Deck 4: Categories of Real Estate

Question 1

According to the Fair Housing Amendments Act of 1988, what are the three exceptions in which seniors-only housing is permitted?

Answer 1

The three exceptions are
(1) housing provided under any federal or state program that is specifically designed and operated to assist elderly persons;
(2)housing intended for and occupied solely by persons sixty-two years of age or older, if existing prior to the amendment; and
(3)housing in which eighty percent or more of the units are occupied by persons fifty-five years of age or older.

Question 2

The Fair Housing Amendments Act of 1988 extended protection to handicapped persons and to familial status.

Answer 2

True

Question 3

Commercial zoning is not as concerned with use intensity as it is with population density.

Answer 3

False

Question 4

A ___ is the personal right to perform specified activities on the real property of another.

Question 5

Property owners desiring to deviate from strict compliance with all or part of a zoning ordinance may apply for a ___ to the zoning board or other applicable board.

Question 6

The amount of ad valorem real property taxes is determined by the:

A) assessed value of the property and the tax rate
B) sale price of the property and the tax rate
C) taxable value of the property and the tax rate

Question 7

Special assessments are:

A) paid annually and based on the value of the property
B) paid once and based on the front footage of the property
C) paid annually and based on the front footage of the property

Question 8

Explain the procedure for passing a zoning regulation.

Question 9

An easement given to confer a benefit to adjacent real property is called:

A) an appurtenant easement
B) an easement in gross
C) a prescriptive easement

Question 10

A         is a claim or charge against property for payment of a debt.

Question 11

State and federal governments do not levy direct property taxes.

Question 12

What steps may be taken during an environmental audit of real property?

Question 13

An illegal intrusion of a building or appurtenance onto the property of another is called ___.

Question 14

Attempting to guide prospective homeowners into one neighborhood as opposed to another based on the racial, religious, or ethnic composition of a particular neighborhood is called:

A) blockbusting
B) steering
C) redlining

Question 15

___ is the attempt to get homeowners to list their property for sale by stating or implying that minority groups may be moving into the neighborhood.

Question 16

The federal environmental law that imposes liability for hazardous waste cleanup of toxic sites is called the:

A) Solid Waste Disposal Act
B) Superfund Amendments and Reauthorization Act (SARA)
C) Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)

Question 17

Define the term easement , and compare and contrast easements in gross and appurtenant easements.

Question 18

Multiple-use zoning facilitates the growth of planned unit developments.

Question 19

The Superfund Amendments and Reauthorization Act (SARA) limits liability of commercial property owners to those who directly contribute to toxic pollution of the property.

Question 20

What tax deductions, typically referred to as exemptions, may be available to real property owners?