Acq, RAP, & Prop Mgt Flashcards
What unit sets a value for a property?
Appraisals
The parcel diary must state that each owner received what document?
Title VI information
What is the maximum dollar amount for internal escrow?
$25,000 or less
What document must be recorded and states there are legal proceedings pending?
Lis Pendens
What issues or questions do the CTC consider?
Is the project necessary?
Was it planned with the greatest public good and least private injury?
Is the property necessary for the project?
Was fair market value made?
What initiates the condemnation process?
Mailing the Notice of Intent (NOI) to adopt a Resolution of Necessity (RON)
What dollar amount is considered a substantial administrative settlement?
More than $500,000
What type of RW agent makes a RAP call and under what circumstances?
An acquisition agent will make a RAP call when it is owner occupied?
What initiates eligibility of Relocation Assistance Program (RAP)?
Initiation of Negotiations
What are the components of the Uniform Compliance Act?
Establish just compensation prior to initiation of negotiations
Make every reasonable effort to acquire expeditiously by negotiation
Include appraisal with First Written Offer
Include appraisal summary statement because it is required by FHWA
What do nonstandard clauses need to be explained in?
Memorandum of Settlement
How many days do we give property owners to consider a First Written Offer?
30 days
What type of easement gives fee simple interests and access rights?
Permanent easements
What type of easement is for leases, permits to enter, and rights of entry?
Temporary easement
What allows for a price differential, mortgage differential, incidental expenses or rent differential/ down payment option?
Replacement Housing Payments
Who receives rent differential for rent and utilities for actual or estimated average over 12 months and down payment option for direct conversion of rent differential?
Tenants who have 90 or more days
What are is considered moving expenses?
Actual reasonable moving costs such as reimbursement for 50 miles or less. This includes: transportation, packing / unpacking, disconnecting / reconnecting household appliances, temporary storage and insurance. Fixed moving cost schedule is designed to cover actual expenses at a fixed rate. Schedule depends on owner or tenant furnished.
Three main functions of RAP?
- Relocation Advisory Assistance
- Moving expenses
- Replacement housing payments
Who is considered a person that has temporary use and occupancy of real property owned by another?
Tenant
What act insures that people displaced as a direct result of federal or federally assisted projects are treated fairly, consistently, and equitably so that such persons will not suffer disproportionate injuries as a result of projects designed for their benefit of the public as a whole?
The Uniform Act of 1970 (49 CFR 24)
What is a person considered if they have any of these 4:
1. Fee, life estate, land contract, 99 year lease, or oral lease,
2. Interest in a cooperative housing project which includes the right to occupy a dwelling,
3. A contract to purchase any interests or estates,
4. Any other interests (including a partial interest)
An owner
What are the 6 characteristics of a comparable replacement?
- Decent, safe, and sanitary
- Functionally equivalent
- Adequate size for the accommodation
- Area not subject to unreasonable adverse environmental conditions
- Location not less desirable
- Land that is typical in size for residential development
What is functional obsolescence?
It lacks appeal. It is the loss in value due to a flaw in the structure, materials, or design that diminishes function, utility, or appeal.
What are the three tests for a larger parcel?
Contiguity
Same owner
Same use