GOVT 406 Quiz Final Exam
GOVT 406 Quiz Final Exam
Covers the Textbook material from Module 8: Week 8.
- Strong Construction accepted bids for its bid to build homes in the Hillcrest Development. Fred’s Framing submitted a bid that Strong used in his bid. Strong got the project and then Fred’s backed out of its bid. Which of the following is correct with respect to Strong’s rights?
- Saxon Estates is a subdivision of single-family homes. All of the homes in Saxon Estate are the same color on the outside stucco with the same flat-tile roofs. When the real estate market experienced a downturn in 2008, the builder went bankrupt and 27 lots remained in Saxon Estates with no houses on them. As individuals began to buy the lots from the bankruptcy trustee and build homes on those lots, they were using colors different from the one color and not all were installing tile roofs. The existing homeowners are concerned about the effect these homes with different external components will have on the value of their homes. Which of the following best describes their situation?
- TG&I Industries, Inc., has had a portion of its factory site designated as a CERCLA clean-up area. The cost of the clean-up will be $675,000. The assessor has valued TG&I’s plant at $7,000,000. TG&I wants that value reduced by the $675,000.
- A master-planned community:
- Planned unit development is:
- Impact fees provide local governments with funds needed for different needs except:
- The county assessor for Cuyahoga County has determined that a property located in the downtown area of Cleveland, which is currently being used as a storage facility, could be used as a casino and its revenue would be triple its current gross revenue. As a result, the assessor increased the property’s valuation by 20%. Which method of valuation is the assessor using?
- The tax assessor for Clark County sent a delinquent notice to Rob Newton at the property address. There was no response to the notice of delinquency. The assessor had a different address for Mr. Newton but sent it only to the property address. Rob challenged the tax sale for lack of notice.
- What is the effect on the assessment of a contaminated property after having the contamination removed?
- In which of the following do all investors have limited liability?
- Which of the following is correct about impact fees?
- The bid notice is:
- Which of the following forms of business structure has limited investor liability?
- Which element is required for a covenant to be enforceable?
- Homer Sidway hired Alma Dixson, dba Home Improvers, to add a room onto his existing home. Sidway had done some electrical work in his attic some years earlier. He had done so without a permit, and there were exposed wires and other problems with the workmanship. When Dixson went into the attic to do the wiring for the new room, he was injured as result of a shock from one of the wires. Homer:
- Which of the following forms of syndication exposes the investor to personal liability?
- Under the cost approach of valuation for assessment:
- Which of the following will cause a limited partner to lose limited liability status?
- Which of the following would be the type of issue to which substantial performance would apply?
- Under the market approach to valuation which of the following information is not examined?
- Taxpayers always have the right to challenge the assessed value of their property.
- An investor is “at-risk” only for the amount actually invested.
- To qualify as an LLC with limited liability, there must first be a filing as a corporation.
- A tax sale requires formal foreclosure to be valid.
- Due process requires that taxpayers not be required to pay tax until after they have had an opportunity to object.
- Notice of a tax sale requires tax authorities to do something more than simply mail a notice that is returned to them.
- In a cost-plus price formula, overhead is not included.
- There is no period of redemption for tax sales.
- Ghost developments are failed developments.
- Ghost developments cannot be revitalized through zoning changes proposed by those who acquire the rights.
- Bids submitted by subs are offers.
- Covenants must touch and concern the land to be enforceable.
- Annexation is a means for obtaining governmental services for a planned development.
- Impact fees are unconstitutional.
- HUD cannot provide federal money for local neighborhood stabilization programs.
- The environmental clean-up of a property has no impact on the assessed valuation under protections afforded under CERCLA for property clean-ups.
- It is the landowner’s responsibility to be certain that the assessor and tax collector have correct notice information for communication regarding property taxes.
- Property developed without annexation to a city or town carries fewer regulations and restrictions.
- The failure to enforce restrictive covenants can result in the loss of those protections.
- Impact fees are not taxes or permit fees.
- Bernice is debating purchasing a small duplex for rental purposes. Explain to Bernice the associated tax benefits.
- The City of Jackson Heights requires all developers to pay an impact fee that is the same for all developers regardless of the size of the subdivision. Discuss whether the city’s fee structure is appropriate.
- The doctrine of substantial performance provides that a contractor may recover for completed projects in spite of variations between the plans and the actual finished product. What are the questions that must be answered affirmatively in order to establish substantial performance?
- Define impact fees and describe when they can be collected from developers.
- The state of Superior’s tax sale statute requires that the notice of sale be sent to the property owners’ “last known address.” The Auditor of Jefferson County sent Emiliano and Daniela Abaroa a notice of sale, which was returned by the post office for an incorrect address. However, the auditor had access to the Abaroas’ current address through public records. No follow-up mailing was made. When the Abaroas protested the sale, the statute of limitations had expired. They claim they were denied due process because they did not receive the notice. Are they correct?
- Name at least three (3) major types of taxes affecting land ownership and transfer.
- Offer your best advice for handling change orders during construction.
- Gatlin, Inc. is a dry wall (sheetrock) firm that has submitted a bid to Kalil Homes to do the dry wall work on the new Kalil subdivision of 280 homes. Kalil accepts Gatlin’s bid and after 10 homes are completed substantially changes the specs on the homes. Gatlin needs to charge more money in order to still earn a profit. Kalil maintains Gatlin is bound by the original contract price. Who is correct?
- What is the difference between a tax deed and a certificate of sale?
- Describe the resistance developers may face in planning and building a project.