About This QuizAre you interested in purchasing a historic property? If so, there are a few things to keep in mind. Take this quiz to test your knowledge and see if the property you're looking at is truly historic!
The National Register of Historic Places (NRHP) is administered by which of the following government agencies?
National Park Service
To list your old house as a historic place, you must first apply to the National Park Service.
Department of Housing and Urban Development
Federal Housing Authority
Which of the following properties is most likely to qualify for the 20 percent federal historic renovation tax credit?
a private residence
The federal 20 percent historic renovation tax credit is only applicable to income-generating properties, such as a bed-and-breakfast.
a guest house
An agreement with a local historic preservation society to maintain the historic character of your property's facade is an example of what?
a tax freeze
a tax abatement
While your benefit from granting an easement might be in the form of a tax freeze, abatement or credit, the agreement itself is an easement.
The Federal Housing Administration (FHA) loans $35,000 at favorable terms to which of the following?
owners of historic properties hoping to renovate
prospective buyers of historic properties hoping to renovate
If you're interested in buying the historic property of your dreams but it needs work, apply to the FHA for a favorable loan to get it done.
sellers of historic properties hoping to renovate
What's one likely disadvantage of buying a home listed on the NRHP?
It may have significant damage to its foundation.
It may not be covered by the Fair Housing Act.
It may be subject to easements that make renovations difficult to permit.
Be sure to check a historic property's title for any deeds or easements before signing on the dotted line, especially if you plan to renovate.
Cemeteries, birthplaces, religious sites and reconstructed historic buildings are:
prime candidates for listing on the NRHP
never listed on the NRHP
good candidates for listing on the NRHP only if they have additional architectural, historical or cultural significance
Properties associated with specific people are more likely to be listed on the NRHP if the person is of high historical importance, and few or no sites associated with this person are already listed.
One requirement of listing your house in the NRHP is that you:
agree to preserve the historic character of your property
agree to own the property for at least the next five years
agree to install a bronze plaque noting the property's historical significance
Once you've listed your property on the NRHP, you may apply for tax incentives or easements that require you to maintain the historic character of your property, but in this list, the only requirement of simply being listed is that you install a bronze plaque.
In addition to being listed on the NRHP or included in a historic district, your property may also be considered historic if it's what?
a local landmark
Working with your local office of historical preservation, you may be able to designate your property as historic if it's a recognized local landmark.
more than 150 years old
designed by an architect with more than 10 buildings currently listed on the NRHP
Generally, to qualify for listing in the NRHP, a property must be at least how many years old?
While exceptions are made for especially important properties, your property must be at least 50 years old to be considered historic.
If your house is listed on the NRHP, you would be unable to do what?
paint the exterior with fuchsia polka dots
add a sunroom requiring additional foundation
neither of the above would be prohibited
Unless federal, state, county or other monies are attached to the property in the form of easements or incentives, you can do whatever you want with your house, even if it's listed on the NRHP.