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