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44 Cards in this Set
- Front
- Back
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--BUNDLE OF RIGHTS--
Basic rights of real property ownership. DEEP C |
D = Disposition
E = Exclution E = Enjoyment P = Possesion C = Control |
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--Government Powers--
Property limitations imposed by the law and the government PETE |
P = Police power
E = Eminent domain T = Taxation E = Escheat |
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--Government Powers--
Definition of POLICE POWER |
The right of the government to make and enforce laws for the good of the general public through 5 regulations
1. Zoning laws 2. Building codes 3. Environmental protection laws 4. Subdivision regulations 5. Various city, borough or township ordinances and specifications |
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--Government Powers--
--Police Power-- --Zoning Laws-- Definition of ZONING |
Laws are established by local governments to provide controls on the use of real property.
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--Government Powers--
--Police Power-- --Zoning Laws-- Zoning - Contols the use of the land 4 Types of zoning... |
1. Setbacks
2. Variance - benefits owner 3. Nonconforming Use - there before house 4. Conditional Use - benefits community |
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--Government Powers--
--Police Power-- --Zoning Laws-- Definition of Setback Requirements |
A zoning law requirement designed to prevent encroachments by placing limits as to how close in distance any improvements including buildings can be made to the boundary lines of real property.
Density = Ratio of Dwelings |
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--Government Powers--
--Police Power-- --Zoning Laws-- Definition of Buffer Zones |
Areas such as playgrounds that are used to separate residential property from property having different zoning use.
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--Government Powers--
--Police Power-- --Zoning Laws-- Definition of Variance |
An exception to the zoning laws that has been granted by a zoning board to a real property owner following a successful application and hearing.
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--Government Powers--
--Police Power-- --Zoning Laws-- Definition of Nonconforming Use |
A property that is not in compliance to the current zoning laws, but because the property was in compliance prior to the most recent zoning law change, it is permited to continue that prior use to avoid any reasonable hardship on the owner.
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--Government Powers--
--Police Power-- --Zoning Laws-- Definition of Spot Zoning |
A type of zoning by which a property that normally would violate the current zoning laws is legally permitted because zoning authorities intentionally allow that property or small area to be zoned differently from the surrounding area.
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--Government Powers--
--Police Power-- --Zoning Laws-- Definition of Conditional use permit |
A municipal allowance for a restricted land use that is different from the existing zoning regulations because it benifits the community.
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--Government Powers--
--Police Power-- --Building Codes-- Definition |
Construction standards imposed by local governments for building safety.
Determined by national contruction standards BOCA (Building Officials Conference of America) Purpose is to protect the health, safety, and welfare of public. |
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--Government Powers--
--Police Power-- --Building Codes-- Definition of Building Inspector |
Code enforcer through building permits that are required for any type of construction work.
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--Government Powers--
--Police Power-- --Building Codes-- Definition of Certificate of Occupancy |
Document issed by a building ispector giving a property owner permission to occupy a property.
It follows an inspection to determine if the building has been constructed according to building codes. |
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--Government Powers--
--Police Power-- --Environmental Protection Laws-- Definition |
Designed to eliminate air and water pollution and control hazardous waste to preserve our natural resources.
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--Government Powers--
--Police Power-- --Subdivision Regulations-- Definition |
Rules are adopted by local governments to provide for the consistant organized growth of development throught the control of percolation test.
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--Government Powers--
--Police Power-- --Subdivision Regulations-- Definition of Percolation Test |
A soil drainage test designed to meet local community requirements for land developement.
Involves filling man made holes on land with water to measure how the soil will absorb the water for the pupose of determining the type of sewage system to be used - septic or sandmound. |
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--Government Powers--
--Police Power-- --Various City, Borough, or Township Ordinances and Specifications-- Definition of Interstate Land Sales Full Disclosure Act |
Law requires that persons who are selling or leasing land of 25 or more lots file a statement of record with the federal Department of Housing and Urban Development (HUD).
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--Government Powers--
--Eminent Domain-- Definition |
The right of the government to take private property (real estate) for public use with just compensation to the owner.
Compensation may be just value but worth more to you. |
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--Government Powers--
--Eminent Domain-- Definition of Suit for Condemnation |
A legal suit to enforce the government's right of eminent domain.
Through this suit and subsiquent court order an owner is forced to sell her real property to the government at fair market value when it is in the interest of the public. |
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--Government Powers--
--Taxation-- Definition |
To provide municipal services the government has the right to tax owners of real property.
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--Government Powers--
--Taxation-- Definition of AD Valorem |
Accourding to Value
A tax that is based on the value of the property. |
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--Government Powers--
--Taxation-- Definition of Special Assessment |
A tax that is imposed on an owner of real property where the property will directly benefit from some public improvement, such as sewers.
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--Government Powers--
--Escheat-- Definition |
Return to the state.
The return of the ownership of real property to the state government when an owner dies intestate with no heirs. |
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--Government Powers--
--Escheat-- Definition of Testate |
If a person dies having made a will.
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--Government Powers--
--Escheat-- Definition of Devisee |
The recipient of real estate that is conveyed through a will.
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--Government Powers--
--Escheat-- Definition of Devise |
Gift of real estate conveyed through a will.
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--Government Powers--
--Escheat-- Definition of Intestate |
Without a will.
When a person dies intestate all property of the deceased passes to the heirs according to the state law of decent and distrobution. |
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--Government Powers--
--Escheat-- Definition of Heir |
Recipient of property when a person dies intestate (without a will).
Typically heirs usually include one or several immediate relatives. |
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--Government Powers--
--Escheat-- If a person who is an owner of property as a single individual dies intestate and there are no heirs to be found as defined by state law... |
then the title of any real and/or personal property escheats or returns to the state of Pennsylvania on the theory that the state does not want property to remain unowned.
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--Deed Restriction--
Definition |
A limitation on the use of real property added to the deed by the property owner.
Pertains to all properties, cannot be removed or changed unless original owner buys back all the property originally settled to deed. Grantor restricts the use of property in the future. Restriction would affect all future property owners. |
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--Restrictive Covenants--
Definition |
A limitation placed on the use of real property by a developer in order to maintain conformity in a residential subdivision.
Violations would need to be enforced by any other property owner(s) in the subdivision seeking a court order known as an injuction. Pertains to all properties and only enforced by neighbors. |
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--Laches--
Definition |
The loss of owners right to enforce a subdivision restriction as a result of unreasonable delay or failure to take action.
Must stop process while being built. |
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--Mortgage Limitations--
The mortgage agreements sometimes do include provisions that require a property owner to get the written permission... |
of the lending institution before making any substantial structural alteration, change, or improvment to the real property.
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--Mortgage Limitations--
A typical mortage also allows a lending institution representative the right... |
to come into and inspect a property.
Such default could result in the lender requiring full payment of the remaining debt by the borrower within 30 days of the notification of default. |
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--Mortgage Limitations--
Unfortunately the common ignorance of the pertinent conditions of a mortgage agreement on the part of many property owners occurs because most purchasers... |
go to the settlement table and never really read or understand all the papers and binding contracts they are asked to sign.
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--Mortgage Limitations--
The importance of real property ownership and the limitations effecting such ownership as well as the fact that the purchase of a home represents the largest financial transaction of a lifetime... |
are very good reasons why a basic understanding of real estate is necessary even for a typical home owner.
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--Water Use Limitations--
Definition of Prior Appropriation |
The right of the government to control the use of water.
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--Water Use Limitations--
Definition of Riparian Rights, property rights of rivers and streams |
The special ownership rights of a real property owner whose land lies adjacent to a body of water.
The rights determine the boundary line of the property as the waters edge when the land abuts a navigable body of water and the center of the bed for a non-navigable body of water. If a boat can go, owned by the state (navigable). |
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--Water Use Limitations--
Definition of Littoral Rights, property rights of large bodies of water |
Special ownership rights of a real property owner whos land lies adjacent to a large body of water such as an ocean, sea, or great lake that defines the boundary line of the property as the water's edge.
The boundary lines affected by tides. * High tide people will walk on property to get around, * Low tide people can walk around the property. |
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--Physical Forces of Nature--
Definition of Erosion |
The gradual wearing away and loss of soil due to the physical elements of wind, water, etc that affects the ownership of real property.
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--Physical Forces of Nature--
Definition of Accretion |
The gradual build up of soil due to physical elements of wind, water, etc that affects the ownership of real property.
Erosion removal of land by water and build up due to erosion is accretion. |
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--Physical Forces of Nature--
Definition of Accession |
The increase of ownership and title to real property as the result of the permanent attachment of improvements or the accretion (build up of soil) by nature.
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--Physical Forces of Nature--
Definition of Avulsion |
The sudden devastation of real property caused by natural disasters such as earthquakes, hurricanes, mudslides, volcanos, floods, tornados, etc.
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