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66 Cards in this Set
- Front
- Back
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The job of the licensee is to be the |
Source of the source; not the source |
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What are the four Government powers? (PETE) |
1. Police power 2. Eminent domain 3. Taxation 4. Escheat |
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What is police power? |
No compensation, to protect the people |
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What is eminent domain? |
With just compensation; for the good of the people |
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What is taxation? |
Collect money to run the government |
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What is escheat? |
Land reverts to the state if no Will and no heirs |
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Local governments get their Authority through legislation passed by the state called |
Enabling Acts |
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Enabling Acts |
States delegate to counties cities and municipalities the authority to enact ordinances in keeping with the general laws |
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Land use controls |
Land use is controlled by public and private restrictions and public ownership of land |
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Zoning |
The comprehensive plan is the big picture, zoning is the details. The regulation of the use of the land including lot sizes, building Heights, types of structure, setbacks and the amount of land that will be improved |
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Enforcement of zoning laws or accomplish? |
Building permits |
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Local governments get their Authority through legislation passed by the state called |
Enabling Acts |
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A permanent exception to the current Zoning for one specific property is called a |
Variance |
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The master plan is the big picture; zoning is the |
Details |
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Police power is without |
Compensation (to the owner of land) |
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Regulation and control of the use of the land is achieved through |
Zoning ordinances |
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A non conforming use that may be allowed to continue legally is considered |
Grandfathered |
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A forum for citizens to discuss the pros and cons of zoning ordinances before they are an enacted enacted is called |
Public hearing |
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Eminent domain is the right of the government to take private land for the |
Good of the people |
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The power to take private land for public use is |
Eminent domain |
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If Government action has forced a significant loss of value to an individual's land, the owner May Force |
Inverse condemnation |
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The right of the government to take private property for public good is |
Eminent domain |
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The process by which property is taken for public good is |
Condemnation |
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When this process occurs, the property owner must be |
Fairly compensated |
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Two types of real estate taxes |
1. Ad Valorem : according to VALue 2. Special Assessments: according to Benefit |
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What is the assessed value of property formula |
Market value X assessment ratio = assessed value |
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Budget formula |
Budget / assessed value of all real estate = tax rate |
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Formula to figure out tax amount |
Assessed value X tax rate = tax amount |
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Formula for dollars of tax per 100 of assessed value |
Assessed value / $100 = #of units of 100 number of units X dollars for $100 = tax amount |
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When is the due date for the first half taxes? |
October 1st |
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What is the due date for the second half taxes? |
March 1st |
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What is the delinquent date for the first half taxes? |
November 1st |
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What is the delinquent date for the second half taxes? |
May 1st |
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In what month is the property tax sale held? |
February |
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When do taxes become a lien? |
January 1st or 1st Monday and January |
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What interest rate does the bidding of the tax sale begin at? |
16% |
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What does the successful bidder receive? |
Certificate of purchase |
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What is the Redemption period for the property tax sale? |
Three years after the sale |
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Property taxes are in what Lane position? |
1st position collectively |
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What is unique about the property tax lien? |
It is unrecorded. It is always in the first lien position. |
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Property taxes are paid how? |
In arrears |
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How are property taxes levied? |
Annually |
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How are property taxes paid? |
Semi annually |
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Special assessments are based on |
Benefit |
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Ad valorem taxes are based on |
Value |
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In calculating the front footage of a property, it is always the |
First Dimension given |
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First half taxes are for the period of |
January 1st through June 30th |
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Second-half taxes are for the period of |
July 1st through December 31st |
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The term for someone dying without a will is |
Intestate |
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If an individual dies without a will and has heirs have is the property distributed? |
State laws of descent |
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The process of verifying the validity of a will is called |
Probate |
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What is the waiting time prior to an escheat sale? |
7 years |
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Area between two non-compatible types of zoning |
Buffer zone |
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Area between the lot line and the building envelope |
Setback |
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Legal process for taking title to property under eminent domain |
Condemnation |
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An exception to the zoning law |
Variance |
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Taxes based on value |
Ad valorem taxes |
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A non-conforming use that is allowed to stay |
Grandfathered |
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Taxes based on benefit |
Special assessments |
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States delegate authority to countries and local municipalities |
Enabling Acts |
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Property that confirmed with zoning before it was changed |
Nonconforming use |
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Individual dying without a will in place |
Intestate |
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Paid after use |
Arrears |
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Man that does not conform to the zoning ordinance |
Nonconforming use |
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A reflection of market value of a property |
Full cash value |
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The value of property limited to maximum annual changes |
Limited cash value |
