Real Estate Pt 3

90 Questions | By Hbabitt91 | Last updated: Mar 21, 2022 | Total Attempts: 149

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1.

Who is person in a town who collects taxes?
- A.
  
  Tax assessor
- B.
  
  Receiver of taxes
- C.
  
  Circuit clerk
- D.
  
  Town officer
2.

Which of these groups is made up of persons who are elected to their positions
- A.
  
  City council
- B.
  
  Town board of health
- C.
  
  Planning board
- D.
  
  Historic preservation commission
3.

Who provides the guidelines for septic system installation?
- A.
  
  Building department
- B.
  
  Planning department
- C.
  
  Dep of health
- D.
  
  Wetlands commission
4.

What is an important function of a city engineer?
- A.
  
  Inspect buildings
- B.
  
  Test wells
- C.
  
  Oversee compliance to building codes
- D.
  
  Estimate costs of road and sidewalk construction
5.

Your buyers want to purchase one of your listings and add a second story to it. Who should they consult?
- A.
  
  City engineer
- B.
  
  Treasurer
- C.
  
  Building department
- D.
  
  Architectural review board
6.

What is one of the most important docs for a planning board?
- A.
  
  Master plan
- B.
  
  Assessment roll
- C.
  
  Conditional use permit
- D.
  
  List of historic landmarks
7.

What does a town assessor do?
- A.
  
  Collects taxes
- B.
  
  Implements the town's budget
- C.
  
  Testifies in property tax cases
- D.
  
  Determines a property's tax value
8.

What does the conservation advisory council oversee
- A.
  
  Restoration of historic landmarks
- B.
  
  Environemntal projects
- C.
  
  Cosntruction inspections
- D.
  
  Tap water quality
9.

Which statement about a town board is not true?
- A.
  
  The members are elected
- B.
  
  The town supervisor is a board member
- C.
  
  The town council must create a planning board
- D.
  
  Every town must have a town board
10.

What is the main purpose of the zoning board of appeals?
- A.
  
  To create zoning ordinances
- B.
  
  To interpret zoning ordinances
- C.
  
  To prosecute ordinance violators
- D.
  
  To maintain the status quo
11.

Which of these describes a policy that has several types of coverage in one policy?
- A.
  
  Comprehensive liability
- B.
  
  Monoline
- C.
  
  Package
- D.
  
  Umbrella
12.

In what areas does the C-MAP program help homeowners find insurance
- A.
  
  Flood-prone
- B.
  
  Low-income
- C.
  
  Tornado alley
- D.
  
  Coastal
13.

Who must pay the deductible
- A.
  
  Insurance company
- B.
  
  Policyholder
- C.
  
  Person responsible for damage
- D.
  
  Insurance agent
14.

Under current NY state law, an insurance company may cancel a homeowner's or tenant's policy by issuing a cancellation notice within how many days after it is in effect?
- A.
  
  30
- B.
  
  45
- C.
  
  60
- D.
  
  90
15.

Which of these policies is the most common for a residential property
- A.
  
  HO-1
- B.
  
  HO-3
- C.
  
  HO-5
- D.
  
  HO-8
16.

What kind of policy is a Business Owner's Policy BOP?
- A.
  
  Package
- B.
  
  Umbrella
- C.
  
  Monoline
- D.
  
  Limited liability
17.

What does a liability policy cover?
- A.
  
  Fire
- B.
  
  Hail
- C.
  
  Windstorm
- D.
  
  Bodily injury
18.

Insurers are required to offer premium discounts if a policyholder has installed which of these?
- A.
  
  Dead bolts
- B.
  
  Smoke alarm
- C.
  
  Hurricane/storm shutters
- D.
  
  Security system
19.

What type of coverage is always excluded from homeowners and tenants policies?
- A.
  
  Flood
- B.
  
  Windstorm
- C.
  
  Smoke damage
- D.
  
  Personal property theft
20.

Which of these policies is a modified version of the basic policy, providing actual cash value coverage in place of replacement cost coverage for a building
- A.
  
  HO-2
- B.
  
  HO-3
- C.
  
  HO-5
- D.
  
  HO-8
21.

What does a tax certificate do?
- A.
  
  Certifies to tax collectors that a property owner has paid all ad valorem taxes on the property for the calendar year
- B.
  
  Entitles its holder to apply for a tax deed after a certain period
- C.
  
  Exempts its holder from paying taxes on the particular property referenced by the certificate
- D.
  
  Waives a property owner's rights of redemption in a foreclosure
22.

What can a homeowner do who receives a tax bill that she feels is outrageous?
- A.
  
  File an appeal to adjust millage rate
- B.
  
  Ask for an adjustment to district's budget
- C.
  
  File a complaint with the local board of assessment review
- D.
  
  Live with it
23.

What is the role of local tax districts?
- A.
  
  To levy income, sales and property taxes to meet their budget requirements
- B.
  
  To manage their budgeted portion of real estate tax revenues levied and distributed by the state
- C.
  
  To impose property taxes for specific municipal services
- D.
  
  To place tax liens on its facilities
24.

What is a unique characteristic of a special assessment tax?
- A.
  
  It only applies to properties which will benefit from the public improvement
- B.
  
  The equalization board discounts levies for properties not affected by the public improvement
- C.
  
  More valuable properties which stand to benefit will pay proportionately more taxes
- D.
  
  It creates an involuntary junior lien on the property
25.

What is the purpose of a homestead tax exemption?
- A.
  
  To exempt qualified property owners from ad valorem taxation
- B.
  
  To offer some amount of tax relief on an owner's principal residence
- C.
  
  To encourage multiple property investment
- D.
  
  To exempt owners of principal residences who rent their properties