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110 Cards in this Set

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Earth's surface extending downward to the center of the earth and upward into space.
Land
Land at, above, and below the earth's surface, and all things permanently attached to it, whether natural or artificial.
Real Estate
Physical land or real estate PLUS the interests, benefits and rights that are associated with its ownership.
Real Property
Rights, prvileges and improvements that belong to the land. Can't be severed.
Appurtenances
Rights to the natural resources lying below the earth's surface.
Subsurface rights
RIghts to use the surface of the earth.
Surface rights.
Whether a structure on the land is entitled to support from the underlying coal.
Coal notice
Rights to use the open space or vertical plane air above the land.
Air rights
Small portions of the land's surface for a building's foundation supports
Caissons
All property that does not fit the definition of real property.
Personal property
Items of personal property including such tangibles as chairs, tables, clothing and money
Chattels
Trees, perennial bushes and grasses not requiring annual cultivation are considered real estate. In contrast, ANNUAL plantings are called -
Emblements - generally considered personal property.
Changing an item of real estate to personal property
Severance
Converting personal property (like stones, cement, etc) into real property (a sidewalk) is a process called - -
Annexation
An article that was once personal property but has been affixed to the land or a building in such a way that the law construes it to be part of the real estate
Fixture
Four legal tests of a Fixture
Intent
Method of annexation
Adaptation to real estate
Agreement
An article attached to a rented space for use in conducting a business, but is the personal property of the tenant.
Trade Fixture or Chattel Fixture (These are removable)
Bundle of Legal Rights
Possession
Control
Enjoyment
Exclusion
Disposition
From English law, a seller transferred property by giving purchaser a bundle of bound sticks
Livery of seisin
Economic Characteristics of Real Estate
1. Scarcity
2. Improvements
3. Permanence of investment
4. Area preference
Three PHYSICAL characteristics of Real Estate
1. Immobility
2. Indestructibility
3. Uniqueness
The most important economic characteristic sometimes called SITUS, showing people's preference for a given area.
Area Preferences
Heterogeneity or nonhomogeneity of land.
Uniqueness of land
Real Estate Laws
-General Property law
- Environmental laws
-Contract law
-Agency law
-Fair Housing law
-Tax laws
-Zoning and land use laws
-Real Estate license law
The use of land regulated by government
Public controls
Regulations necessary to protect the public health, safety & welfare.
Police power
Privately owned real estate is regulated through...
Land-use planning
Zoning ordinances
Subdivision regulations
Building codes
Environmental protection legislation
Master plan establishing development goals.
Comprehensive Plan
Comprehensive planning process laws in Pennsylvania.
Pennsylvania Municipalities Planning Code
A comprehesive plan includes the following elements:
* Land use
* Housing Needs
*Movement of people and goods
* Community facilities and utilities
* Energy conservation
Local laws that implement the comprehensive plan
Zoning ordinances
Zoning powers conferred on municipal governments
Enabling acts
Areas which screen residential from non-residential areas
Buffer zones
Tests commonly applied to determine validity of ordinances:
*Power exercised in a reasonable manner
*Provisions are clear and specific
*nondiscriminatory
*Promote public health, safety, general welfare
*apply to all property similarly
Enforces zoning laws
Permits
Existed before enactment of ordinances. No longer conforms to current ordinances.
Nonconforming use
Authorizes allowable nonconforming land uses
Conditional-use permits
Authorizes prohibited land use to avoid undue hardship
Variances
Allowable conditional use only for specific use (church in residential district)
Special-use zoning
Two types of Variance
*Dimensional variance - covers physical dimensions
*Use variance - covers specific uses of land
Regulate lot sizes, setbacks, building heights, etc.
Subdivision and land development ordinances
PRD's & PUD's
Planned residential Developments
Planned Unit Developments
Pennsylvania's DEP
Dept. of Environmental Protection
Soils absorption or drainage capacity
Percolation test
A map laying out a subdivision
Subdivision plat
Developments within a subdivision
On-Site improvements
Charges made by the Pennsylvania Municipalities Planning Code to a developer for off-site improvements
Impact fees
Ordinances that specify construction standards
Building Codes
Act protecting safety and welfare of consumers and occupants to enhance the construction process
The PA Construction Code Act of 1999
BOCA
Building Officials and Code Administrators International, Inc who act to encourage state of the art construction methods
Written governmental permission for construction of a building
Building permit
State Real Estate Commission's Regulations require the disclosure of current zoning classifications for certain types of properties in an agreement of sale. T or F?
true
Private controls are created by whom?
Owner. Public controls are exercised by the government
Two categories of PRIVATE land-use controls
1. Deed restrictions
2. Restrictive covenants
Conditions and restrictions that affect the use of all parcels of land WITHIN A SPECIFIED DEVELOPMENT or subdivision plat
Restrictive covenants - Commonly referred to as Covenants, Conditions and Restrictions (CC&Rs)
Controls future use of property
Deed Restrictions
Directs violator to stop or remove the violation
Injunction
Legal principle that a right may be lost through undue delay or failure to assert it.
latches
Federal Act that regulates the interstate sale of unimproved lots
Interstate Land Sales Full Disclosure Act (administered by HUD)
Federal Act that regulates the interstate sale of unimproved lots
Interstate Land Sales Full Disclosure Act (administered by HUD)
Those engaged in the interstate sale or leasing of 25 or more lots must furnish buyers with what?
Property Report
Three steps to minimize Legal Liability
Discovery
Disclosure
Documentation
Discover the presence of environmental hazards
Discovery
Disseminating information that prospective purchasers may need in order to make prudent purchasing decisions
Disclosure
Hazard that is often effectively eliminated with ventalation systems
Radon
With this hazard, often incapsulation rather than removal is preferable.
Asbestos
EPA estimates that about 20% of the nation's commercial and public buildings contain this hazard
Asbestos
Asbestos was allowed in building materials up until this year...
1978
Colorless, oderless gas that occurs as a natural by product of combustion. Produced by furnaces, space heaters and other fuel burning appliances
Carbon Monoxide (CO)
Lead Paint Disclosures requirements apply to sale/lease of residential structures built before...
1978
The EPA and HUD issued final regulations requiring lead based paint disclosures with this act
Residential Lead Based Paint Hazard Act of 1996
Five requirements of Residential Lead Based Paint Hazard Reduction Act
*Residential housing constructed before 1978 must disclose "known" presence and provide reports
*Disclosure statement must be distributed
*Lead hazard pamphlet must be distributed
*10 days must be given for inspection
*All parties must comply
UFFI
Urea Formaldehyde - Particularly used in insulation in the '70s. Use banned in 1982
EMFs
Electromagnetic Fields - may cause cancer
The natural level at which the ground is saturated.
Water table
USTs
Underground storage tanks - leaks may spread far from source.
RCRA
Resource Conservation and Recovery Act (along with the Hazardous and Solid Waste Amendments) focus on minimizing waste.
CERCLA
Comprehensive Environmental Response Compensation and Liability Act. Established 9 BILLION $ SUPERFUND. Administered by EPA
Most important environmental law affecting Real estate transactions because of the broad liability.
CERCLA - Owner can be held responsible for cleanup regardless of fault
PRP
Potentially Responsible Parties
SARA
Superfund Amendments and Reauthorization Act (SARA) established in 1986 w/ 5 times the funding of original fund
Certain cases when a landowner was innocent of environmental wrongdoing is not held liable.
Innocent landowner immunity - created under the Superfund Amendments and Reauthorization Act (SARA)
Legally sufficient description of property.
Competent surveyor can locate the parcel using description.
Identity of land is expressed by a...
Legal description
Types of legal descriptions used in PA
*Metes and bounds
*Lots and blocks
Starting place for a metes and bounds description
Point of beginning (POB)
Metes and bounds descriptions locate property boundaries by referencing the...
direction & distance of property lines
Fixed objects that identify the POB, the end of segments or location of intersecting boundaries.
Monuments
Which takes precedence in a metes and bounds description? Actual distance between monuments or linear measurements in the description?
Actual distance between monuments
Where does a metes and bounds description ALWAYS end?
The POB (Point of beginning)
Lot and block system
refers to a...
Plat map (filed in the recorder of deeds office in the county where the land is located)
Municipalities Planning Code defines a subdivision as...
two or more lots, tracts or parcels, unless for agricultural purposes
Description of a lot in a recorded subdivision will include 3 items.
*Lot and block number of lot
*Name of subdivision plan
*County and state of location
Established in 1785 to provide a standard method of describing land conveyed to or acquired by the federal govt.
Rectangular survey system (or government survey method)
Rectangular survey system based on two intersecting lines
Principal meridians (NORTH & SOUTH) and Base Lines (EAST & WEST) Located by reference to longitude and latitude
Meridians and base lines are divided into...
Township lines & Range Lines
Each township has how many sections?
36
Each section is one mile square or 640 acres
Instrument used by surveyor
transit
This sets forth the legal description of the property
Survey
Survey showing the location, size, shape of buildings located on the lot
Spot survey
Air above the land are subdivided into...
air lots
What rights are measured below the datum rather than above?
Subsurface
A point, line, or surface from which elevations are measured or indicated.
Datum
The United State Geological Survey (USGS) definition of datum
Mean sea level at New York Harbor
One Mile
5,280 feet; 1,760 yards; 320 rods
Kilometer
.62 miles
One Acre
43,560 square feet; 160 square rods
Section
1 mile;640 acres;160 acres = a quarter section
Square yard; Square foot; Cubic yard
9 square feet; 144 square inches; 27 cubic feet
Permanent reference points to aid surveyors
Benchmarks (found throughout the US - embossed brass markers)