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Basic Residential Appraisal Principles > CH3: Controls & Encumbrances on Ownership > Flashcards

CH3: Controls & Encumbrances on Ownership Flashcards

1
Q

allodial system

A

anyone can hold ownership in land

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2
Q

4 powers of government (PETE)

A

Police Power
Eminent Domain
Taxation
Escheat

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3
Q

most common government powers to affect people

A

police power

taxation

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4
Q

police power

A

constitutional power of gov. to enact and enforce laws that protect the public’s health, safety, morals and general welfare

  • broadest of all
  • powers are - zoning laws, building codes, subdivision regulations, and environment protection laws
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5
Q

zoning laws

A
  • police power
  • land use controls that impact real estate since they may limit (or enhance)development and property values
  • segregate different land types in different zones
  • regulate types of activity in different areas
  • divide categories of buildings (residential, commercial, industrial, agricultural)
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6
Q

Exceptions to zoning law: nonconforming uses

A
  • when land use does not conform but is allowed b/c the land was established before new laws enacted
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7
Q

Exceptions to zoning law: variances

A

grants permission to a property owner by the zoning authority, allowing some deviation due to:

  • area variance (building size, height limits, setbacks, side yards)
  • use variance (use that is prohibited) (must apply to appropriate board)
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8
Q

Exceptions to zoning law: conditional uses

A

land usages that don’t comply for it’s location but are permitted b/c they benefit the public good
- schools, hospitals, churches, cemeteries

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9
Q

re-zoning

A
  • revision to zoning law

- involves: review by planning authority, public hearing, approval by the jurisdictional body

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10
Q

Spot zoning

A

re-zones small or individual land parcels rather than entire zone area

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11
Q

Building Codes

A

police power
established standards for construction and materials
enforced through permit system
must bring buildings “up to code” when new codes pass

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12
Q

Americans w/ disabilities ADA

A

applies to many public buildings

  • handicap parking spaces
  • wheelchair ramps
  • accessible bathrooms
  • widened doors and hallways
  • elevators
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13
Q

Subdivision regulations

A
  • laws before land can be subdivided
  • authorities use to control land use
  • may govern lot size, location of streets, sidewalks, sewer, and water lines
  • may require developer to provide open spaces and recreational areas within subdivision
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14
Q

Environmental protection acts

A
  • clean air act (EPA regulate air pollution)
  • clean water act (adequate treatment facilities)
  • national environmental protection laws (EIS impact on energy consumption, sewage systems, school pop, drainage, water facilities, and other environmental, econ, and social conditions)
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15
Q

Eminent Domain

A

gov’s constitutional power to take or condemn private property for public use (5th amendment) RIGHT TO

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16
Q

condemnation

A

ACT OF taking private property for public use w/just compensation

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17
Q

real estate taxation definition

A
  • also known as ad valorem tax (according to value)
  • extra taxes in form of levies support additional operations like schools, public health services, libraries, police and fire protection etc
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18
Q

Real estate tax equation

A

Appraisal Value * Assessment Ratio = Assessed Value

(Assessed Value/1000) * Mills = annual tax

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19
Q

Special Assessment

A
  • type of tax when expenditures are made at some level of gov. for improvements that benefit a property(ies)
  • owners who benefit divide cost and share in paying for it
20
Q

Eschat

A

gov power that provides for property ownership to pass on to the state when a property owner dies w/o living heirs

21
Q

intestate

A

decedent didn’t have a last will and testament

22
Q

encumbrances

A

non-possessory interests in real property

23
Q

covenant

A

a binding promise to do/not do something

24
Q

restrictive covenant

A

binding promise concerning use of real property (breaking doesn’t jeopardize title) (runs with land)

25
Q

CC and R’s - covenants, conditions, and restrictions

A
  • to keep subdivision attractive/protect market value
  • can expire if not preserved
  • can have a term date
26
Q

easements

A
  • right to use property for a particular purpose

- created by written agreement or by action of law

27
Q

license

A

revocable permission to use another’s land

can’t be assigned

28
Q

appurtenant easements

A

burden on one parcel of land to benefit another

  • runs with land
  • land in benefit = dominant land
  • land burdened = servient land
29
Q

easements in gross

A

benefits only a person, not land

ex: electric co enters property to fix something w/o owner’s permission

30
Q

creation of easements

A

can be voluntary or involuntary

31
Q

easements by express reservation

A
  • created in a deed to divide property
  • transfers servient tenement to buyer
  • retains dominant tenement for seller
32
Q

easements by express grant

A

created in deed, either party my request easement

33
Q

easement by implication

A

created by operation of law when land is divided if there is a long-standing apparent use necessary for enjoyment of dominant tenant

34
Q

easements by necessity

A

when a property would be completely useless w/o easement

35
Q

easement by prescription 3 conditions

A
  1. open and notorious use of land
  2. hostile and adverse
  3. continuous for specified number of years
36
Q

Termination of easements

A

1 release
2 Merger
3. abandonment
4. failure of purpose

37
Q

Liens

A

non-possessory financial interests in property

38
Q

voluntary liens

A

ex: mortgages, derivatives like home equity credit lines

39
Q

Involuntary liens or statutory liens

A

operation of law w/o consent, can be general or specific

40
Q

vendor’s lien

A

involuntary, specific

secures payment of balance of purchase price for real estate if real estate buyer doesn’t pay in full at closing

41
Q

mechanic’s lien

A

involuntary, specific

claimed by someone who performed work or specific materials for real property

42
Q

judgement liens

A

involuntary, general

attach to a person’s property as a result of court action

43
Q

tax liens

A

involuntary, specific

liens on real property to secure payment of real estate taxes

44
Q

Special assessments

A

Involuntary, specific lien
taxes used to pay for public improvements
- owners who benefit will pay their share of it’s cost

45
Q

IRS Lien

A

involuntary, general

attaches lien to all of taxpayer’s property

46
Q

attachment liens

A

intended to prevent transfer of property pending litigation

Basic Residential Appraisal Principles (4 decks)

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