Land Use & Zoning
In New Mexico, a 'preservation easement' on a historic property:
APrevents all changes to the property
BRestricts development and exterior alterations that would harm historic character while allowing normal maintenance and approved modifications✓ Correct
CTransfers ownership to the state
DEliminates the owner's tax obligations
Explanation
Historic preservation easements restrict exterior modifications that would harm a property's historic character while allowing maintenance, interior renovations, and approved alterations. In exchange for donating the easement, owners may receive significant income and estate tax benefits.
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Key Terms to Know
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.
EasementA non-possessory right to use another person's land for a specific purpose.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
1031 ExchangeA tax-deferred exchange allowing investors to sell one investment property and reinvest proceeds in a like-kind property while deferring capital gains taxes.
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