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Real Estate > Limitations on Property Rights > Flashcards

Limitations on Property Rights Flashcards

1
Q

P.E.T.E

A

P - Police Power aka local zoning ordinances and building codes
E - Eminent Domain - the right of government to force the sale of the privately-owned property if it is in the public interest
T - taxes - municipal property taxes
E - Escheat - the reversionary interest the state maintains in all privately owned property

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2
Q

Police Power

A

The right of government to regulate private activity if it’s in the public interest to do so. In real estate, police power usually refers to the local zoning ordinances and building codes

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3
Q

Eminent Domain

A

the right of the overnemnt to force sale of privately owned property for public interest

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4
Q

Escheat

A

The reversionary interest the state maintains in all privately owned property. If a property owner dies without a will or the property transfers to government

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5
Q

Condemnation

A

The legal process for taking the land by eminent domain

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6
Q

severance damage

A

portion of land is taken by eminent domains

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7
Q

inverse condemnation

A

the property owner can claim compensation when their land value diminishes.

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8
Q

Zoning

A

Regulating and controlling land use.

MA zoning laws in Chapter 40A (Zoning Enabling Act)

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9
Q

Three ways of bypass zoning

A

Nonconforming Use
Variance
Conditional Use Permits (Special Use Permits)

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10
Q

Building codes

A

Define basic requirements for construction without necessarily prescribing implementation, must have smoke detectors that meet the state standards

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11
Q

Nonconforming Use

A

A legal use that existed prior to the enactment of current zoning ordinances even if structure was legal when it was built

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12
Q

Variance

A

Special permission to do something otherwise forbidden by the zoning rules.

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13
Q

Conditional Use Permit

A

Limited variance

  • Allows a commercial or residential use that would not otherwise be permitted in an area with the caveat that you are restricted to a specific use case that is deemed to be in the public interest.
  • Towns usually use these permits instead of variances (also called converted use properties.
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14
Q

Certificate of occupancy

A

Shows builing has been inspected and satisfy building codes

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15
Q

Property Taxes

A

Taxes are paid to the town or city where a property is located
Calculated against the assessed value or tax value o property.

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16
Q

Special Assessments

A

Any imporvments to your property in accordance to their frontage

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17
Q

Special Districts

A

might used levy additional property taxes, used as a charge property owners in the district extra taxes for services they personally benefit from

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18
Q

Eminent Domain

A

A government limitation; the right of govenment to force the sale of a privately owned property if it is in the public interest; government pays owner fair market value

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19
Q

Taxes

A

A government limitation; municipal property taxes, primary source of revenue for local government

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20
Q

Use

A

The prupose of which property may be used

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21
Q

Heights

A

Building heights

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22
Q

Setbacks

A

The distance from the lot lines before building is permittted

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23
Q

Lot Size

A

The minimal permissable lot size

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24
Q

Buffer zones

A

Areas that cannot have anything built; used to ease transition between commercial and residential properties

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25
Q

Condominiums

A
  • Subdivided units containing several different units but that is not subdivided
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26
Q

Cooperatives

A

Shared units contained within shared common areas

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27
Q

Mixed Use Developments

A

Properties containing multiple use

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28
Q

Planned Unit Developments

A

Mixed-use land developments that are often exempt from certain zoning regulations

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29
Q

Nonconforming Use

A

A way to bypass zoning; a legal use that existed to the enactment of current zoning ordinances; grandfathered under zoning a structure was legal when it was built

30
Q

Variance

A

A way to bypass zoning; special permission to do something in a forbidden zone

31
Q

Conditional Use Permits

A

a way to bypass zoning; allow a commercial or residential use that would not otherwise be permitted in an area with the caveat that it to be used in a specific way to be in the public interest

32
Q

Property Taxes Equation

A

Annual Tax / ((Assessed Value/100)x Milage Rate) = 1

33
Q

Private limitations

A

contractual limitations on ownership created by deed or separate agreements
Two types include: covenants and deed restrictions

34
Q

Covenants

A

A form of private limitation; Restrictions created by the developer of a subdivision or planned development; recorded in the registry of deeds

35
Q

Deed Restriction

A

A type of private restriction; limitations are written into the deed, create a fee simple defeasible estate; if a violation occurs grantor of the deed has right to demand forfeiture of title, meaning ownership

36
Q

Ways to remove easement appurtenants

A

Easements are hard to remove

  1. Combing the two lots into one
  2. Or if purpose of easement becomes impossible
37
Q

Conflicts between public and private limitations

A

When there’s a conflict between private restrictions vs public restrictions the more restrictive one winds

38
Q

CERCLA

A

Environmental limitation; Comprehensive Environmental Response, Compensation and Liability Act . Designed to clean up sites contaminated with hazardous substances, and to create liability for those who contaminate properties.

39
Q

Chapter 21E (Mass Law)

A

Regulates the transport, storage, and disposal of oil and other hazardous material in accordance with CERCLA

40
Q

Easements

A

Rights of way across a neighboring property.

41
Q

O.N.C.H.O.

A

Open Notorious Continuous, Hostile, Adverse; if it’s been used openly for 20 years then you have the right of way

42
Q

Easements Appurtenant

A

Involve two adjoining lots of land; one owner has right to cross; created by Deed, implication; necessity or Perscription (ONCHO)

43
Q

Involuntary Liens

A

Claims against the property that are imposed by a third party

44
Q

Property Tax Liens

A

Claims against property or municipal property taxes; taxes paid first before foreclosure

45
Q

Statutory Right of Redemption

A

In MA property owners have the right to redemption, or right to pay off debt and regain ownership of property, extends 6 months

46
Q

Federal Tax Liens

A

Liens placed against a person for unpaid income taxes

47
Q

Mechanics Lien

A

Protection for contractors, allowed to place lien against a property for work they did and were not paid for; only applies for personal property

48
Q

Judgments

A

Final ruling by a court of law about who win/loses a court cae

49
Q

Damages

A

Monetary compensation to plaintiff (person bringing the suit)

50
Q

Attachments

A

A court order seizing property in order to satisfy a possible future judgment; retain ownership of property but property is attached to lawsuit

51
Q

Assessed Value

A

Also known as tax value; how the government calculates the property taxes for each home.

52
Q

What are MA quarterly taxes collected?

A

February 1st 2/1
May 1st 5/1
August 1st 9/1
November 1st 11/1

53
Q

Easements Appurtenant

A 
Easements involve two adjoining lots of land; one owner has right of way across other's property
Can be created by:
1. Deed
2. Implication
3. Necessity
4. Prescription  (ONCHO)
54
Q

Easements in Gross

A

Personal easements granted in writing to someone who does not own an adjoining lot

Automatically extinguish when person holding the right passes away

55
Q

Licenses

A

Property Right concern

Personal, revocable, and non-assignable permission to enter someone’s property

56
Q

Encroachments

A

The intrusion of an improvement onto a neighboring property (ONCHO with a 20 year time frame)

57
Q

Financial Limitations (Liens)

A

limitations on your ownership associated with debts or payment obligations

58
Q

Voluntary Liens

A

A financial lien; make a piece of property collateral for some debt

59
Q

Mortgage

A

Voluntary lien, borrowing money from a ban to purchase real estate
borrower gives ban right to sell their home if they do not pay the loan

60
Q

Installment Sale Contract

A

A voluntary lien

Similar to rent to own, states that the buyer make payments until the seller is paid for the property,

Gives better equitable title or a future right to acquire legal

61
Q

Equitable title

A

under installment sales contract, buyer can hold an equitable title or a future right to acquire legal title to the property

62
Q

Involuntary Liens

A

Claims against the property imposed by some third party

63
Q

Property Tax Lien

A

Involuntary lien, claims against the property for municipal property taxes
If the property owner doesn’t pay their taxes the town or city can foreclose the property
*MA property owners have a statutory right of redemption (equity or equitable right of redemption)

64
Q

Judgements

A

Final ruling by court of law about who wins and who loses a court case

65
Q

Federal Tax Liens

A

Involuntary Liens placed against a person for unpaid income taxes

66
Q

Attachments

A

Involuntary lien

Court order seizing property

67
Q

When a lake dries up what is it called?

A

Reliction

68
Q

MATH: Property Taxes Formula

A

Annual Tax/ ((Assessed Value/1000) x Milage Rate) = 1

69
Q

Avulsion

A

separation of land from one area an its attachment to another by water

70
Q

Fiscal Year

A

Property Taxes run from July 1st to June 30th

Bi Annual = 11/1 and 5/1
Quarterly = 8/1, 11/1, 2/1, 5/1

Real Estate (20 decks)

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