LAND USE REGULATIONS (8) Flashcards
Absolute Land Ownership
Complete Bundle Of Rights belongs to owner to use, enjoy, dispose of and possess their property.
Restrictive Covenant
A limitation/control on real property use imposed by the owner; a promise to do or not do an act relating to real property. Must be recorded.
Deed
An instrument that conveys a grantor’s interest, if any, in real property.
Deed Restriction
Limitation on Real Property use imposed by an owner through recorded language included in the deed.
Title
The actual lawful ownership of real property and refers to holding the bundle of rights conveyed; not a document; a theory pertaining to ownership.
Qualified Fee Estate
A fee estate in real property that may be defeated or undone if certain events occur or conditions are not met violating a deed restriction (Fee Simple Defeasible/Fee on Condition/Fee Simple Determinable)
Restrictive Covenant Termination
End of a documented restriction by recorded due date, Release, Abandonment, change in property/owner circumstances
Subdivision
Land divided into two or more parcels; a residential development.
Setback requirements
Structures are located a specific distance between the front property line to the building line as well as from the front rear and side property lines.
Doctrine of latches
Failure to assert rights in a timely manner, resulting in the cancellation of the deed restriction
Police power
Constitutional power of state and local government to enact and enforce laws that protect the Public, health, safety, morals, and general welfare
Escheat
When property reverts to the state after a person dies without leaving a valid will, and without errors or when property is abandoned. Assures that land is not ownerless.
Eminent domain
Governments constitutional power to appropriate or condemn private property for public use as long as the owner is paid just compensation.
Taking
When the government acquires private property for public use or burdens its use. The difference between a taking and eminent domain is that the property is regulated by a government authority to the economic detriment of the owner without just compensation.
Interstate land, sales, full disclosure act 
An act regulated by HUD, which protects consumers from fraud and abuse in the sale or lease of land, preventing, shady, marketing schemes, which entice consumers to purchase land, site, unseen, requiring disclosure of a property report.