Real Estate Law - Chapter 4
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12 terms
Terms | Definitions |
|---|---|
 Zoning | Legitimate police power of government to regulate the use of real property |
| Encumbrance | A claim, charge, or liability on property, such as a lien or mortgage that lowers its value |
| Building Codes | Public laws that regulate methods and materials to be used in the construction of improvements |
| Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) | Also known as Superfund, this federal legislation created a trust fund designed to finance the activities of the Environmental Protection Agency and gave the Environmental Protection Agency the authority to recover cleanup costs for contaminated properties from the responsible parties for the contamination |
| Phase I | An examination of real property to determine if it contains environmental contamination |
| Phase II | A more intensive environmental examination of property, usually including the testing of soil and water for evidence of contamination |
| Eminent Domain | Power of government to take private property for public use |
| Ad Valorem Taxes | Taxes assessed against an owner of real property in an amount based upon the value of the property |
| Lien | Money debt attached to real property. The holder of the lien can sell the real property to pay the debt |
| Judgment | Money debt resulting from a lawsuit. Judgments are liens on real property owned by the judgment debtor |
| Mechanic's or Materialmen's Lien | Lien imposed by law on real property to secure payment for work performed or materials furnished for the construction, repair, or alteration of improvements on the real property |
| Easement | Right granted to a non-owner of real property to use the real property for a specific purpose. For example, the right given to an electric utility company |
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