Tuesday, May 15, 2012

Student Created Objective Questions Chapters 11 and 12

Elizondo Mendoza

1.      An impact fee is a charge to a developer by municipality to mitigate the cost of expanding public facilities and services.
a.      True
b.      False

2.       The comprehensive plan is carried out through zoning, building codes and subdivision regulations.
a.      True
b.      False

3.       How is the effective rate calculated?
a.       Taxable value x Millage rate
b.      Assessed value – Exemptions
c.       Property Tax Due / Ad Valorem Value
d.      Ad Valorem Value / Property Tax Due

4.       A comprehensive plan has a long-term scope of typically 10 – 30 yrs.
a.       True
b.      False

5.       A special exception to a specific zoning requirement on a site.
a.       Special use permit
b.      Zoning variance
c.      Grandfathered use
d.      Administrative change

6.      Taxation rate is derived as the ratio of the fiscal budget, less anticipated fee collections, and the tax digest, less total exemptions.
a.       True
b.      False

7.       Administrative, legislative, and judicial are the three types of zoning reliefs.
a.      True
b.      False

8.       How is the tax saving from exemptions is calculated?
a.       Taxable Value x Millage Rate
b.      Assessed Value – Exemptions
c.       Exemptions x Millage Rate
d.      Ad Valorem Value x Assessment Ration
Answers   1.True   2. True    3. C    4. True    5. B    6. True    7.  True    8. C


1.      A valuation technique where no is justified in paying more for a property than the cost of buying a similar site and constructing replacement improvements on it.
a.       Sales Comparison Approach
b.      Income Approach
c.       Market Approach
d.      Cost Approach

2.      Capitalization is the process of converting an income stream into a lump sum estimate of present value.
a.       True
b.      False

3.       An agent is someone who acts on behalf of someone else, called the principal.
a.      True
b.      False

4.       A real estate broker representing the buyer in an agent-principal fiduciary capacity.
a.     Cooperating broker
b.     Selling broker
c.      Buyers broker
d.      Listing broker

5.       The cooperating broker is the broker who brings the buyer to the transaction.
a.       True
b.      False

6.      The problem solving heuristic characterized by giving the greatest weight to the most recently encountered evidence.
            a.    Anchoring
            b.    Confirmation
            c.    Recency

7.      Heuristics is the subconscious mental shortcuts employed by human problem solvers needing to minimize cognitive effort.
a.       True
b.      False

8.      Excusive-agency is an agency that exists when a broker represents both the buyer and the seller of a transaction.
a.       True
b.      False

Answers:  1. D    2. True    3. True    4. C    5. False    6. C    7. True    8. False

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