Chapter 3 Mastering Real Estate Flashcards
What are the four government powers?
Police power
Eminent Domain
Taxation
Escheat
What police powers does the government have?
Enforce zoning laws, building codes, environmental laws, land development, interstate land sales
Define buffer zone.
A strip of land that separates one land use from another.
What is non-conforming use?
If a property existed prior to current zoning rules, it can be grandfathered in.
What is density?
The number of units the building my include or the number of buildings on a tract of land.
Define downzoning.
A zone is changed from a higher-density use to lower density use.
What is spot zoning?
A specific property within a zoned area is rezoned to permit a different use.
How can zoning laws be changed?
By amendments.
What is a variance?
An exception to a zoning law.
What are conditional use or special-use permits?
A permit that allows special land use that is inconsistent with zoning laws in the area.
What are building codes?
Enacted to protect public health and safety.
What is a building permit?
Permission to build or alter a structure
What is a certificate of occupancy?
You need to it legally occupy a building.
What is a subdivision plan?
A plat that is divided into plots of land.
What is clustering?
Putting housing units on slightly smaller lots to increase open/recreational space in a development.
Define eminent domain.
The government may take title to privately held lands for public use without the owner’s consent, but the owners must be fairly compensated.
Define condemnation.
The process of actually taking title to a property by eminent domain.
What are the three requirements for condemnation?
It must be for public good.
The owner is entitled to fair compensation.
The rights of the property owner must be protected by due process of law.
What is inverse condemnation?
Forcing the state to buy an owner’s property if government action has forced loss of value or inability to use the property.
Define escheat.
The government power to acquire land from owners who die without a will and leave no heirs.
What is encapsulation?
The sealing off of disintegrating asbestos.
Before what year were a lot of homes built with lead-based paint? What act pertains to lead as a hazard?
1978- Residential Lead-Based Paint Hazard reduction Act of 1992
How low should radon levels be?
Below 4.0 pCi/L (pico curies per liter)
What act requires the government to establish and maintain air quality standards?
The Clean Air Act (1967, 1990)
