What is the purpose of the Florida Green Belt Law?
To protect Agricultural Land from high taxation
To provide low income housing
Regulates Homestead Exemptions
To cap the taxation rate
What is the term used for a property that is assessed for tax but it is not a requirement for the owner to pay the tax?
Condominium
Intangible Property
Exempt Property
Quit Claim Property
Which is correct regarding 1031 exchanges and installment sales?
1031 exchanges have no tax advantages, Installment Sales are tax havens
Installment Sales are only for Condominiums, 1031 exchanges are only for vacant land
Installment Sales require a contract for a minimum of 30 years, 1031 exchanges are instant
Installment Sales collect payments over a period of time and 1031 exchanges can have cash as a boot
What is the name of the proceeding in which the homeowner files suit in the courts after paying taxes under protest when he is challenging the assessed value of his home?
Lis Pendens
Acceleration Proceeding
Certiorari Proceeding
Deferred Judgement Proceeding
The City want to pave the road in front of George’s house, George has 150 front feet the cost to pave is $38 per linear foot and the city will pay 30% of the paving. What is George’s cost?
$1,710 (Dollars)
$3,990 (Dollars)
$855 (Dollars)
$1,995 (Dollars)
A home sells for $200,000 with 6% real estate commission. It was originally purchased for $55,000 with closing costs of $2,250 a new Master Bedroom was added at a cost of $80,000. What is the amount of Taxable Gain on the adjusted basis?
$65,000 (Dollars)
$62,750 (Dollars)
$50,750 (Dollars)
$52,750 (Dollars)
What does the term BOOT refer to?
The payment that becomes due when a loan goes into foreclosure
The points paid to reduce the interest rate on a loan
The clause in a mortgage that allows payment in full without penalty
An amount of money or personal property contributed when exchanging property
What are Ad Valorem Taxes?
Real Estate Taxes derived form the assessed value of properties
Taxes added after the homeowner remodels
Emergency Taxation during pandemics
Added Value Taxes for Road Improvements
What is the Homestead Exemption for someone who is 65 years old with a household income of $20,000 or less?
$100,000 (Dollars)
$20,000 (Dollars)
$10,000 (Dollars)
$50,000 (Dollars)
Lilly and John sold a house they had lived in for 18 months for $600,000 and bought a seaview apartment. They file their taxes jointly as a married couple. Will they owe any capital gain on the property?
Yes because they paid cash for their previous property.
Yes. They need to have lived in the home for two out of the five previous years to meet the exemption requirements.
No because they are filing their taxes a married couple
No because they have bought a more expensive property.
19ch-REU-PL-Qonly-quiz
If a sales associate discovers that a home that he is listing was once used as a meth lab, what is he required to do?
Disclose the fact
Say nothing
Ask the seller for proof of a clean up
Report it to CERCLA
A large parcel is to be subdivided as follows: 25% recreational areas and streets, 25% Shopping, 45% housing and 5% buffer zone. If the buffer zone accounts for 7 Acres what is the size of the housing areal?
32 Acres
63 Acres
14 Acres
140 Acres
Which of the following is NOT a common Zoning Exception?
Variance
Special Exception
Non-Conforming Use
Building Code Exception
Which of the following is a provision of Florida’s Growth Management Act of 2011?
Police Power Provision
Capitalization Provision
Utilitarian Provision
Concurrent Provision
A rectangular property is 300′ long x 250′ wide. Zoning requires a minimum lot size of 15,000 sq. ft with minimum road frontage of 60′. How many lots would fit on this property?
8 Lots
4 lots
6 Lots
5 Lots
What does DRI stand for?
Developments of Regional Impact
Dedicated Regional Investment
Disciplined Road Improvements
Disastrous Regional Inundation
What is the purpose of a percolation test?
It is a test for runoff from gutters.
It measures the rate of depreciation of land
To see at what temperature water boils at altitude
To measure drainage characteristics of the soil
What does the acronym CERCLA stand for?
Collaborative Ecological Requirements for Conditioning Latent Ammonia
Central Evacuation Route Construction Limited Authority
Comprehensive Environmental Response Compensation and Liability Act
Cooperative Environmental Recycling Central Landfill Administration
What is a zoning Set Back?
The requirement for the width of the roads.
Minimum distance between the lot line and the building line
Delay in planning permission
Minimum permitted lot size
What measurement is represented by R-Value?
Radon Levels
Radiation Levels
Performance of insulation
Regression Ratios