Land Use & ZoningIntermediateAlaska Exam
Eminent domain in Alaska requires the government to pay the property owner:
AAssessed value
BJust compensation (fair market value)Correct
CReplacement cost
DAppraised value minus depreciation, in general
Why Just compensation (fair market value) Is Correct
Answer B: Just compensation (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.
DepreciationA reduction in the value of an improvement (building) over time due to physical deterioration, functional obsolescence, or external factors.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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