Land Use & ZoningIntermediateAlabama Exam
When property is taken by the government through eminent domain, the owner is entitled to:
AThe assessed value
BJust compensation, typically the fair market valueCorrect
CThe original purchase price plus interest, in general
DReplacement cost of the improvements
Why Just compensation, typically the fair market value Is Correct
Answer B: Just compensation, typically the fair market value
The Fifth Amendment to the U.S.
Key Land Use & Zoning Terms in This Question
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Key Terms to Know
Eminent Domain
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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