________ feet - -43,560
- Land descriptions are a special concern with real property, as compared to
personal property because: - -- Land is a continuous surface; descriptions
must define boundaries.
- Land can be extremely costly, and errors in descriptions can be very costly.
- Any error harms at least one owner or another.
- The south one-half of the southeast one-forth of the northwest of one
fourth of the northwest one-fourth of a certain section would contain _____
acres? - -5
- The quitclaim deed: - -- Includes no promises about the interest that the
grantor holds.
- Can convey the same property interest as a general warranty deed.
- Conveys whatever interest the grantor holds.
- The fundamental requirement for a land description is to be: - -
Permanently unambiguous
- Under the covenant of quiet enjoyment, a grantor - -ensures that the title
will be good against the title claims of third parties.
- With the following information, compute the property tax rate for the
community. Total budget expenditure: $40 million, Total nonproperty tax
income: $5 million, Total taxable value: $1 billion, Total exemptions: $250
million.(Round the final answer to two decimal places and if the answer is
5.62%, report it as 5.62) - -4.67
, - A property tax owner who owes 8 mills in school taxes, 10 mills in city
taxes, and 5 mills in county taxes and who qualifies for a $25,000 homestead
exemption would owe how much tax on a property worth $100,000 which is
assessed at 80%? - -1,265
- Given the following data, calculate the effective tax rate: Market value
100,000. Assessment rate: 85%. Exemption: 10,000. Tax rate: 25 mills.
(Round the final answer to two decimal places and if the answer is 5.62%,
report it as 5.62) - -1.88
- Zoning is an exercise of which type of general limitation on property
rights? - -Police Power
- Externalities in land use include all except: - -Inability to judge the quality
of a structure, once built.
Includes:
- Traffic Congestion
- Noise created by a land use
- Leap-Frog development
- Increase storm runoff from paving
- 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: - -Police Powers
- Three conditions for zoning variance are - -- The variance must not change
the character of the neighborhood.
- The condition must be unique to the particular lot.
- The owner must show true hardship
- Property taxes are a main source of revenue for: - -Both local
governments and school districts.
- Elements of traditional zoning include all except: - -performance standards
Elements of traditional zoning:
- Land Use categories
- Provision for special use districts
- Set back requirements
- Bulk limits
Definitions, Concepts, & Quiz
Questions and Answers (Ch. 3, Ch. 4,
Ch. 7, Ch. 8)
A parcel described as "the northeast quarter of the southeast quarter of
section 14" contains how many acres? - -40
- A square mile contains ______________ acres. - -640
- An acre = __________ feet - -43,560
- Land descriptions are a special concern with real property, as compared to
personal property because: - -- Land is a continuous surface; descriptions
must define boundaries.
- Land can be extremely costly, and errors in descriptions can be very costly.
- Any error harms at least one owner or another.
- The south one-half of the southeast one-forth of the northwest of one
fourth of the northwest one-fourth of a certain section would contain _____
acres? - -5
- The quitclaim deed: - -- Includes no promises about the interest that the
grantor holds.
- Can convey the same property interest as a general warranty deed.
- Conveys whatever interest the grantor holds.
- The fundamental requirement for a land description is to be: - -
Permanently unambiguous
- Under the covenant of quiet enjoyment, a grantor - -ensures that the title
will be good against the title claims of third parties.
- With the following information, compute the property tax rate for the
community. Total budget expenditure: $40 million, Total nonproperty tax
income: $5 million, Total taxable value: $1 billion, Total exemptions: $250
million.(Round the final answer to two decimal places and if the answer is
5.62%, report it as 5.62) - -4.67
, - A property tax owner who owes 8 mills in school taxes, 10 mills in city
taxes, and 5 mills in county taxes and who qualifies for a $25,000 homestead
exemption would owe how much tax on a property worth $100,000 which is
assessed at 80%? - -1,265
- Given the following data, calculate the effective tax rate: Market value
100,000. Assessment rate: 85%. Exemption: 10,000. Tax rate: 25 mills.
(Round the final answer to two decimal places and if the answer is 5.62%,
report it as 5.62) - -1.88
- Zoning is an exercise of which type of general limitation on property
rights? - -Police Power
- Externalities in land use include all except: - -Inability to judge the quality
of a structure, once built.
Includes:
- Traffic Congestion
- Noise created by a land use
- Leap-Frog development
- Increase storm runoff from paving
- 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: - -Police Powers
- Three conditions for zoning variance are - -- The variance must not change
the character of the neighborhood.
- The condition must be unique to the particular lot.
- The owner must show true hardship
- Property taxes are a main source of revenue for: - -Both local
governments and school districts.
- Elements of traditional zoning include all except: - -performance standards
Elements of traditional zoning:
- Land Use categories
- Provision for special use districts
- Set back requirements
- Bulk limits
