ARE Programming Planning and Practice - Definitions

Question 1

Abatement

Answer 1

A reduction in the price of a property due to the discovery of some problem that tends to decrease the property’s value.

Question 2

Amortization

Answer 2

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.

Question 3

Accessory Building

Answer 3

A building whose function is secondary to that of the main structure.

Question 4

Boilerplate

Answer 4

A standard portion of a written document that appears on all similar documents.

Question 5

Buffer zone

Answer 5

Land used to separate two incompatible uses

Question 6

Capital expenditure

Answer 6

An amount of money used to enhance a properties value over an extended period of time.

Question 7

CC&R’s

Answer 7

Covenants, conditions and restrictions. Rules that apply to a property owner in a subdivision, condominium, or cooperative housing facility.

Question 8

Cluster housing

Answer 8

A type of development where houses or apartments are placed close to each other and have access to a nearby common open space.

Question 9

Conditional use permit

Answer 9

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.

Question 10

Conveyance

Answer 10

The act of transferring an interest in a property or the document written to formalize such a transfer.

Question 11

Dedication

Answer 11

Donation of a parcel of land by a developer for public use.

Question 12

Despoil

Answer 12

To remove items of value from a site

Question 13

Downzoning

Answer 13

Change of zoning to decrease allowable density.

Question 14

Encroachment

Answer 14

An intrusion into ones property by an improvement to another’s property.

Question 15

Fixture

Answer 15

An item that is attached to a building and is typically included in the sale of the building.

Question 16

Ground lease

Answer 16

Long term lease
Allows tenant to use and improve land
But property reverts to owner at end of lease

Question 17

Improvement ratio

Answer 17

The ratio between the value of improvements to land compared to the value of the property alone.

Question 18

Inverse Condemnation

Answer 18

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.

Question 19

Landlocked

Answer 19

A parcel that does not border a public road.

Question 20

Land sale leaseback

Answer 20

An owner sells a property and immediately leases it back from the new owner.

Question 21

Lien waiver

Answer 21

A document giving up one’s right to file a lien on a property.

Question 22

Mechanic’s and materialman’s lien

Answer 22

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.

Question 23

Minimum property standards

Answer 23

Minimum standards for a residential building required by the FHA for construction or underwriting a mortgage.

Question 24

Net leasable area

Answer 24

The area of a building available for rent, does not include common areas, structure, stairs etc…

Question 25

Pad site

Answer 25

A separate location for development of retail space near a shopping center

Question 26

Restriction

Answer 26

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.

Question 27

Riparian

Answer 27

Related to a body of water

Question 28

Satellite Tenant

Answer 28

A smaller tenant in a shopping center. Compared to an Anchor tenant.

Question 29

Spot Zoning

Answer 29

Unique zoning for a property when nearby land is under different zoning.

Question 30

Underimproved Land

Answer 30

Property not producing the maximum income relative to its size, zoning, etc…

Question 31

Usury

Answer 31

The illegal practice of charging exorbitant interest on a loan.