Question 1

A public improvement benefits the general public and is financed through a general property tax.

Accepted Answer

A) True 
 B)False

Question 2

If the property taxes are not paid, the property is sold at a public auction.

Accepted Answer

A) True 
 B)False

Question 3

Choose the one most appropriate answer for each.
-a fee or tax on deeds and other documents payable at the time of recordation

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 4

Choose the one most appropriate answer for each.
-the geographical area which will be assessed for a local improvement

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 5

A document issued at a tax sale that entitles the purchaser to a deed at a later date if the is not redeemed is known as a tax deed.

Accepted Answer

A) True 
 B)False

Question 6

A municipality is installing all new traffic signals. The cost of this project would most likely be paid for by means of a bond issue.

Accepted Answer

A) True 
 B)False

Question 7

If an owner's semiannual property taxes on a $90,000 home are $840 and the house is assessed at 80% of value, what is the tax rate per thousand dollars of evaluation?

Accepted Answer

A)  $11.66 
B)  $18.66 
C)  $23.33 
D)  $720.00 
A)  $11.66 
B)  $18.66 
C)  $23.33 
D)  $720.00

Question 8

The property tax rate expressed in tenths of a cent per hundred dollars of assessed valuation is called the mill rate.

Accepted Answer

A) True 
 B)False

Question 9

Choose the one most appropriate answer for each.
-according to value

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 10

A lot measured 50' on a county road and 80' deep. The county assessor valued the lot at $15,000. The tax rate is $100 per front foot. The tax bill is

Accepted Answer

A)  $1,500. 
B)  $5,000. 
C)  $8,000. 
D)  incalculable without the millage rate. 
A)  $1,500. 
B)  $5,000. 
C)  $8,000. 
D)  incalculable without the millage rate.

Question 11

The assessed value of all lands and buildings are made available for public inspection in what is known as the ____________________ rolls.

Accepted Answer

The answer of The assessed value of all lands and...

Question 12

In a special assessment district, which occurs first?

Accepted Answer

A)  Bonding 
B)  Hearing 
C)  Confirmation 
D)  Assessment collection 
A)  Bonding 
B)  Hearing 
C)  Confirmation 
D)  Assessment collection

Question 13

Choose the one most appropriate answer for each.
-sale of an appreciated property structured to spread out the payment of income taxes on the gain

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 14

Real property taxes are levied by the government and become a lien monthly.

Accepted Answer

A) True 
 B)False

Question 15

Choose the one most appropriate answer for each.
-a book that contains the assessed value of each property in the taxing district

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 16

A city or county sponsored public improvement is most appropriately financed by

Accepted Answer

A)  general property taxes. 
B)  an improvement district. 
C)  an assessment district. 
D)  federal income taxes. 
A)  general property taxes. 
B)  an improvement district. 
C)  an assessment district. 
D)  federal income taxes.

Question 17

Tax rates may be expressed as

Accepted Answer

A)  a millage rate. 
B)  dollars of tax per hundred dollars of valuation. 
C)  dollars of tax per thousand dollars of valuation. 
D)  any of the above. 
A)  a millage rate. 
B)  dollars of tax per hundred dollars of valuation. 
C)  dollars of tax per thousand dollars of valuation. 
D)  any of the above.

Question 18

Choose the one most appropriate answer for each.
-hears complaints from property owners regarding their assessments

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Question 19

Local government programs and services are financed primarily through state income taxes.

Accepted Answer

A) True 
 B)False

Question 20

Choose the one most appropriate answer for each.
-selling price of a home less selling expenses

Accepted Answer

A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien 
A) adjusted sales price 
B) ad valorem tax 
C) amount realized 
D) appropriation process 
E) assessed value
F)assessment appeal board
G)assessment roll
H)basis
I)conveyance tax
J)documentary tax
K)front-foot basis
L)improvement district
M)installment method
N)long-term capital gain
O)mill rate
P)public improvement
Q)special assessments
R)tax certificate
S)tax deed
T)tax lien

Exam 14: Taxes and Assessments

A public improvement benefits the general public and is financed through a general property tax.

If the property taxes are not paid, the property is sold at a public auction.

Choose the one most appropriate answer for each. -a fee or tax on deeds and other documents payable at the time of recordation

Choose the one most appropriate answer for each. -the geographical area which will be assessed for a local improvement

A document issued at a tax sale that entitles the purchaser to a deed at a later date if the is not redeemed is known as a tax deed.

A municipality is installing all new traffic signals. The cost of this project would most likely be paid for by means of a bond issue.

If an owner's semiannual property taxes on a $90,000 home are $840 and the house is assessed at 80% of value, what is the tax rate per thousand dollars of evaluation?

The property tax rate expressed in tenths of a cent per hundred dollars of assessed valuation is called the mill rate.

Choose the one most appropriate answer for each. -according to value

A lot measured 50' on a county road and 80' deep. The county assessor valued the lot at $15,000. The tax rate is $100 per front foot. The tax bill is

The assessed value of all lands and buildings are made available for public inspection in what is known as the ____________________ rolls.

In a special assessment district, which occurs first?

Choose the one most appropriate answer for each. -sale of an appreciated property structured to spread out the payment of income taxes on the gain

Real property taxes are levied by the government and become a lien monthly.

Choose the one most appropriate answer for each. -a book that contains the assessed value of each property in the taxing district

A city or county sponsored public improvement is most appropriately financed by

Tax rates may be expressed as

Choose the one most appropriate answer for each. -hears complaints from property owners regarding their assessments

Local government programs and services are financed primarily through state income taxes.

Choose the one most appropriate answer for each. -selling price of a home less selling expenses

Nature and Description of Real Estate

Rights and Interests in Land

Forms of Ownership

Transferring Title

Recordation Abstracts and Title Insurance

Contract Law

Real Estate Sales Contracts

Mortgage and Note

Deed of Trust

Lending Practices

The Loan and the Consumer

Sources of Financing

Types of Financing

Title Closing and Escrow

Real Estate Leases

Real Estate Appraisal

Licensing Laws and Professional Affiliation

The Principal-Broker Relationship: Employment

The Principal-Broker Relationship: Agency

Fair Housing, Ada, Equal Credit, and Community Reinvestment

Condominiums, Cooperatives, Puds, and Timeshares

Property Insurance

Land-Use Control

Real Estate and the Economy

Investing in Real Estate

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