What does ad valorem mean - Study guides, Class notes & Summaries

Colibri Real Estate Course Exam chapter 1 - 5 Exam Questions and Complete Solutions Fixture - Answer: What term describes a personal property item that has been converted to real property by attachment to real estate? Subsurface Rights - Answer: What rights apply to land beneath the surface of the real estate parcel extending from its surface boundaries downward to the center of the earth? Lateral Support - Answer: What refers to support provided by the adjacent property, such as a land...

Solutions Manual—Essentials of Federal Taxation, by Spilker et al. © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC. 1 Chapter 1 An Introduction to Tax SOLUTIONS MANUAL Discussion Questions (1) [LO 1] Jessica’s friend Zachary once stated that he couldn’t understand why someone would take a tax course. Why is this a rather naïve view? Taxes are a part of everyday life and have a financial effect on many ...

Exam Prep: Financing and Taxes 2023. What is an assessment? - ANSWER A percentage of market value What is an approved assessing unit? - ANSWER A taxing jurisdiction certified by the NYS Office of Real Property Tax Services What is an assessment review board? - ANSWER Hears property tax grievances What is a levy? - ANSWER The placement of tax that creates a lien on the property What is a special assessment district? - ANSWER A geographic area in which the properties benefit from a pu...

The fact that an individual must go to the land describes what physical characteristics of land? - ANSWER-Immobility John and Mary are co-owners of a property. John has a 60% interest in the property and Mary has 40%. What type of freehold estate do they have? - ANSWER-Tenancy in Common A Property is surveyed to determine a legal description. The surveyor works from a point of beginning, and measures terminal points and angles. What method of land description is he using? - ANSWER-Metes an...

Taxes and Assessments Already Passed What is the purpose of taxation? If a property is based on "ad valorem" what does that mean? The assessed value of a property is $70,000. The tax rate is $1.25 per $100 of value. What would the annual taxes on this property be? Formula for tax rate: Rate = Tax dollars needed/Taxable assessed value Scenario: A home valued at $100,000 is assessed at a uniform percentage rate of 15%. The assessed value of that home would be $___________. Using the tax ...

ASREB School and State Test Review Q & A Rated Perfectly!! How are AZ property taxes charged? Ad Valorem What does Ad Valorem mean? Assessed Value How are Arizona Property Taxes paid? Levied once, Paid Twice When are AZ property Taxes Due? and Delinquent? Oct-Nov and March-May (O No More Money) Who do you pay the property taxes to? County Treasurer What is the penalty for AZ Property Tax Delinquency? 16% Property Tax Assessment Ratio Residential? 10% Property Tax Assessment Ra...

A competent party is one that is: - correct answer At least 18 years of age Mentally competent Cannot be temporary incompetent The Texas Real Estate Commission regulates a licensee in which of the following situations? - correct answer When the licensee is selling a house for a client What is a legal agreement between parties to do (performance) or not to do (forbearance) a certain act for consideration? - correct answer A contract All of the following are necessary to create a val...

Exam Question Master 1 T/F - Real estate professionals provide knowledge of market conditions - ANS True The product that real estate licensees market is - ANS Expert Information Real estate professionals provide expert information in three areas: - ANS Property transfer, market conditions, and how to market real estate and businesses. D.B.P.R (Department of Business and Professional Regulation) main office location - ANS - Located in Tallahassee, FL. DRE (Divisio...

NYS Real Estate Exam Questions And Correct Answers. Complete Verified Solutions Which of the following is considered a fixed operating expense? utilities, cleaning expenses, insurance premiums, management fees. Insurance Premiums What is overage rent? Rent calculated on a percentage of sales volume what is the amount a buyer owes at closing equal to? The excess of the buyers debits over the buyers credits real estate agents are typically what kind of agent special agent what is the em...

TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) Exporting is the purchase of products from another nation. Answer: True False 2) Falling political barriers and new technologies have made it increasingly difficult to trade with other nations. Answer: True False 3) When a nation is importing more than it is exporting, it has a positive balance of trade. Answer: True False 4) A balance of trade refers to the buying, selling, and trading of goods and ser...