ARE Programming Planning and Practice - Definitions Flashcards
Abatement
A reduction in the price of a property due to the discovery of some problem that tends to decrease the property’s value.
Amortization
The payment of a loan over the life of the loan using equal payments at equal intervals. Each payment provides a portion for principle and the remainder is interest.
Accessory Building
A building whose function is secondary to that of the main structure.
Boilerplate
A standard portion of a written document that appears on all similar documents.
Buffer zone
Land used to separate two incompatible uses
Capital expenditure
An amount of money used to enhance a properties value over an extended period of time.
CC&R’s
Covenants, conditions and restrictions. Rules that apply to a property owner in a subdivision, condominium, or cooperative housing facility.
Cluster housing
A type of development where houses or apartments are placed close to each other and have access to a nearby common open space.
Conditional use permit
A permit given by the city for a proposed use that would otherwise not be allowed in that location. Allows jurisdiction to impose special conditions on the development.
Conveyance
The act of transferring an interest in a property or the document written to formalize such a transfer.
Dedication
Donation of a parcel of land by a developer for public use.
Despoil
To remove items of value from a site
Downzoning
Change of zoning to decrease allowable density.
Encroachment
An intrusion into ones property by an improvement to another’s property.
Fixture
An item that is attached to a building and is typically included in the sale of the building.
Ground lease
Long term lease
Allows tenant to use and improve land
But property reverts to owner at end of lease
Improvement ratio
The ratio between the value of improvements to land compared to the value of the property alone.
Inverse Condemnation
A remedy by a court for a private land owner whose property was taken by a governmental body. Property owner is suing the government in this case.
Landlocked
A parcel that does not border a public road.
Land sale leaseback
An owner sells a property and immediately leases it back from the new owner.
Lien waiver
A document giving up one’s right to file a lien on a property.
Mechanic’s and materialman’s lien
AKA- lien
A claim against a properties deed by someone who provided work or materials to improve the property but was not paid for the work.
Minimum property standards
Minimum standards for a residential building required by the FHA for construction or underwriting a mortgage.
Net leasable area
The area of a building available for rent, does not include common areas, structure, stairs etc…
Pad site
A separate location for development of retail space near a shopping center
Restriction
A limit on how the owner of a property or building can use or improve the property. AKA restrictive covenant. Usually contained in the deed to the property.
Riparian
Related to a body of water
Satellite Tenant
A smaller tenant in a shopping center. Compared to an Anchor tenant.
Spot Zoning
Unique zoning for a property when nearby land is under different zoning.
Underimproved Land
Property not producing the maximum income relative to its size, zoning, etc…
Usury
The illegal practice of charging exorbitant interest on a loan.
