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Class Exam 2

chapter 15-10

residential zoning is based on density
variances hardship
those that bring money into the local community to meet local payroll costs basic business
a planned unit development is also referred to as cluster zoning
if a church wished to build in a residential neighborhood, it would apply for special exception
the purpose of zoning board of adjustment is to determine infrastructure requirements
a property use that predates the current zoning ordinance but is allowed to exist for at least a period of time can best be describe as legally nonconforming
business that meet payroll expense by using dollars generated by persons that live in the immediate vicinity are categorized as service
when estimating supply its not necessary to consider price
if 2 or more parcels have greater value as a single tract then the sum of their individual values as seprate sites combination plottage
criteria for estimating highest & best use should be legally, physically, economically, maximally
relationship between supply & demand in the real estate market is indicated by the vacancy ratio
the demand factors that affect real estate include price, income, population, credit & consumer
how does the real estate market react to shifts in consumer demand through changes in zoning law
which statement does NOT apply to real estate market real estate is immobile
demand over supply a sellers
a good balance between supply & demand for residential is 5%
the four factors of production land, labor, capital & entrepreneurial ability
real estate market is best described as ineffiecent & unorganized
the use that creates the highest value value to land is its highest & best use
changes in supply or demand slow market
economic term used to idetify value resulting from location to of a parcel of land is situs
population, credit, income, consumer preferences are related to demand
the county property appraiser assessed value
special assements are used to pay for sidewalks sewer and other public improvements that benefit the property owner
itemized tax returns are allowed deductions for real estate taxes & morgage intrests
the county property appraiser determines the assessed value based on just value
document indicates the finacial condition of a business as a particular time balance sheet
fixed exspenses typically include real estate taxes & hazard insurance
reserves for replacments non cash exspense used to replace short lived componets that wear out from time to time
correct formula for loan to value ratio is loan divided by value
assets are those that have no physical existance intangible
income divided by a capitalization rate results in an estimate of market value
which method may not be used to estimate reproduction cost economic age-life
functional obsolescence includes an overimprovement
when calculating gross monthly rent mutiplier it is necessary to divide comparable property sales price by comparable property rent
states that a property of higher cost than those of in the same area will have its value reduced the concept of regression
external obsolence is incurable
the amount actually paid in a transaction is termed the price
the amount necessary to make an exact duplicate of a structure is called reproduction cost
reproduction cost can be estimated using quanity survey, unit in place, unit of comparision
which entry would normally appear as a debit on the buyers statement intangible tax on a new mortgage
earnst money is excrow is reflected on closing statement credit to buyer
title insurance is paid by the buyer
exspenses on a closing statemnet are always debits
the state doc stamp on promissory note is paid by the buyer
the fedral housing administration insures loans
major source of funds for large commercial real estae life insurance companies
the secondary morgage is market is where loans originated in the primary market are sold
Created by: dmboo
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