NC Superior Real Estate School - Chapter 5 Exam

NC Superior Real Estate School - Chapter 5 Exam Chapter 5 Vocabulary: Land Use Controls -Answer-Chapter 5 Vocabulary: Land Use Controls Amendment -Answer-A change or modification of a zoning ordinance by the local legislative authority Building Codes -Answer-Public controls regulating conduction that establish minimum construction standards. Most structures require building permit Building inspectors certified by NCDI (department of insurance) Statewide codes enforced locally Issue certificates of occupancy (CO) Get the permit (building and CO)! Some spaces are un-permitted - get no money (fire in un- permitted basement) Can go back and get a permit but it's a lot of work and money. A licensees has an obligation to watch for red flags of un-permitted space - include/indicate un- permitted space Certificate of Occupancy (C.O.) -Answer-A document issued by a local government agency after a satisfactory inspection of a structure, authorizing the occupancy of the structure. Conditions -Answer- Covenant -Answer-A promise in writing. Deed Restrictions -Answer-Limitations on land use appearing in deeds. Also known as restrictive, or protective, convents. Enabling Acts -Answer-Laws passed by state legislatures authorizing cities and counties to regulate land use within their jurisdictions. Injunction -Answer-An instruction of a court to discontinue a specified activity. Interstate Land Sales Full Disclosure Act -Answer-A federal law regulating the interstate sale of land under certain conditions. Applies to sale of lots across state lines. Developments of 25 + lots (most are doing 24) Must provide buyers with property report filed with HUD: distance to paved roads, number of homes occupied, soil conditions and septic, type of title, existence of liens Buyer gets before signing lease/purchase contract Creates 7 Day Recession (Always Calendar Days) period - failure to provide creates a 2-year revocation period for the buyer Similar to public offering statement Master Plan -Answer-A program for the future development of a community which serves as the guideline for capital expenditures. Negative Covenants of Easements -Answer-Promises on the part of the purchasers of property in the subdivision to limit their use of their property to comply with the requirements of the restrictive/protective covenants. Nonconforming Use -Answer-A preexisting use of land which does not conform to the zoning ordinance but which may legally remain. Overlay District -Answer-A zoning device that superimposes a particular zoning over one or more zoning areas. Examples are flood zones and historic preservation districts If any part of the property is in the flood zone - you must (mandatory) get flood zone (offered by lender from FEMA) to get a loan Flood Zones & Maps -Answer-Flood zones change all the time Maps are controlled by FEMA, Army Corps of Engineers National Flood Insurance Program (NFIP) - required in certain areas & expensive Planned Unit Developments (PUDs) -Answer-A type of exception, or special use, permitted under many modern zoning ordinances, allowing a mixture of different land uses or densities. Private Land Use Controls -Answer-The regulations of land use by individuals or nongovernment organizations in the for