• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/48

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

48 Cards in this Set

  • Front
  • Back

Property Taxes (2 types)


1- General Real Estate Taxes


2- Special Assessments (Improvement Taxes)

They both take priority over all other liens, regardless in which the liens are recorded.


They are Paid First from the proceeds of a court ordered sale.


They automatically become liens on property.

General Real Estate Tax


Ad Valorem Tax

According to value (based on the value of the property being taxed).


Specific, Involuntary, Statutory Lien.


Pays for government services and programs (hospitals, water, sanitary, transportation and parks, schools)


Seniors and Vets are granted reductions.


Exempt properties: schools, parks, state and federal governments, religious, charitable, hospitals.

Special Assessment

A tax charged on Real Estate to fund public improvements. Creates a lien for the amount of the assessments on the property. Owners are required to pay because their properties benefit from them.


Ex: paved streets, curbs, gutters, sidewalks, storm sewers, street lighting.


Paid in equally annual installments over a period of years.

Government Powers

Individual ownership rights, subject to certain powers or rights held by federal , state and local governments.


Imposed for the general welfare of the community.

PETE

Police power


Eminent domain


Taxation


Escheat

Police power

To preserve order. To protect the public health and safety and promote the general welfare of its citizens.


Used to enact environmental protection laws, zoning ordinances and building codes (maximum capacity, size, location and construction of real estate) .

Eminent Domain

The right of the government to acquire privately owned real estate.

Condemnation

The process by which the government exercises the right to acquire privately owned real estate.

Taking

When land is taken for public use through the governments power, the owner must be compensated fairly through negotiation. Or owners can donate their properties.


If owners consent can not be obtained the government can initiate condemnation proceedings.



Taxation

A charge on real estate to raise funds to finance the operation of government facilities and services.

Escheat

A process by which the state may acquire privately owned real estate or personal property. Intended to prevent property from being ownerless or abandoned, when an owner dies and leaves no heirs or WILL or living trust that directs how the property is to be distributed.


Zoning and Master Plans.

Development goals (Comprehensive plan). A guide that tries to anticipate changing needs , usually long term 20+yrs. Includes A general plan that can be revised and updated frequently. Involves surveys, studies and analysis of housing demographic and economic trends.

Zoning Ordinances

Implement the comprehensive plan and regulates and controls the use of land and structures within the designated districts.


Provides the details that carry out the comprehensive plan.


Should confirm to the master plan; both must remain flexible to meet changing needs of society.

Zoning Affects

Density


Permitted uses of land


Lot sizes


Types of structures


Protection of natural resources


Building heights


Setbacks


Style and Appearances

Zoning Classification

Designated land for residential, commercial, industrial and agricultural uses.

Planned Unit Development (PUD)

Land is sat aside for mixed-use purposes (residential, commercial and public areas). Zoning ordinances may be modifies for this.

Buffer zones

Ease the transition from one use to another. Typically a strip of land separating land dedicated to one use from land dedicated to another use.

Constitutional Issues

Citizens can discuss zoning ordinances before they are enacted in public hearings. Those affected are provided notice of such hearings and have the opportunity to attend and be heard. Zoning can be highly controversial and can raise questions of law.

Zoning Permits

Property owners must obtain one before beginning any development, this way compliance can be monitored. Usually required before a building permit will be issued.

NonConforming use

When a lot or improvement does not conform to the zoning because it existed before the enactment of the zoning ordinance. May be allowed to continue legally as long as it complies with the regulations governing the local ordinances. Grandfathered into new zoning.

Zowning Hearing board


Zoning Board of Appeals

Communities hear testimony about the effects a zoning ordinance may have on specific parcels of property.

Conditional Use Permits


Special Use Permits

Granted to a property owner to allow a special use of a property that does not meet current zoning requirements. (House of worship, daycare) must meet certain standards set by municipalities.

Variance

Provides relief if a zoning regulation deprives an owner of the reasonable use of the property. Ownerust demonstrate circumstances that make the variance necessary

Building Codes

Ordinances to specify construction standards that must be met when repairing or erecting buildings. They set requirements for things like materials and standards of workmanship, sanitary equipment, electrical wiring and fire prevention.

Building Permits

Needed by owners to build, alter or repair a structure. An inspector closely examines the plans and conducts periodic inspections of the work to ensure compliance with relevant ordinances and codes. Once completed and inspected and found satisfactory, the building official will issue a certificate of occupancy, indicating the property is suitable for habitation; issued before anyone moves in before closing.

Environmental Impact Reports

Submitted by a developer with the application for a subdivision approval. It explains what affect the proposed development will have on the surrounding area. May have fees.

Impact Fees

Charges made in advance to cover anticipated expenses involving off-site capital improvmements such as expanding water and sewer facilities, additional roads, and school expansions.

Environmental Impact Statement

Required for a federally funded projects. Details the impact the project will have on the environment (air quality, noise, public health and safety, energy consumption, population density, wildlife, vegetation and the need for sewer and water facilities).

Regulation of Special land types


Special Flood Hazard Areas

SFHA improvement of future land use control measures to manage flood plains areas.


FEMA administers national flood insurance plans.

Regulation of Environmental Hazards

EPA Environmental Protection Agency epa.gov, is charged with federal regulation of numerous environmental hazards.

Abatement Mitigation and Clean Up Requirements CERCLA

The Comprehensive Environmental Response Compensation and Liability Act of 1981: A $9 billion superfund to clean up uncontrolled hazardous waste sites and to respond to spills.

CERCLA

Is enforced by EPA to identify potential responsible parties of hazards and to enforce/order them to take responsibility and clean up action.


Landowners are liable for cleanup of their properties and neighboring properties that had been contaminated. But they can seek reimbursement costs from previous owners or other responsible parties.

Restrictions on sale or Development of Contaminated Property

Disclosure about the condition of the property and any known environmental issues is required by seller with 1 to 4 units.


Professionals should inform buyers of the need to ask and discover and not rely on disclosures.


Experienced EPA certified inspectors to inspect for hazards and offer guidance about how to best resolve the conditions.


Its a contengency that must be satisfied at closing.

Asbestos

A fire resistant mineral used until 1978 than banned. Highly flammable. Easily breaks down into tiny light filaments that stay in the air a long time when its disturbed or exposed.


Those who inhale it develop serious respiratory diseases.


Removal requires state license technicians and specially sealed environments. Waste must be disposed of at a licensed facility.

Lead Based Paint

Was used as a pigment and drying agent in houses built before 1978.


Can result in damage to the brain, nervous system, kidneys and blood.


Children younger than 6 are particularly vulnerable, and may have a learning disability, development delays, reduced height and poor hearing.


1996 EPA requires disclosure to potential buyers and renters with a complete disclosure form/pamphlet.

Radon

A naturally occurring, colorless, odorless, tasteless, radioactive gas, produced by the decay Of other radioactive substances. Measured in picocuries in a liter of air.


Fans and thermals pull it into the air, causes lung cancer. Is classified as a class A known human carcinogen.


Mitigation consist of removing it before it seeps into that house my means of a fan installed in a pipebrunning from the basement to the attic to draw it up and out. 90 day test priod , but 48 hr test procedure by a trained technician.

HOA Regulations

Homeowners Association


Made up of unit or homeowners. May be governed by a board or elected officials and may be managed by the property owners or a hired property manager.


Enforces rules regarding the operation and use of the property's in the area.


Responsible for maintenance, repair, cleanup and sanitation of common areas.


Pays monthly or annually fees.

Covenants Conditions and Restrictions CC+R's

Used by subdivision developers to maintain specific standards in a subdivision. Requires adherence to certain architectural or design specifics. Type, height, and size of buildings. Style, use, square footage etc........


Are enforced by HOA's that has the limits.

Deed Restrictions

Limitations to the use of the property imposed by a past owner or the current owner by inclusion in the deed to the property and are binding on future grantees.

Private controls

Restrictions to control and maintain the desirable quality and character of a property or subdivision may be created by private parties and owners.


These restrictions are seperate from and in addition to the land-use controls set by government.

EPA Environment Protection Agency hazards

Only done by certified inspectors: scientific or technical experts, environmental auditors or environmental assesors.


They detect environmental problems and can usually offer guidance about how to resolve the conditions.


This is a contingency that must be satisfied before closing.

Formaldehyde

Colorless chemical with a strong pronounced odor used for preservation.


A human carcinogen that may triger respiratory problems, SOB, wheezing, chest tightness, asthma and eye and skin irritation.


Emitted as a gas from pressed wood products, adhesives, carpeting and ceiling tiles.

Carbon Monoxide

Colorless, odorless and tasteless gas, Thats a by product of burning fuels such as wood, oil and natural gas to incomplete combustion. Its quickly absorbed by the body where it inhibits the bloods ability to transport oxygen resulting in dizziness and nausea and may cause death.


Comes from improper working generators, furnaces, heaters, fireplaces and stoves.

Polychlorinated Biphenyls PCB's

Chemical compounds not found naturally in nature. Flame resistant, often used in electrical equipment. A carcinogen, lowers fertility and shortened life spans.


Burning them at more than 2400° in a closed environment is the only known way to destroy them.

Chlorofluorocarbons

Nontoxic, nonflammable chemicals used in refrigerants in air conditioners, freezers, aerosol sprays, paints, solvents, and foam blowing applications.


Found in older appliances once CFC vapors rise to the upper atmosphere broken down by ultra violet light into chemicals that deplete the ozone layer.


Old appliances should be disposed of properly to prevent leakage.

Mold

Can grow any where on any organic substance, as long as moisture, oxygen, and organic food source are present.


Moisture feeds mold growth.


Can cause serious health problems, allergic reactions and asthma attacks.

Seller/Agent Liability for Hazards.

Professionals must be aware of possible hazards and where to seek help. They must be familiar with common problems. Must provide environmental audit if contamination is suspected, but give no advice, but also may be held liable for immproper disclosure.

Landowners Liability for Hazards

Are liable under CERCLA. are responsible for the cleanup of their property as well as neighboring property's that has been contaminated.


Landowners whose not responsible can seek reimbursement for cleanup costs from previous landowners.