Land, Real Estate, Property
What is real estate?
You purchase land, a house and man-made improvements like fences on a property. This is known as:
This document serves as proof that someone owns a home.
What is a Deed?
This government power allows the government to collect property taxes.
What is Taxation?
Which administrative agency would be in charge of reviewing and denying/approving building heights of a home addition
Zoning Board
What is Fair Market Value?
The price a buyer is willing to pay and a seller is willing to accept is called this.
Give 2 examples of a fixture in/on a property
Ceiling fan, chandelier, enclosed bbq grill, driveway
What does Disposition mean?
This right for an owner to sell or transfer their property/house
What was the case of Brinkman Hardware v. Mattituck about and what was the end result?
Mattituck town was victorious.
Hardware store had to sell their business so the town could build a park.
This agency enforces environmental regulations and wetlands protections.
What is the EPA?
Environmental Protection Agency
The person that represents the seller in a real estate transaction/helps them sell a house
Who is a Listing Agent?
Anything permanently attached to a property or home is:
What is Real Property?
This is the most complete form of property ownership.
What is Fee Simple Absolute?
The constitution allows the government to force the sale of your home/business (property) to them because the gov't will use your property to better the community. ex) building a park or fire dept
What is Eminent Domain?
This department determines whether a structure meets safety and construction codes, thus making a home safe to live in.
What is the Local Building Department?
This legal requirement to inform buyers about known defects in a property is called this.
What is Disclosure?
What are the three components to land?
The surface, subsurface, and air above
This type of ownership lasts only for the duration of a person's life.
What is a Life Estate?
If someone dies without any heirs/relatives, the property goes to the state. This is known as:
What is Escheat
This department handles tenant complaints, housing maintenance, and safety issues that landlords failed to fix.
What is the Housing or Health Department?
Borrowing money through a mortgage company and repaying it over time to purchase a home is called this.
What is Financing?
This process occurs when personal property is turned into real property
What is Annexation?
If a tree is cut down and turned into lumber, the property has undergone this process.
What is a Severance?
This government power allows the government to regulate land use through zoning laws and building codes. Govt restricts some of your rights in homeownership.
What is Police Power?
A government body that are experts in a particular area of law
This Agency creates their own laws, ensures people follow them and issue punishments to those that break their laws
What is an Administrative Agency?
An analysis conducted by a real estate agent to help determine the value of a home
What is a Comparative Market Analysis (CMA)?