Land Use & Zoning
A Kentucky property owner whose land is taken for a highway receives compensation based on:
AThe tax-assessed value
BThe fair market value of the property taken✓ Correct
CThe owner's purchase price
DThe replacement cost of any structures
Explanation
Just compensation in an eminent domain taking is measured by the fair market value of the property taken — what a willing buyer would pay a willing seller in an arm's length transaction.
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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.
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.
Math Concepts
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