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22 Cards in this Set
- Front
- Back
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What are the 2 types of restrictions on Real Estate Ownership?
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1.Public restrictions
2. Private restrictions |
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What are the 5 types of Public Restrictions?
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1.Eminent domain
2.Police power 3.Taxation 4.Escheat 5.Tort and nuisance laws |
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What are most common types of police power?
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Zoning
Building codes Subdivision regulations Environmental protection laws |
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What are the 5 types of Private Restrictions?
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1.Restrictive covenants
2. condition 3. Easement 4. Lien-right to the value of real property in payment of money owed. 5. Adverse possession (like easement of prescription) |
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To gain ownership under adverse possession, the occupant must be using the property in the following manner:
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Actual and exclusive use
Open and Notorious Hostile Continuous Under a claim of right |
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The 2 types of taxes and liens that are important are:
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Senior- highest in the priority of claims
Junior- subordinate to one or more other liens |
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What are the 2 types of liens?
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Mechanic's lien- if workers/material suppliers provide goods or services that enhance a property's value, they have an enforceable lien until all amounts owed to them are paid
Property tax lien-price negotiation and proration at closing |
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What are the 8 property tax concepts?
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1. Assessed value
2. Tax rate 3. Special assessment 4. Tax sale 5.Impound 6. Uniformity 7. Tax land only 8. Exemptions |
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What is Assessed Value?
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1/3 of market value; however the estimate is not quite that accurate because: Reassessments are required to be conducted only every 4 yrs and Some township assessors consistently get their estimates a little high or low
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What are the other factors involved in equalized assessed value?
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State equalization factor-applied by the state Department of Revenue
County equalization factor- applied by the county's appointed supervisor of assessments **This gives you the equalized assessed value which the tax rate is applied |
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What is special assessment?
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a lien for improvements that primarily benefit specific properties rather than the community as a whole
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What happened in the Mugler v. Kansas?
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owner sued for compensation when state enacted liquor prohibition; ruled- someone shouldn't be compensated for regulations that precent them from harming the public's health and safety
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What happened in the Village of Euclid, Ohio v. Ambler Realty?
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Ambler sued over value lost when land in the path of commercial growth was restricted by the village for residential use: ruled- in era of growing pop. and intensive devel., land use regulation was as essential in protecting the public as traffic regulation had become in the automobile age
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What happened in Nectow v City of Cambridge, Mass?
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property owner sued when a new zoning ordinance restricted his prime commercial land to residential use while he was in the process of selling it: ruled- the new law to be arbitrary and irrational, it harmed individual land owners without benefiting the public
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What is Zoning?
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restriction of specific geographic areas to specific uses, usually various levels of residential, commercial, and industrial
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In addition to specifying general use categories, zoning regulations can specify:
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Height limitations
Bulk limitations or floor area ratios Minimum lot size Setback requirements |
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What is spot zoning?
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commercial uses appear intermittently within residential areas
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What is strip zoning?
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commercial uses appear in long stips along major streets
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What is the problem with strip zoning?
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it creates huge boundary areas with residential--imposes more externality problems
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What is Subdivision Regulations?
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rules outlining what a developer must do in planning and laying out a new subdivision
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What is building codes?
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detailed standards on construciton methods and materials, to promote quality and safety
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What are some recent issues in land use regulation?
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Planned unit development
Performance zoning Incentive zoning Exclusionary vs Inclusionary Zoning Transfer of Development Rights Historic Preservation Districts Growth Management Environmental Protection Laws Open space requirements |
