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Government Powers in Real Estate Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. A house has a property tax value of $12,800. What is the appraised value of the house if tax is calculated based on 16 percent of the appraised value?

Question 2 2. A house has an appraised value of $250,000. The local government has a tax rate of $75 per $1,000 for calculating the property tax. What is the property tax?

Question 3 3. A house has an appraised value of $600,000. If the property tax is 8 percent, calculate the property tax.

Question 4 4. Select the statement that is NOT true of property taxes.

Question 5 5. A house with an appraised value of $750,000 is located in a place with a tax rate of $60 per $5,000. What is the property tax?

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Question 6 6. Kerry's residence is assessed at $170,000 and the land it sits on is assessed at $30,000. Kerry's state permits a homestead exemption equal to the lesser of 10% of the assessed value or $50,000. The mill rate is 15. What's Kerry's total annual property tax?

Question 7 7. In property tax assessment, what's a mill equal to?

Question 8 8. Harry's investment property has been assessed at $150,000. Harry does not live in his investment property and he doesn't qualify for any exemptions. The mill rate is 15. What is Harry's total annual property tax?

Question 9 9. What is the best first step in challenging a property tax assessment?

Question 10 10. Local ____ are assessed annually, while ____ are assessed when the property is sold.

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Question 11 11. Jane's rental home may have mold in it. Her children have been getting very sick. The landlord won't help her. Who could she go to for help?

Question 12 12. Zach wants to turn his garage into a welding shop. He lives in a house at an exclusive golf club. He has plenty of parking since he lives right by the pool. The owner of the golf club told him he can't do that. Who regulates this sort of thing?

Question 13 13. An old farm house in a rural area is falling down. It's causing a safety hazard. Who can step in to make the owner remove the hazard?

Question 14 14. A new retail building did not follow the building codes of the city. Who has the authority to enforce the current building codes?

Question 15 15. Who delegates police powers?

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Question 16 16. Examples of a general public purpose include ________________.

Question 17 17. Eminent domain is often ____________.

Question 18 18. Just compensation for condemned private property is measured by _____________.

Question 19 19. The ___________ of the United States Constitution stipulates that government entities must provide 'just compensation' when taking ownership of private property.

Question 20 20. The government uses a _____________ to obtain title to the land of an owner who refuses the government's offer.

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Question 21 21. Which example below best describes escheat?

Question 22 22. Which of the following is a good example of an individual dying intestate?

Question 23 23. If an heir comes forward to claim property after the state has taken ownership, the heir _____.

Question 24 24. The typical timeline for the escheat process is _____.

Question 25 25. When an individual dies intestate this means that _____.

Government Powers in Real Estate Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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