Tuesday, November 26, 2013

Chapter 11: Government Activity


Chapter 11: Government Activity


1)      Tax digest is the total amount of taxable property value of all taxable real estate within the country.
a.       True
b.      False

2)      A tax assessor is a non-governmental employee responsible for calculating and maintaining  the tax digest.
a.       True
b.      False

3)      An ad valorem value is the assessor’s estimate of a property’s market value for taxation purposes.
a.       True
b.      False       

4)      Taxable value is the assessed value after some applicable exemptions.
a.       True
b.      False

5)      The homestead exemption is a common assessed value deduction to permanent residents who use their property as their primary property residence or homestead.
a.       True
b.      False

6)      The ratio of the property tax to a property’s ______ or the market value.
a. Assessed value      
b. Ad valorem     
c. Assessment ratio      
d. None of the above

7)      The creation of geographic areas, or zones of similar land uses and density of land use is called ______.
a.       Geographical uses
b.      Best land use
c.       Zoning
d.      Effective land uses

8)      A valuation principle that recolonizes that property values are sustained or enhanced when a property conforms to its surrounds is called_______.
a. Building envelope
b. Best value of land use      
c. Best land use     
d. Conformity      



Answers:   1)T   2)F   3)T    4)F  5)T    6)B    7)C    8)D

Wednesday, November 20, 2013

Chapter 11 Government Activity


1. Administrative Change:  A relatively minor exception to zoning for a specific parcel of land.
A. True
B. False

2.  Conformity; A valuation principle that recognizes that property values are sustained or enhanced when a property conforms to its surroundings
A. True
B. False

3. Building code; A minimum required construction standard used to protect the health and safety of the public
A. True
B. False

4. Zoning; A special exception to a specific zoning requirement on a site.
A. True
B. False

5. Effective tax rate; A total amount of taxable property value of all taxable real estate within the county.
A. True
B. False

6.                   A required minimum standard in subdivision design and construction.
A. Subdivision regulation
B. Building Code
C. Impact fee
D. None of the above

7.                   A use that does not conform to current zoning requirements but is legally allowed as an exception.
A. Special use permits
B. Legislative Change
C. Legal nonconforming use
D. All of the above

8. _____ A charge to a developer by a municipality to mitigate the cost of expanding public faculties and services.
A.  Impact
B. Dedication
C. A&B
D. None of the above

Answers: 1) T, 2) T, 3) T, 4) F, 5) F, 6) A, 7) C, 8) A

Tuesday, November 19, 2013

Chapter 11 Extra Credit


1)      Development and maintenance of public roads and sidewalks is a critical public function.
a.       True
b.      False
2)      The total amount of taxable property value of all taxable real estate within a county is called tax digest.
a.       True
b.      False
3)      The basis of most local government planning is a comprehensive plan
a.       True
b.      False
4)      A use that does not conform to current zoning requirements but is legally allowed as an exception describes a grandfathered use.
a.       True
b.      False
5)      An appeal to a court for zoning relief by a property owner after administrative , legislative, and or both types of relief have been denied is called a judicial change.
a.       True
b.      False
6)      A valuation technique used by assessors to create ad valorem value on a large amount of properties is called ______.
a.       Ad valorem value
b.      Mass valuation
c.       Assessment appeal
d.      Assessed value
7)      The assessed value after all applicable exemptions. This value is used to calculate taxes owed.
a.       Taxable value
b.      Millage rate
c.       Exemption
d.      Homestead exemption
8)      The creation of geographic areas of similar land uses and density of land use.
a.       Conformity
b.      Building envelope
c.       Zoning
d.      Comprehensive plan



Answers:   1)T   2)T   3)T   4)F   5)T   6)B   7)A   8)C

Chapter 10 Extra Credit


1)      An unsecured debt is a personal promise to pay back a loan; whereas, a secured debt is a personal promise to repay a loan and is backed by collateral.
a.       True
b.      False
2)      In the underwriting process, qualifying an applicant is considered and property qualification is not important.
a.       True
b.      False  
3)      A charge paid by the mortgagor at origination to reduce or buy down the mortgage contract rate is called a discount point.
a.       True
b.      False
4)      Mortgage origination happens when a mortgage payment has two components: the interest and the principal.
a.       True
b.      False
5)      An equitable title is the right to legal title if all obligations of the promissory note are fulfilled.
a.       True
b.      False
6)      The risk that interest rates will change and negatively affect the interest rate spread is called ________.
a.       Teaser rate
b.      Interest rate risk
c.       Adjustable rate mortgage
d.      Period cap
7)      If a borrower defaults on one mortgage payment, the entire loan balance must be paid immediately. This can be found in a __________.
a.       Prepayment clause
b.      Due on sale clause
c.       Acceleration clause
d.      Mortgage documentation
8)      Recognizable secondary income includes which of the following:
a.       Commission
b.      Bonuses
c.       Overtime pay
d.      Child support
e.      All of the above


Answers:   1)T   2)F   3)T   4)F   5)T   6)B   7)C   8)E

Monday, November 18, 2013

Blog Post 2

Blog Post 2
Fresno association of realtors has been a great experience, the atmosphere there is so welcoming. Even though everyone that attends these meetings may have different roles in Real Estate, they are still able to relate. They choose to be apart of this association so they can share their experience with others.  The knowledge passed on is meant to help out their fellow colleague’s when they encounter the same  situations. It’s also a place for information sharing, such as new properties going on the market, or explaining new law’s that are taking place. This course helps me understand some of the abbreviations that are being discussed. I was also able to understand what they were talking about or wanted to know when dealing with an investment in real estate. However this class is just the basics for what is taking place in these meetings.
During the meeting its very easy to get off topic and start a new topic that was related, this is either because someone needs more of an understanding or because it brings up a disagreement. Therefore it was pretty difficult at times for me to follow along. We started out the meeting where we left off last week, Reverse Mortgage, An article titled “ rich people are getting mortgages cheaper than you, and C.A.R. Newline. I will be giving a brief summary of each of the following topics that were discussed during our unusually long but informative meeting.
During the previous meeting Mr. Risch from Open Mortgage had mentioned how reverse mortgage is a great financial strategy, this meeting he brought in some brochures and was able to elaborate even more. According to our textbook Reverse annuity mortgage (RAM) is “ A mortgage product designed to meet the needs of elderly homeowners by providing an annuity or line of credit secured by a mortgage to be paid off when the house is sold or refinanced or estate probated.” RAM is meant for seniors to offset expenses, pay off high interest rate loans, or need of income. How is this possible you may ask? Well the homeowner will have no monthly mortgage payments on their primary residence and maintain property taxes and homeowners insurance. Mr. Risch also stated the misconceptions people have about reverse mortgages; such as “The Bank or the Government owns my house” or “ if i owe more on the house than what it is worth my heirs will have to pay it back.” He says that the homeowners will always maintains ownership and title to the property.
The following discussion was brought up by Mr. Hyatt and he wanted to discuss a few articles that were brought to his attention. One was from CNN Money titled, “ Rich people are getting mortgages cheaper than you”.  Lenders are offering rates more than a quarter of a percentage point lower for jumbo mortgages than the conforming loans and its backed by Fannie Mae and Freddie Mac. Conforming loans are loans below $417,000 or in high cost areas $625,500, therefore jumbo loans exceed those limits. For example Wells Fargo advertised a 30- year jumbo mortgage at a rate of 4.125% compared to a 4.5% rate conforming loan for a 30-year fixed rate. The reasoning behind this was discussed, that lenders want to attract wealthy clients and hang on to them.
Finally to end the meeting there was some brief topics that were discussed fairly quick and that came from the C.A.R. Newsline. The first topic consisted of the Homeownership rates rising in the third quarter. The national homeownership rate rose 0.3 percent to 65.3 percent compared to the second quarter, reported by the Department of Commerce’s Census Bureau. However on a year over year comparison the national homeownership rate has declined 0.2 percent. On that note, brought up the topic of housing affordability falling for the sixth consecutive quarter. We then moved on to the topic on how foreclosure rates continue to increase. The third quarter has the lowest foreclosure inventory rate that we have seen since 2008. The loans in which foreclosure actions were started in the third quarter is 0.64 percent and is the lowest level since early 2007.

These meetings have so much valuable information that I was able to learn from things, but there is so much more to learn. I am behind in my knowledge and terminology in real estate, but I think after a few more meetings and helpful class sessions I will start to see the big picture. These people here are very nice and helpful as far as explaining their point that they are trying to get a cross, not only for me to understand but for everyone. Even though i am a construction management major I see knowledge that I can gain in my industry by attending these meetings. With that being said I cant wait for the next meeting I am able to attend.