chapter005 - Chapter 5 Government Controls and Real Estate...

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Chapter 5 Government Controls and Real Estate Markets Test Problems Answer the following multiple choice questions. 1. Zoning is an exercise of which type of general limitation on property rights? c . Police power. 2. A comprehensive plan usually deals with which of the following elements? e. All of the above. 3. Property taxes are the principal source of revenue for: e. Both local governments and school districts. 4. The authority for approving site plans for large projects ultimately rests with the: a. City council or commission. (This is the elected governing body.) 5. The most accurate conclusion about the regessivity of the property tax is that it is: d . Regressive, but when benefits are considered, the net result is not regressive. 6. Traditional land use controls (pre-1970) include: e. All three: a, b, and c. 7. Radon gas is: a. A naturally occurring result of geologic activity. 8. “New urbanism” is a term used to describe d. The theory that residential and commercial uses should be integrated, streets and parking should discourage through traffic, and housing should be built close to the street. 9. Elements of traditional zoning include all except : a. Performance Standards. 10. Externalities in land use include all except : d. Inability to judge the quality of a structure, once built. Study Questions 1. Assume that you own a small apartment building close to a major commercial street and a service station. You learn that there has been a major leak of underground storage tanks from the service station, and the gasoline has spread onto and below the surface of your property. Discuss sources of value loss to your property from the contamination. 5-1
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Solution: Most importantly, as the owner, you would be responsible for the cleanup on the property despite not causing the contamination. Second, the potential resale value is reduced because the site is contaminated. Further, the site will be tarnished in the future, even if the hazardous materials were cleaned up. 2.
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chapter005 - Chapter 5 Government Controls and Real Estate...

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