Real Estate Principles 2 - Texas

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Terms in this set (...)

Public restrictions
Use of real proeprty are those associated with goverments intervetion
Eminent domain
Power given to government agencies to take private property for public use or purpose
Taxation
Right of the government to tax the owners of private property to raise revenue for both general purposes and special assessments, which have a defined purpose
Escheat
Process by which private property reverts to the government when the owner dies without heirs and without a will (intestate)
Police power
Government's authority to regulate the health, safety, welfare, and morals of its citizens
Power of eminent domain
Permits the government to take private property under from an owner for the public good, paying fair market value (just compensation)
Physical taking
When the government actually takes and occupies private land for what is indisputably a public purpose, such as building a public building or establishing a public road or utility easement
Regulatory taking
When the government does not physically take private real property, but places an excessive amount of restrictions on the use that can be made of land
Comprehensive plan
Official public document that acts as a long-range, general guide for growth and development
Zoning
Regulation by a municipality of the use of land located with the municipality's corporate limits as well as the regulation of the buildings and structures located thereon
Height limits
State how tall the building can be above the average grade
Setbacks
Limit how close a structure can be built to neighboring property lines
Minimum lot size limits
How small the parcels can be if the property were subdivided
Zoning districts
Are all of the possible classifications that might be given to any particular parcel of land
Enterprise zoning
Allows the land owner to develop property aS he or she sees fit
Spot zoning
Illegal practice of zoning a single tract of land in a manner that is incompatible with the surrounding area and in a manner that is incompatible with the city's zoning ordinance and comprehensive plan
Contract zoning
Illegal agreement between the city and a property owner to adopt a certain zoning classification in exchange for certain promises by the property owner
Prohibited use
Presumptively, if any uses are not listed as permitted
Permitted uses
Meet the current use requirements within the district
Uses permitted by right
Allowed within a particular zoning district without additional permission from the city
Conditional use permit
Allows a land use that may be incompatible with other uses existing in the zone
Variance
Request of the Board of Adjustment to vary development standards (not uses) such as building setbacks in the zoning ordinance
Extraterritorial Jurisdiction (ETJ)
Area surrounding an incorporated bitty within which the city can exercise various powers as authorized by law
Standard subdivision
Land division with no common or mutual rights of either ownership or use among the owners of the parcels created by the division
Common interest development (CID)
Combines the individual ownership of private dwellings with the right to use shared common facilities of the entire project
Homeowner's association (HOA)
Has the authority to enforce deed restrictions and to raise money through regular and special assessments
Condominium
Consists of a separate fee interest in a particular specific space (the unit), plus an undivided interest in all common or public areas of the development
Planned development
Planning and zoning term describing land not subject to conventional zoning requirements
Interstate land sales full disclosure
Consumer protection statue that regulates the sale or lease of subdivided property through the use of interstate commerce
National environmental policy act (NEPA)
Requires that federal agencies and other entities undertaking activities on federal property conduct an environmental analysis of the proposed project
Categorical exclusion
Projects that are generally smaller or have no impact on the environment
Environmental assessment (EA)
See whether a federal project may significantly affect the environment
Clean air act
Requires the EPA to establish national standards for clean air
The clean water act (CWA)
Regulates the discharge of pollutants into the waters of the United States, including wetlands
Wetlands
Ares where water cover the soil, or is present either at or near the surface of the soul all year or for varying periods during the year, including during the growing season
Floodplain
Low land adjacent to a river, lake, or ocean
Coastal zone management act (CZMA)
Provides for management of the nation's coastal resources, including the Great Lakes, and balances economic development with environmental conservation
Comprehensive environmental response, compensation, and liability act (CERCLA)
Superfund- has established two trust funds to help finance the cleanup of properties that are impacted by the release of hazardous wastes and substances
Texas commission on environmental quality (TCEQ)
Environmental regulatory agency for the state
Building codes
Ordinances that mandate how structures and property improvements can be built including the types of materials, construction techniques, and design
Rehabilitation
Restoration of a property to its former or improved condition without changing the basic design or plan
Remodelig
Changes the basic design or plan of the building or correct defiencies
Residential construction liability act (RCLA)
Sets forth the consumer's rights and the builder's duties regarding home construction
Building envelope
An area or barrier that separates conditioned space from unconditioned space or from the outdoors
R-value
A rating that measures how well insulation resists heat loss
Programmable thermostat
Thermostat for heating and/or cooling equipment that can record different temperature settings for varying times
Energy efficient ratio
Measures the efficiency of energy; used to determine the effectiveness of appliances
Potable water
Water that is suitable for drinking and cooking
Low-flow fixtures
Plumbing fixtures such as shower heads, toilets, and faucets that require minimal water flow per activation
EPAct
Requires all plumbing fixtures used in the US to meet ambitious targets for reducing water consumption
One-story house
Typically the easiest to maintain and is the most common type of single-family house in the US
One-and-one-half story
Technically a one-story house with an expanded attic, which allows an occupant the benefits of living in a Ranch style house
Two-story house
May cost less to heat, cool, and build because the plumbing and other fixtures are aligned
Split-level house
Has benefits similar to those of a two-story house
Multi-level houses
Typical of Victorian, Queen Anne, Second Empire, Tudor, and Contemporary styles, Second Empire, Tudor, and Contemporary styles, have complex floor plans and multiple stairwells