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PA Real Estate Exam Prep


PA Real Estat E Exam P
  
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Police Power
 
Power of the state to make laws to promote general welfare & protect public health & safety
Examples of Police Power
 

Zoning
Building Codes
Environmental Protection
Created by states to grant zoning power to municipal governments
 
Enabling acts
Taxation
 
Power to tax real estate to meet the needs of the government
Eminent Domain
 
Power of the government to acquire private property for public use while providing compensation(condemnation)
Escheat
 
State laws that allow real estate to revert to the state when the owner dies intestate and has no heirs or when the property is abandoned
Riparian Rights
 
Rights granted to land owners along a non-navigable river or stream
Littoral Rights
 
Rights granted to land owners along an ocean or large lake
Prior Appropriation
 
The right to use water is controlled by the state, rather than an adjacent landowner. landowners must show a beneficial use such as crop irrigation in order to secure such rights
Zoning
 
Local laws that regulate and control the use of land in the community. Generally pertaining to the height, bulk & use of buildings
Non-conforming Use
 
Use in existence prior to the passage of a zoning ordinance & allowed to continue even though it doesn't conform
Variance
 
Approval from the zoning authority that allows an individual to deviate from the zoning requirement
Conditional Use Permit
 
Allow for a use that does not conform with existing zoning, but is necessary for the common good. Ex: a medical clinic in a residential community
Downzoning
 
Land zoned for residential or commercial use is re-zoned for conservation only. The state is generally not responsible for compensating owners for loss of value unless a "taking" occurs
Buffer Zone
 
Land area that seperates one land use from another. Ex: a park that seperates a residential neighborhood from a shopping center
Spot Zoning
 
Reclassification of a small area of land for use that does not conform with the zoning of the rest of the area
Planned Unit Development (PUD)
 
PLanned mix of diverse land uses. Ex: residential & recreational use in one comprehensive plan
Density Zoning
 
Ordinances that restrict the average number of houses per acre that may be built within a particular area
Building Codes
 
Ordinances that specify standards to construction, maintenance & demolition
City Plan Specifications
 
A master plan to guide physical development of a community
Subdivision Regulations
 
Apply to locations of streets, minimum lot size, etc.
NPDES
 
National Pollutant Discharge Ellimination System
Private Land Use Controls
 
Restrictions specified by the owner in the deed when conveying the property
Real Estate Taxes
 

Generally take priority over other liens
May be enforced by the court sale of real estate that s free of other leins
Ad Valorem Tax
 

(according to the value)
Includes taxes levied on real estate by various governmental units and municipalities.
Assessment
 
Appraisal of value for tax purposes by an assessor representing the municipality in which the property is located
Equalization Factor
 
Used in some states to correct general inequalities in statewide tax assessments
Special Assessments
 

Special Taxes levied on real estate to pay for improvements that benefit their real estate (curb & gutter, street lights, etc.)
Condiminium Associations
 
Have the legal right to assess charges for common area maintenance (CAM) dues as well as special assessments
Floodplain
 
Portions of land located near running bodies of water, such as rivers or lakes, that are subject to flooding; government controls generally restrict building in a floodplain
Wetlands
 
Areas of land where groundwater is close to or at the surface of the ground for a period of time each year that may produce swamps, floodplains, or marshes; because these areas of land are prone to flooding, they are covered by various federal, state, and local controls, such as zoning for conservation
Shoreline Regulation
 
zoning laws that reflect environmental as well as health and safety concerns; usually require zoning of all lands within a given distance of all navigable waters in each state; generally include tree-cutting rules, setback requirements for structures, filling and grading controls, dredging regulations, minimum standards for water supply and waste disposal, minimum lot sizes and widths, and subdivision regulations.
Radon Gas
 
An odorless radioactive gas produced by the decay of radioactive materials in rocks under the earth's surface.
Asbestos
 
Material used for many years as insulation on plumbing pipes and heat ducts and as general insulation because it is a poor heat conductor; also was used in floor tile and roofing material.
Friable
 
The disintigration of aging asbestos material
Urea-formaldehyde foam insulation (UFFI)
 
a synthetic material generally used to insulate buildings prior to 1978. It was banned because of its toxic out-gassing. The toxicity known as volatile organic compounds (VOC) escaped into a dwelling for several years after its application.
Lead Poisioning
 
  1. Owners of residential properties built before 1978, when the use of lead-based paint was banned, will have to disclose to buyers or renters the presence of known lead-based paint hazards, if known to owner (seller) or landlord.
PCB's(polychlorinated biphenyls)
 
Used in the manufacture of electrical products such as voltage regulators as well as in paints and caulking materials
Electromagnetic fields (EMFs)
 
Generated by movement of electrical currents
Environmental Protection Agency (EPA) Laws
 

-Toxic Substance Control Act
-Resources Conservation and Recovery Act
-Federal Clean Water Act
Resources Conservation and Recovery Act (RCRA) of 1976
 
Created to regulate the generation, transportation, storage, use, treatment, disposal, and cleanup of hazardous waste
Comprehensive Environmental Response Compensation and Liability Act (CERCLA) of 1980
 

Established $9billion superfund to clean up hazardous waste
Established process for establishing liability and holding parties responsible
Leaking Underground Storage Tanks (LUST) of 1984
 

Governs install, maint, monitoring & failure of UST
Aimed at protecting groundwater
Superfund Amendments and Reauthorization Act (SARA) of 1986
 

Est stronger cleanup standards
Increased funding for superfund
Claified obligation of lenders
Created innocent landowner immunity
Deed Restrictions or Covenants
 

Private restrictions that limit the use of the property
May be terminated by quitclaim deed or mutual release properly recorded
Enforced by court injunction
Avulsion
 
Sudden loss of land caused by an act of nature such as an earthquake

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