Question

A woman and a man live in a cooperative building. When they purchased their apartment, they automatically become lessees and

Group of answer choices

lessors.

franchisers.

board members.

shareholders.

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Question 230.91 pts

New Jersey allows favorable property tax treatment for certain homeowners aged 65 or older, eligible veterans, and property used for

Group of answer choices

childcare.

agriculture.

recreation.

healthcare.

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Question 240.91 pts

Real estate property taxation in New Jersey is complex because not all townships within the state

Group of answer choices

exempt religious and charitable institutions from taxes

allow taxpayers to appeal assessments.

assess property exactly at market value.

express tax rates as dollars per hundred of assessed value.

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Question 250.91 pts

If a private party purchases a tax sale certificate on a property, the purchaser cannot obtain clear title to the property for

Group of answer choices

two years.

18 months.

six months.

one year.

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Question 260.91 pts

Land acquired through eminent domain can only be taken for

Group of answer choices

public good.

delinquent taxes.

industrial use.

environmental remedy.

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Question 270.91 pts

According to zoning rules, a man’s lot is too small to build the garage he wants. In order to have the garage according to his plans, he will appeal for

Group of answer choices

an exemption.

a repeal.

a nonconforming use.

a variance.

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Question 280.91 pts

Asbestos was once used in buildings for

Group of answer choices

pest extermination.

insulation.

coloring in paint.

electrical wiring.

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Question 290.91 pts

To prevent the growth of mold, a building must be free from

Group of answer choices

extremely low temperatures.

intrusion from water.

direct sunlight.

urea-formaldehyde.

Answer 1

1. Option D shareholders.

A co-op, short for “cooperative,” is a housing arrangement where you don't actually own the property. (Stay with us.) Instead, you own shares of a corporation, which in turn owns all of the property in the cooperative. The number of shares you own corresponds with the size of your apartment.

2.Option B Agriculture

Land must be devoted to agricultural and/or horticultural uses for at least two years prior to the tax year the applicant is applying for an assessment

3.Option C Assess property exactly at market value.

Real property is required to be assessed at some percentage of true value established by the county board of taxation in each county. All 21 counties in New Jersey have chosen 100%. An individual's property taxes are then calculated by multiplying that general tax rate by the assessed value of his particular property.

4.Option A Two Years.

under the general provisions of the Tax Sale Law, must give the property owner two years to redeem before beginning the foreclosure process. Where the property meets the criteria of an abandoned property, both the municipality and a tax lien buyer can start the foreclosure immediately after obtaining the tax sale or tax lien purchase with no waiting period.

5. Option A Public Good

In every economy, some goods are provided by the government to the entire people. Such goods are called public good. Specifically, public good is the one that is provided to the society as a whole and consumption by one individual doesn't reduces its availability or doesn't exclude others from consuming it

6.Option D Variance

A variance request is heard by the Zoning Board of Appeals, which takes into account specific findings ( i.e., facts and conditions) associated with the property.

7.Option B Insulation

Asbestos is an excellent electrical insulator and is highly heat-resistant, so for many years it was used as a building material

8.Option B Intrusion from water.

Mold is found everywhere and can grow on almost any substance when moisture is present. They reproduce by spores, which are carried by air currents. Flooding, leaky roofs, building-maintenance or indoor-plumbing problems can lead to interior mold growth.