Monday, March 7, 2011

Chapter 7

David Mueller-Flores
FIN 180

1. Eminent domain is the government’s right to take private property for the benefit of the public. True pg 165

2. The main funding source for the responsibilities and needs of a local government is property tax. True pg 168

3. Escheat is the governments right to invalidate a will and claim the property of a deceased person. False pg 171

4. Personal Property is all property that is not real property. True pg 172

5. Encroachments are land owners right to cross over property lines if a fixture is too big to just fit on one property. False pg 182

6. A fixture could be …
a. Ceiling fans
b. Garage door
c. Water heater
d. All of the above
The answer is D, All of the above, pg 173-4

7. Government infringement on private property rights include…
a. Enforcement of regulations
b. Creation and maintenance of public infrastructure
c. Creation of regulations to manage the impact of externalities
d. All of the above
The answer is D, All of the above, pg 163

8. Just compensation, which government must provide when exercising eminent domain, is paid at…
a. Book Value
b. Market Value
c. Whatever the government can afford
d. None of the above
The answer is B, Market Value, pg 166

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