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15 Cards in this Set
- Front
- Back
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Which is TRUE regarding the income tax ramifications in the cost of removing asbestos?
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The answer is it is deductible if it can be shown that it was necessary to keep the property in operating condition, and the cost will not materially add to the value of the building or prolong its life. The cost is deductible if removal of asbestos is necessary to keep the property in operating condition and the cost will not add to the value of the building or prolong its life.
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Which would NOT be part of a market analysis?
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The answer is an analysis of highest and best use of the subject property. This is not done as part of a market analysis, but the analysis may be the basis for determination of highest and best use.
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Which is correct regarding deed restrictions and subdivision restrictions?
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The answer is restrictions run with the land, and once recorded, they remain in effect into the future. Deed restrictions are imposed by a landowner, and subdivision restrictions are imposed by a developer. It takes approval of all of the owners to remove subdivision restrictions.
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In which case would a planned unit development be LEAST appropriate?
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The answer is a developer plans to build a shopping center in an area zoned for commercial use. In this case, the developer does not need to use a PUD. A PUD would be effective for the residential subdivisions to allow mixed uses, or to move the houses closer together ("zero lot line").
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Which is NOT a requirement for receiving subdivision approval by the planning commission?
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The answer is a majority vote of the residents of the municipality are in favor of the subdivision. A majority vote of the residents is not a requirement of getting subdivision plat approval.
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Industrial property developers are LEAST concerned about
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The answer is pedestrian traffic. Pedestrian traffic would be of special concern to commercial property developers, but not to industrial property developers.
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The owner of an apartment building received a note from the property manager stating that the reason for a lower-than-normal occupancy rate was due to "technical oversupply," but the manager did not explain what the term meant. Which explanation would BEST clarify the term?
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The answer is because of an increase in construction activity in the city, there are more apartment units than there are tenants to fill them. Economic oversupply means that the prices are higher than the power of tenants to afford the apartments.
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Which is FALSE about a plat?
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The answer is must be approved by the state department of community planning. The state is not involved in the platting process.
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What form of developments eliminate side-yard setback requirements ?
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The answer is planned unit developments (PUDs). A PUD involves the elimination of the side-yard setback requirements and allows mixed land uses.
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Which is NOT one of the steps in an environmental site assessment (ESA)?
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The answer is posting of a performance bond by the developer before construction begins. The requirements are: (1) a review of governmental records regarding environmental conditions on the property and adjacent properties; (2) site reconnaissance of the property; (3) interviews of the owners, occupants, and local governmental officials; and (4) reporting on findings and presentation of conclusions, including documented history of the site dating back to 1940, or until the land was undeveloped.
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At what stage of a purchase investigation would a review of potential hazardous waste be performed?
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The answer is property analysis. During a property analysis, the investor examines surface and subsurface characteristics, hazardous waste, exterior and interior attributes, and operating expenses.
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Which environmental problem should probably just be left alone?
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The answer is asbestos. The Environmental Protection Agency has recommended that if asbestos is not damaged or disturbed, it probably should not be removed. Mold and hazardous waste should be removed. Lead-based paint should be removed or encapsulated.
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Which is FALSE about subdivision restrictions?
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The answer is they are enforceable only against the original owner. The restrictions run with the land and are enforceable against current and future owners.
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A purchaser of property may avoid liability by claiming "innocent landowner" status under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 by
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The answer is exercising "due diligence" by intensive research in the form of a Phase I environmental site inspection. Failing to do this may result in serious liability for cleanup of toxic wastes that may later be found on the property.
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Florida's Community Planning Act (CPA)
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The answer is established the Department of Economic Opportunity (DEO). The act abolished the Department of Community Affairs, eliminated the infrastructure concurrency requirements, and shifted the burden of proof to consumers to prove that a development would harm the environment
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