Real Estate Fundamentals Final Exam: Updated A+ Score Guide Solution

Bundle of Legal Rights is property included in (Ans-The definition of real property Bundle of rights concept (Ans-Possession, Enjoyment, Exclusion, Disposition, control In Pennsylvania, mine activities refers to (Ans-Subsurface rights Land is considered to be (Ans-indestructible The Comprehensive Plan (Ans-Is not a regulatory document Zoning does not affect such things as (Ans-Deed restrictions Zoning (Ans-A planning tool used to separate industry and business from residential neighborhoods. Zoning Ordinance (Ans-A law that limits the permitted uses of land and maximum density of development in a community. buffer zones (Ans-A strip of land, usually used as a park or designated for a similar use, separating land dedicated to one use from land dedicated to another use. Inverse Condemnation (Ans-action, initiated by a property owner against the government, to recover the loss in property value Zoning Affects: (Ans-permitted use of the land, lot sizes, types of structures, building heights, setbacks( the minimum distance structures may be built from streets or sidewalks) density(the ratio of land area to structure area or population) protection of natural resources The grantor of a deed may place effective restrictions on (Ans-The use of the land Zoning Hearing Board are established to hear complaints about (Ans-The effect of a zoning ordinance A new zoning ordinance is enacted. A building that is permitted to continue in its former use even though that use does not comply with a new zoning ordinance is an example of (Ans-. a nonconforming use When a development increases the traffic flow on existing streets and highways, the municipality can fund the cost of transportation improvements that needed because of this development through (Ans-Impact fees To protect the public from fraudulent interstate land sales, a developer involved in interstate land sale of 25 or more lots must (Ans-Provide each purchaser with a report of the details of the land, as registered with HUD. Where are permitted land uses and set- asides, housing projects, transportation issues, and objectives for implementing future controlled development found (Ans-Comprehensive plans Under the Interstate Land Sales Full Disclosure Act, what is the outcome if the property report is not given to the prospective purchaser before the contract is signed? (Ans-The purchaser may revoke the contract, at the purchaser's option, up to midnight of the seventh calendar day following the signing of the contract. When is a certificate of occupancy issued? (Ans-After a newly constructed building has been inspected and found satisfactory by the municipal inspector