Real Estate Fundamentals Final Exam Flashcards

Real Estate Fundamentals Final Exam Flashcards UST Federal Laws (4) and exceptions (5)1. Regulate every 3 years2. Implement guidelines for training3. Inspections4. Responsibility and

complianceExceptions:1. heating oil tanks to be used on

property where its stored2. Farms and homes that have tanks that hold less than 1,100 gallons of non commercial motor fuel3. septic tanks4. Tanks for emergency spills and overflow5. Above ground storage tanks (ASTs) Lotany undivided interest in vacant portions of land offered for purchase, and land with structures- as long as the property for sale includes "exclusive use rights) Clean Water Act (CWA)regulates states to proactively manage water quality within their borders Escheat refers to...the reverting of property back to the state when there are no heirs capable of inheriting the land life estatea property that grants land ownership for the lifetime of a specified person Estate for yearlease for set period of time EPAan independent federal agency established to coordinate programs aimed at reducing pollution and protecting the environment Primary source of water on farms?groundwater Mineral Rightsowner's rights to receive a portion of the profits from minerals found on their property Platmap of a subdivision that shows individual tracts, total subdivision acreage, approximate size of each lo, and designated public use areasalso establishes the mechanism for transferring ownership to the first and all subsequent buyers Methods of description for real estate (3) 1. Metes and boundsmetes-- the length/ measurementsbounds-- boundary marks (i.e. statures, buildings, etc.)POB- point of beginning; starting and ending at same spot2. Government SurveyN-S-3. Lot, Block and Subdivision EmblementsRefers to crops which require annual planting Types of Freehold Estates (3)Fee simple AbsoluteFee simple DeterminableLife estate Superfund Amendments and Reauthorization Act (SARA)Reinforced the initial objectives of CERCLA (the Superfund) and made changes on new knowledge Federal Buildingsnational parks, military bases, VA centers, nursing homes Resource Conservation and Recovery Act (RCRA) provides protocol and rules for underground storage tanks sick building syndromewhen a building has indoor air quality issues without an identifiable cause

Leasehold estateA tenant's right to occupy real estate during the term of a lease, generally considered to be a personal property interest.joint tenancysharing of real property RemaindermanOne entitled to receive a remainder interest in some estate sometime in the future.Air Rightsthe rights in real property to reasonable use of the air above owned land Zoning OrdinanceLaw that specifies how and for what purpose each parcel of private real estate may be used. Also called zoning code.Types of Leasehold Estates (4)1. Estate for years2. Periodic estate3. Estate of will4.Estate at sufferance Government Surveyuses two perpendicular lines (baseline and meridian)Baseline (township lines)- EW ; Meridian (range lines)- NSLines are drawn every 6 miles from baseline/meridian6x6 Mile square = townshipTownships consist of 36 TRACTSTracts are a one mile square called a SECTIONA section is 640 acres Actual vs constructive convictionActual= tenant did not uphold their endConstructive = landlord didn't Escrowthe depositing of money, legal documents, and instructions with a third party to be held until the conditions of a contract are fulfilled Fee simple absolute vs Fee simple determinable Fee simple absolute properties are alienable, devisable, and descendibleFee simple determinable property owners do not have the rights specified in the deed; the rights end

when a specific event occurs (keywords in deed: until,

during, while, so long as, as long as) EMFsElectro magnetic fields - high tension power lines - must be disclosed to prospective buyers1. High EMFs most dangerous2. Low/mid EMFS are not that dangerous PA Municipalities Planning Code (4)1. Planning and zoning2. Executive procedures3. Structure of a planning agency4. Regulations Trade FixturesPersonal property used in a business and can be removed by the lessee when the lease terminates.Requirements for Subdivision Registration 1. Registration and Reporting ( subdivision developers must release complete plans with federal regulators and provide disclosures to potential buyers)2. Informing Potential Buyers (developers must inform buyers of the right to cancel contract, risks with the lot, contact info, cost of utilities, encumbrances, etc.)3. Disclosing Progress via.Comprehensive Property Reports (construction of roadways, utility services, restrictions and association details, relevant documents, statements on climate and subdivision characteristics, additional notices)

Taxation refers to..property taxes Building Envelope and what it's determined by (4) max 3D space of a building. determined by:1. yard setbacks2. Maximum lot coverage3. Max height4. Floor Area Ratio urea-formaldehyde foam insulation (UFFI) Insulating foam that can release harmful formaldehyde gases. Formaldehyde causes some individuals to suffer respiratory problems, as well as eye and skin irritationsoriginally created to reduce energy costs Electric fields vs magnetic fieldsEMFS can be blocked but magnetic fields can penetrate anything Appurtenanceanother name for fixture (i.e. things attached to the land or improvements made to the land) Industrial land useoutside of the population-- usually on the edges of town away from everyone. Factories here National Board of Fire Underwriters (NBFU) helped the insurance industry develop a survey for municipalities to establish building guidelines Temporary housingnursing homes, student dorms, frat houses, etc.Comprehensive/Master Planhelps localities establish and enforce rules that dictate how development occursestablishes a framework for the legal resolution-- a document that regulates the use of real property by defining certain limits on land use Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) the "Superfund"established a fund to clean up uncontrolled hazardous waste at sites The Lead Safe Certified Guide to Renovate pamphlet published by the EPA that describes the hazards of lead Periodic estateLease with regular rent payments and no stated ending date"Month-to-month lease" Yard SetbacksClearances between a building and its property lines.Revisionary interestfuture interest of an owner Certificate of Occupancy (CO)A document issued by a governmental authority that a building is ready and fit for occupancy.Dangerous level of radon4 pCi/L Lessor vs lesseeLessor = landlordLessee = Tennant easementgranting someone the right to use a portion of one's land subdivisionthe act of dividing land into pieces that are easier to sell or otherwise develop AsbestosA long, thin, fibrous silicate mineral with insulating properties, which can cause illness when inhaled.1.Asbestosis2. Mesothelioma3. Lung Cancer Structures made with only wood can have a max height of ____

• floors

Radonradioactive gas found in soil and igneous ricks and well water Buyers have ___ days to check for lead before it is no longer anyone else's issue but theirs 10

Floor Area Ratio (FAR)the total building floor area divided by the total buildable land area available for structures Commercial lAND uSEactivity, business, or investment that operates for a profit encumberto place a lien o n a property until a debt is paid PA Construction Code ActCreated to cover municipalities with no construction codes Standard Building Code Policies (4)1. Construction type (materials used, fire exits, framework)2. Building materials and supplies (paint, tope of wiring, piping, etc.)3. Occupancy Type (ex. single family homes can only use wooden frames but large buildings must use steel)4. Occupants per floor Police power refers to....Government laws such as:zoning laws, city planning laws, building codes and health standards, and rent controls Zoningdividing an area into zones or sections reserved for different purposes such as residence(R) and commercial (C) and industrial (M) Small Business Liability Relief and Brownfield Revitalization Act (Brownfield Law) created to promote redevelopment with federal funding to encourage landowners to come forward by enacting protections for parties who clean up property Zoning Resolutiondescribes in detail what exactly could be built on a specific parcel of land and the size it could be Fixture or personal property testMARIAMethod of attachment (can it be easily moved)Adaptability (is the item custom made for a specific place)Relationship of the parties (if buyer/seller disagree, the court with favor the buyer mostly)Intent of seller (did the original owner intend for an item to be permanent?)Agreement (a written contract between buyer/seller that states what is/isn't a fixture) PA Sewage Facilities Actcreated to protect public health and welfare by regulating the sanity disposal of sewage Clean Air Act (CAA)gave EPA authority to establish nation wide standards to regulate air pollutants and direct states to monitor industrial activity and create standards to reduce public health risks Estate at WillAn occupation of space, for an indefinite period, which can be terminated by either the lessor or lessee at any time.Also referred to as tenancy at will.not enforceable in court Tenant's rights (5)PossessImprovementsHabitability (landlord must comply with all health and safety codes)Options (option to renew, extend, or purchase the property)First refusal (for single family homes, tenant has right to purchase the property before house goes on sale to the public) Uniform Residential Landlord and Tenant Act (URLTA)the landlord has the right to enter the tenant's property for inspections and maintenanceprotects the tenant from retaliatory actions by the landlord Underground Storage Tanks (USTs)Commonly found on sites where petroleum products are used or where gas stations and auto repair shops are