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36 Cards in this Set

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  • Back
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Police power

Constitutional right of government to regulate private activity to promote the general health welfare and safety of society

345

Eminent domain

Allows the government to acquire title to private land for public use in exchange for payment of just compensation

346Planning

Planning commission

Citizens appointed by the members of the city council or board of supervisors who make recommendations on land-use matters

346

Planning departments

Agencies within a city and county government staffed with professionally trained planners

347

Zoning

The division of land into designated land-use districts

348

Inclusionary zoning

In ordinance requiring a builder of new residential housing to set aside a designated number of units for low and moderate income people

348

National environmental policy act

Requires an environmental impact report on all projects using federal funding

349

Clean air act

Requires businesses to meet air quality standards

349

Subdivision map act

The division of land into two or more lots for the purpose of sale lease or financing concerned with the physical aspects of the subdivision including design streets water and sewer’s

351

Subdivided land laws

A subdivision of land into five or more lots for the purpose of sale cannot be offered for sale until the real estate commission or issues a public report

351

Land project

A speculative subdivision of 50 or more lights located in the sparsely populated area of the state

353

Interstate land sales full disclosure act

Land developer is required to obtain an issue by the department of housing and urban development and deliver a copy to each perspective buyer

354

Common interest developments (CIDs)

Condominiums, planned unit development, stock operatives, and community apartments

354

A condominium is sometimes called a

Vertical subdivision or a subdivision of airspace

355

Planned unit development

Often confused with the condominium they are not the same in a PUD a person owns his or her own living unit and lot, in addition to an undivided interest in the common areas



Often referred to as a townhouse development

355

Stock Cooperative

A corporation formed for the purpose of holding title to a building each shareholder of the corporation is given the right to occupy a living unit

356

Stock Cooperative

A corporation formed for the purpose of holding title to a building each shareholder of the corporation is given the right to occupy a living unit

356

Community apartment

A group of people jointly purchased an undivided interest in an entire apartment complex then each person is given the right to occupy a particular unit

356

Disclosure requirements for a common interest development

1. Copy of existing conditions, covenants, and restrictions, owners association bylaws, governing documents, and current financial statement on the owners association


2. Reinstatement of any known pending special assessments, claims, or litigation against the seller or owners’ association


3. A current statement showing whether the seller has any unpaid assessments or dues owed to the owners association

356

Selling undivided interest

Large parcel of land sold in shares

357

State housing

Establish minimum housing standards for the entire state

358

Local building codes

Allowed to deviate from state housing laws only with sufficient reason to deviate from the state uniform code

358

Local building codes

Allowed to deviate from state housing laws only with sufficient reason to deviate from the state uniform code

358

Contractors license law

Requires every person who engages in the business of a contractor to be licensed

358

Environmental impact regulations

Used to address what impact the real estate construction will have on the social, economic, physical, and biological environment

358

NIR

Negative impact report for a minor in environmental project

358

EIR

Environmental impact report for a major environmental project

358

Unruh Civil rights act

State law that makes it unlawful for people engaged in business in California, including real estate agents, to discriminate when providing business products

358

Steering

Unlawful directing of a prospective buyer or tenant to certain neighborhoods, or refusal to tell about availability of housing in another neighborhood

359

California fair housing act (Rumford Act)

Law that for bids discrimination in the sale, rental, lease, or financing of practically all types of housing

359

Housing financial discrimination act (Holden Act)

State law prohibiting financial institutions from engaging in discriminatory loan practices

359

Housing financial discrimination act (Holden Act)

State law prohibiting financial institutions from engaging in discriminatory loan practices

359

Redlining

A loan practice where a lender refuses to grant a housing loan in certain geographic areas based on neighborhood trends regardless of the merits of the borrower or individual home

359

Civil rights act of 1866, 1964, 1968, 1988 amendments

Also known as federal fair housing act where fair housing should prevail throughout the United States

359

Jones v. Mayer case

Landmark case in 1866 after the Civil War boring all racial discrimination, private, as well as public, in the sale or rental of property

360

Ad valorem

A Latin phrase that means according to value

367