2. Restrictions On Realty (2) Types Of Restrictions Flashcards
SOCIAL RESTRICTIONS
CC&R’s (Conditions, Covenants and Restrictions) e.g. Homeowners association’s rules on realty
If government and social restrictions are different, the more severe applies
GOVERNMENT RESTRICTIONS … (PETE)
P olice
E scheat
T axation
E minent Domain
P … Police Powers
Zoning ordinances
Agriculture, residential,commercial, and industrial
P … Assessments
Used to pay for improvements
Charged by the amount of front footage of property owned by the individuals next to the improvement
P … Amendment
Property reasoned for a greater use, e.g. residential to commercial
P … Down Zoning
Property rezoned to a lessor use e.g. commercial to residential
P … Buffer Zone
Between zones, like a park or wall
P … Non-conforming use
Right to continue use after change in zoning
Grandfather Clause - creates an exemption from application of a new law due to previously existing circumstances
P … Conditional Use Permit
Allows a person to use property which is inconsistent with zoning in the area
P … Variance
An exception or exemption for undue hardship on the current zoning
P … Spot Zone
Allowing a parcel of realty to be used for a different purpose, however, once use is gone it reverts to original zoning
E … Escheat
Realty reverts to the state if a person dies intestate and has no heirs
T … Taxation
Process of imposing monetary contribution on realty for support of the government and the people
E … Eminent Domain
Constitutionally granted power to consider taking realty for public use
Just compensation must be given to owner and must be for public good
E … Eminent Domain - two (2) types
Actual Condemnation … Inverse Condemnation
