Land Use & Zoning
What is 'just compensation' in the context of Delaware eminent domain?
AAny amount the government determines is fair
BFair market value of the property taken, as established by the market or by court determination✓ Correct
CThe property's assessed value plus 20%
DThe replacement cost of the property
Explanation
Just compensation in an eminent domain proceeding is the fair market value of the property taken — the price a willing buyer would pay a willing seller in an arm's-length transaction. If the parties can't agree, a court determines it.
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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.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Math Concepts
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