Final answer:
The statement is true; local government ordinances, including zoning regulations and property taxes, are sources of real estate law, governing land use, development, and ownership within a municipality. The correct option is 1.
Step-by-step explanation:
The statement that ordinances passed by local governments are sources of real estate law is true. Real estate law encompasses the regulations that govern the ownership, use, and development of property. Local governments have the authority to enact ordinances, including zoning regulations, which are a common form of land-use regulation.
These zoning regulations help control and direct development within the municipality's borders, determining what kinds of structures can be built, as well as their size, placement, and use.
Zoning ordinances must be reasonable and consider multiple factors such as the needs of the municipality, the character of the neighborhood, and the effect on property values.
The hierarchy of laws in the United States places these city and county ordinances below state and federal laws, but they are a direct source of real estate law at the local level. Local governments can also impose property taxes based on the fair market value of property, further demonstrating their role in real estate law. The correct option is 1.