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Real Estate Exam > Level 2 Land use controls and Regulations > Flashcards

Level 2 Land use controls and Regulations Flashcards

1
Q

a tax calculated according to the assessed value of a piece of real estate

A

ad valorem taxes

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2
Q

involuntary transfer of title from an owner who does not use or inspect their land for a number of years to another person who has some claim to the land and takes possession

A

adverse possession

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3
Q

the transfer of ownership (title) to real property

A

alienation

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4
Q

rights that run with real property ownership; most often transferred with the property, but possible to sell separately

A

appurtenances

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5
Q

the determination of the market value of a property

A

assessment

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6
Q

a set of regulations pertaining to building design, materials, safety, sanitation, and structure

A

building code

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7
Q

legal document from a local authority that authorizes a

building to be occupied; issued after the building has passed all required inspections

A

certificate of occupancy

CO

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8
Q

any claim to or encumbrance on the title to a property which affects transferability

A

cloud

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9
Q

a policy utilized in land use controls which requires developers to identify and mitigate the negative impacts of a development proactively during construction

A

concurrency

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10
Q

private restrictions established for condominium tenants to keep the property uniform and attractive

A 
covenants, conditions,
and restrictions (CCRs)
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11
Q

a provision in a deed that restricts the land use of a property

A

deed restriction

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12
Q

the measure of the proportion of a given area used for

residential purposes

A

density

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13
Q

the parcel of land that benefits from an easement appurtenant by having the right to cross another owner’s adjacent land

A

dominant tenement

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14
Q

an interest in, or a right to use, another individual’s land or property, generally for a specific, limited purpose

A

easement

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15
Q

easement in which private property is taken for public use via eminent domain; declaration that a structure must be closed or demolished because it is unfit for occupants

A

easement by

condemnation

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16
Q

an easement that applies to the person or entity, not the specific land

A

easement in gross

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17
Q

the power of government to seize private property for public use; government must pay property owner just compensation for exercising power

A

eminent domain

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18
Q

physical property that crosses the boundary into a neighboring landowner’s property

A

encroachment

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19
Q

non-possessory interest in a property that burdens the title

A

encumbrance

20
Q

the legal doctrine by which the decedent’s property will pass to the state without their consent if that individual dies without a will, a surviving spouse, lineal descendants, or other known heirs

A

escheat

21
Q

a lien for which the real estate AND personal property may be sold to satisfy the debt

A

general lien

22
Q

transfer of title to property without the owner’s consent, usually carried out by operation of law

A

involuntary alienation

23
Q

the decision rendered by a court as a consequence of a lawsuit

A

judgment

24
Q

a lien that has another (senior) lien superseding it in priority; also called an inferior lien

A

junior lien

25
Q

a piece of land which is not accessible by any public means

A

landlocked

26
Q

regulations that specify how the owners of individual parcels of real estate in a given area may use property

A

land-use control

27
Q

a set of laws that sets out the process of passing an estate to heirs when the owner dies intestate

A

Laws of descent and

distribution

28
Q

the claim made by a creditor against real or personal property pledged by a debtor as collateral

A

lien

29
Q

the order in which liens against a property will be settled

A

lien priority

30
Q

a document recording at the courthouse giving notice that a lawsuit is pending on a particular piece of property

A

lis pendens

31
Q

a type of involuntary, specific lien that a mechanic or

materialman can impose upon a property if the property owner fails to pay for materials or work done on the property

A

mechanic’s lien

32
Q

an expression of a tax rate in 1/1000ths of a dollar; “dollars per thousand dollars of value”

A

mill

33
Q

the rate at which ad valorem taxes are assessed, calculated by dividing the revenue to be collected by the total tax base

A

millage rate

34
Q

a legal agreement between a creditor and borrower in which the creditor lends money with interest to the borrower for the purchase of property with the condition that the creditor takes ownership of the title if the borrower defaults in repayment of the loan

A

mortgage

35
Q

any property use which is inconsistent with the land use controls for that area, regardless of legality

A

nonconforming use

36
Q

a wall shared by two separate properties; the owners on eachvside share the right of use, often as an easement

A

party wall

37
Q

a process by which courts determine and grant the appropriate ownership interest of an estate to creditors, taxing entities, and heirs of an owner who dies intestate

A

probate

38
Q

a lawsuit brought with the purpose of removing any

outstanding ownership claim, title defect, or encumbrance on a property

A

quiet title suit

39
Q

a lien that comes first on the priority of liens, often a tax lien; also called a superior lien

A

senior lien

40
Q

describes the parcel of land that must allow an adjacent owner to cross; an easement appurtenant exists at the expense of this party

A

servient tenement

41
Q

a lien placed against property to collect taxes for a specific improvement benefiting the property

A

special assessment lien

42
Q

a lien that applies to a certain property only

A

specific lien

43
Q

a contract that gives a mortgage recorded at a later date priority over a previously recorded mortgage

A

subordination agreement

44
Q

an area in which a taxing entity is authorized by the

government to levy taxes

A

tax district

45
Q

the percentage of the value that is taxed

A

tax Rate

46
Q

permission granted by the government so that property may be used in a manner not allowed by the current zoning

A

variance

47
Q

local laws that control how land is used and what structures can be built in a designated district

A

zoning ordinance

Real Estate Exam (8 decks)

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