Property Ownership
A Washington property owner whose property is taken by eminent domain for a new highway must receive:
AAssessed value only
BJust compensation at fair market value, plus potential relocation assistance✓ Correct
COnly the replacement cost of improvements
DNo compensation if the land is undeveloped
Explanation
The Fifth Amendment and Washington Constitution require just compensation (fair market value) when government takes private property through eminent domain. Federal and state relocation assistance programs may also apply.
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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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
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