Real Estate Principals II Vocab Chapter 1
Terms in this set (33)
Rights the Government has to Privately Owned Land
Taxation, Eminent Domain, Police Power and Escheat
Control of the use of land
Master plans for an area, subdivision Regulations, building codes, environmental protection legislation and zoning are all examples of these public controls
Deed Restrictions also known as covenants, conditions and restrictions (CC&Rs); Used in a common interest development (Color of roof)
Control the use of the land. Divides the city into different zones and controls the use of the land in each zone
Certificate of Occupancy
Certificate issued by the city that deems the building may be occupied
Nonconforming Use Permit
When a building exists before a new zoning law is passed, it may apply for this to continue running
Requested by the landowner who wants to change the use of the property without changing the zoning
Allows a zoning change on only a small area of land
Ex: Strip of apartments between a commercial zone and a residential zone
higher density zoning is reduced. An area rezoned from multi-family to single-family has been downzoned
Interstate Land Sales Full Disclosure Act
Passed in 1968; Protects consumer from land scams.
Consumer Financial Protection Bureau (CFPB)
Administers Interstate Land Sales Full Disclosure act
Report containing information about the community that is required to be given to those engaged in sale or leasing of lots through Interstate Commerce
Texas Commission on Environmental Quality
The environmental agency for the state of Texas.
Goal of TCEQ
Clean Air, Clean Water and the safe management of waste.
Office of Air
Oversees all air permitting activities
Office of Water
Responsible for planning, permitting and monitoring the state's water resources
Office of Land
Land cleanup, wetlands protection, recycling and waste reduction and waste disposal
Texas Parks and Wildlife Department
Endangered or threatened animal and plant species in Texas.
What must be provided if there are any environmental hazards on the property; Threatened or Endangered Species and Wetlands Addendum
Sellers Disclosure Notice
Any condition on the property which materially affects the physical health or safety of an individual
Fibrous mineral that was used in building material until the late 1980's.
A gas that enters the structure thru cracks in the foundation
Foam that can be injected into walls.
Created by the Comprehensive Environmental Response, Compensation and liability act that allows the Environmental protection agency to clean up toxic waste dumps and spills
The owners buy shares in the co-op and receive a proprietary lease to their unit
Townhome / Row House
The homes and land are owned by the homeowners but common walls connect the homes
Planned unit development (PUD)
a mixture of single family homes, multi family homes and stores. Creates individual ownership of the lots and community ownership of the common areas
Owns the air space within his unit and has an undivided interest in the common elements
Remainder of the structure of condominiums. The unit owner owns a percentage of these as tenants in common with the other unit owners
Limited Common Elements
Limited to use by only one unit owner but still owned as common elements by all of the unit owners. I.E. small yard
Condominium Management Association
Association responsible for maintaining an insurance policy on the common elements of the property
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THIS SET IS OFTEN IN FOLDERS WITH...
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