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Questions and Answers
A local government initiates a project to repave the streets in a specific neighborhood. To cover the costs, they impose a charge on the properties within that area. What is this charge called?
A local government initiates a project to repave the streets in a specific neighborhood. To cover the costs, they impose a charge on the properties within that area. What is this charge called?
- Special Assessment (correct)
- General Tax Levy
- Property Tax Deduction
- Public Grant Allocation
Which of the following describes a 'dedication' in real estate?
Which of the following describes a 'dedication' in real estate?
- The transfer of private land for public use. (correct)
- A legal claim against a property to secure a debt
- The forced sale of a property due to unpaid taxes.
- The detailed surveying of property boundaries.
What is the critical factor that distinguishes a 'homestead' property from a 'non-homestead' property?
What is the critical factor that distinguishes a 'homestead' property from a 'non-homestead' property?
- Whether the property is used for commercial purposes.
- Whether the owner occupies the property as their primary residence. (correct)
- Whether the property is located within city limits.
- Whether the property is subject to a mortgage.
A property owner disagrees with the assessed value of their property for tax purposes. Where would the property owner typically appeal this assessment?
A property owner disagrees with the assessed value of their property for tax purposes. Where would the property owner typically appeal this assessment?
Which of the following best describes 'In Rem' legal action regarding a property?
Which of the following best describes 'In Rem' legal action regarding a property?
What is the main purpose of a 'Metes and Bounds' description in a real estate deed?
What is the main purpose of a 'Metes and Bounds' description in a real estate deed?
A developer wants to build a park in a new residential area and formally transfers the ownership of the park land to the city using a legal document. What is this process called?
A developer wants to build a park in a new residential area and formally transfers the ownership of the park land to the city using a legal document. What is this process called?
A map attached to a property deed references 'Block 4, Lot 12'. What is this an example of?
A map attached to a property deed references 'Block 4, Lot 12'. What is this an example of?
Flashcards
Assessment
Assessment
A charge on real estate to cover costs of improvements like streets or sewers.
Assessment Review Board
Assessment Review Board
An independent group that hears appeals related to property assessments.
Dedication
Dedication
When a property owner sets aside land for public use.
Dedication by Deed
Dedication by Deed
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Homestead
Homestead
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Non-homestead
Non-homestead
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Public Grant
Public Grant
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Lien
Lien
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Study Notes
- Assessments are charges on real estate by a government unit to cover costs of improvements like streets or sewers.
- An Assessment Review Board is an independent body that hears assessment appeals.
- Dedication is when a landowner allocates land for public use, which is then accepted by or on behalf of the public.
- Dedication by Deed involves setting aside land for public use via a deed, specifying the exact purpose.
- A homestead is a home owned and resided in by a client, including surrounding land and buildings, as long as the land isn't separated from the home by property owned by others.
- Non-homestead property is real property that doesn't meet the homestead definition.
- Non-homestead property is generally counted as an asset, but is considered unavailable while the client is making a reasonable effort to sell.
- A Public Grant describes land gifted by the government.
- In Rem refers to a legal proceeding directly against property, rather than against a person, often used in cases of tax delinquency.
- A Land Patent represents supreme title to land originally acquired within the U.S. via treaty.
- It grants rights to the land described under the treaty to the individual named on the patent, their heirs, and assigns forever.
- A levy is an assessment of tax.
- A lien is a legal claim on a specific property that secures a debt until it is paid.
- Metes and Bounds is a method of describing land boundaries using lines with terminal points and angles.
- Reference to a Plan is a deed section referencing a plat map, including the property's block and lot number.
- A Special Assessment is a charge on a property to fund a public improvement that specifically benefits that property.
- Special Assessment Districts are geographic areas where real estate value increases due to a public improvement, with taxes apportioned to recover the improvement's costs.
- A survey is the process of measuring land and determining its area, also the blueprint showing measurements, boundaries, and area.
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Description
Key real estate concepts including assessments, Assessment Review Boards, and dedication (allocation of land for public use). Also covers dedication by deed, homestead vs. non-homestead property and public grants. Additionally, the definition of In Rem is provided.
