Property Ownership
A Wisconsin homeowner whose property is taken by eminent domain receives compensation based on:
AThe tax assessed value
BThe fair market value as determined by a qualified appraisal✓ Correct
CThe replacement cost only
DThe owner's purchase price plus inflation
Explanation
Just compensation in an eminent domain taking is based on the fair market value of the property — 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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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.
Math Concepts
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