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19 Cards in this Set
- Front
- Back
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What is the intent zoning ordinances? |
To specify land usage for every parcel within the jurisdiction. |
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What is a certificate of occupancy? |
A document certifying that a structure complies with building codes and is ready for use. |
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What is CERCLA and the Superfund Amendment of 1986? |
A law making current landowners as well as previous owners of a property possibly liable for environmental violations, even if "innocent" of a violation. Sellers often carry the greatest exposure, and real estate licensees may be held liable for improper disclosure. |
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What does public land use planning do? |
Strives for optimum management of real property usage and must take into account both the interests of the individual and the interest of the surrounding community. |
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What is police power? |
At a local level, county and city governments control land use. The most common expressions of police power are county and municipal zoning. |
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What is residential zoning? |
Regulates density, by limiting the number and size of dwelling units and lots in an area. |
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What is a plat of subdivision? |
It is part of the approval process for development of multiple properties in an area and must be submitted along with complying with zoning ordinances and meeting requirements for a subdivision. |
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What is metes and bounds? |
A description that identifies the boundaries of a parcel of real estate using reference points, distances, and angles. the description always identifies an enclosed area by starting at an origination point, called point of beginning, or POB, and returning to the POB at the end of the description. |
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In the Rectangular Survey System, what is a range? |
The "vertical" area between consecutive meridians is called a range. It is identified by its relationship to the principal meridian and is six miles wide. |
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In the Rectangular Survey System, what is a tier? |
The "horizontal" area between two parallels, or a township strip. It is identified by its relationship to the base parallel and is six miles wide. |
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What is a township? |
The area enclosed by the intersection of two consecutive meridians and two consecutive parallels. Since the parallels and meridians are six miles apart, a township is a square with six miles on each side. Its area is therefore 36 square miles and is also 6 miles square. |
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How many acres are in a section of a township? |
640 acres |
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How many sections are there in a township? |
Thirty-six |
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What type of contracts can be assigned to another party unless specifically prohibited? |
Sales contracts are assignable because they involve the purchase of real property rather than a personal service. |
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What is an implied agency relationship? |
An unstated or unintentional agreement that my be deemed to exist when the actions of any of the parties suggest the existence of an agreement. |
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What is an executory contract? |
A contract in which performance is yet to be completed. |
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What is rescission? |
The act of declaring that a contract is not longer in effect for a given party. This act cancels the contract and returns the parties to their pre-contract condition, including the refunding of any monies already transferred. |
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What is a counteroffer? |
Changing any of the terms in an offer, and the original offer is void. At this point, the offeree becomes the offeror, and the new offeree gains the right of acceptance. |
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What is valuable consideration? |
Something of tangible value, such as money, or something a party promises to do or not do. For example, a home builder may promise to build a house for a party as consideration for receiving money from the home buyer. |
