PA Real Estate Exam Prep

PA Real Estat E Exam P
 
Created Jun 8, 2010
by
jyatsko
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Side ASide B
Police Power
Power of the state to  make laws to promote general welfare & protect public health...
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...
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...
Zoning
Local laws that regulate and control the use of land in the community. Generally pertaining...
Non-conforming Use
Use in existence prior to the passage of a zoning ordinance & allowed to continue...
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...
Downzoning
Land zoned for residential or commercial use is re-zoned for conservation only. The state is...
Buffer Zone
Land area that seperates one land use from another. Ex: a park that seperates a residential...
Spot Zoning
Reclassification of a small area of land for use that does not conform with the zoning of the...
Planned Unit Development (PUD)
PLanned mix of diverse land uses. Ex: residential & recreational use in one comprehensive...
Density Zoning
Ordinances that restrict the average number of houses per acre that may be built within a particular...
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...
Ad Valorem Tax
(according to the value) Includes taxes levied on real estate by various governmental units...
Assessment
Appraisal of value for tax purposes by an assessor representing the municipality in which the...
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...
Condiminium Associations
Have the legal right to assess charges for common area maintenance (CAM) dues as well as special...
Floodplain
Portions of land located near running bodies of water, such as rivers or lakes, that are subject...
Wetlands
Areas of land where groundwater is close to or at the surface of the ground for a period of...
Shoreline Regulation
zoning laws that reflect environmental as well as health and safety concerns; usually require...
Radon Gas
An odorless radioactive gas produced by the decay of radioactive materials in rocks under the...
Asbestos
Material used for many years as insulation on plumbing pipes and heat ducts and as general...
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...
Lead Poisioning
  1. Owners of residential properties built before 1978, when the use of lead-based paint...
PCB's(polychlorinated biphenyls)
Used in the manufacture of electrical products such as voltage regulators as well as in paints...
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...
Resources Conservation and Recovery Act (RCRA) of 1976
Created to regulate the generation, transportation, storage, use, treatment, disposal, and...
Comprehensive Environmental Response Compensation and Liability Act (CERCLA) of 1980
Established $9billion superfund to clean up hazardous waste Established process for establishing...
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...
Deed Restrictions or Covenants
Private restrictions that limit the use of the property May be terminated by quitclaim deed...
Avulsion
Sudden loss of land caused by an act of nature such as an earthquake


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