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43 Cards in this Set
- Front
- Back
Chapter 9
Asbestos |
Banned, hazardous mineral, once used for installation. |
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Building codes |
Standards, for construction. Regulations established by state and local government, setting forth, the structural requirements, for building. |
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Building permits |
Permission for construction. |
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CERCLA |
comprehensive, environmental, response, compensation, and liability Act, of 1980 |
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Condemnation |
Court action, by which, the government, takes property. |
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Deed restrictions |
Limit, on use of property, set by seller. |
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Department of Environmental Protection (DEP) |
Oversees natural resources. |
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Eminent Domain |
Government's power, to take property, for public use |
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Escheat |
reversion of property, to the state, when intestate owner, dies without heirs. |
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Exclusionary zoning |
Local regulations, that discriminate, usually against, low-income housing. |
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Lead-based paint |
Once, widely used wallcovering, containing, a now banned, Metal. |
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Master plan |
A comprehensive plan, to guide, the long-term, physical development, of a particular area. |
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Non-conforming use |
Existing use, that doesn't meet, current zoning standards. |
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Police power |
The government right, to impose laws, to protect The public health, safety, and Welfare. |
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Radon |
Naturally occurring radioactive gas Odorless, and colorless. |
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Variance |
A use, that does not meet, zoning requirements. |
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Zoning ordinance |
Municipal restrictions, on uses of, Real Estate, in various areas. |
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The government's, police power, allows it to, regulate? A. Law enforcement. B. Fire codes. C. Zoning. D. All of the above. |
Answer. D. All of the above |
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The right of, escheat, allows New Jersey, to acquire land? |
When someone dies, without leaving a will, or heirs. |
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A house, that was built before, 1978? |
May have the presents, of lead-based paint, and federal disclosure laws, must be complied with. |
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A non-conforming use, is allowed? |
If it existed, before, the area, was zoned. |
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A physician, goes before, his local zoning board, asking for permission, to open an office, in his residential neighborhood, because the area, has no medical facilities. He is, asking for, a? |
Variance. |
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The building inspector, who has determined, that construction, is satisfactory, May issue, a? |
Certificate of occupancy. |
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Building permit |
Permission for construction. |
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Liability, under the Superfund, is? |
Strict, joint and several, and Retroactive. |
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Asbestos |
Is considered, and environmental hazard, due to its, friable nature. |
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The most common, source of, lead contamination, and residential property, is? |
Chipping paint. |
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Buyers, and sellers, should be alerted, to the possibility, of mole, when a house, has? |
Signs of moisture. |
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Regulations, on privately owned, real estate, includes? |
Planning, zoning, subdivision regulations, codes that regulate building construction and safety, Environmental protection legislation. |
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Zoning ordinances, generally, divide land use, in two, five classifications |
1. Residential. 2. Commercial. 3. Institutional. 4. Recreational. 5. Industrial. |
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Subdivision regulations, usually provide, for the following: |
1. Local, grading, alignment, surface, and width of Street, highways, and other right of way. 2. Installation of sewer and water mains. 3. Minimum dimensions of lots. 4. Building and setback lines. |
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Underground storage tanks (UST) owners are required, to register, their tanks, to strict technical requirements, that govern: |
1. Installation. 2. Maintenance. 3. Corrosion Prevention. 4. Overspill prevention. 5. Monitoring, 6. Record keeping. |
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Chapter 10 Comparative market analysis (CMA) |
comparison of prices, of recently sold homes, that are similar, in, location, style, and amenities, to the property, of, the listing seller. |
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Exclusive agency listing |
Authorizes 1 broker, to handled the property, with the owner, reserving the right to sell, on his own, without paying Commission. Commission can be split, by brokers who work together, on the sale. |
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Exclusive right to sell |
Authorizes one broker, to handle the property, and to receive commission, if the property is sold, by anyone, during the listing period. Broker gets paid, no matter. |
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Multiple listing service (MLS) |
Organized, by a group of brokers, who cooperate, in the sale of each other's listings. Sellers, made choose, not to allow their property, into, multiple listings, if they wish. |
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Open listing |
The Seller agrees, to pay a broker, a commission, only if he procures, a buyer for the property. The seller can have multiple brokers, All acting as agents. If the seller, finds a buyer, he does not have to pay a commission. |
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Net listing |
Illegal listing, broker keeps everything, above the selling price. |
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In New Jersey, an exclusive listing agreement, must include, a? |
Definite termination date. |
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Any M. L. S. , must receive, a listing, within 48 Hours, of a signing |
Any written offer, must be transmitted, to The seller, within 24 hours. |
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H. U. D., HUD |
Department of Housing and Urban Development. |
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Contingency |
A future event, or circumstance, which is, possible, but cannot be predicted, with certainty. |
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Information, licensees, must obtain |
1. Survey or dimensions. 2. Square footage. 3. Construction & age of building. 4. Info about neighborhood. 5. Amount of existing financing. 6. Zoning classification. 7. Exactly what, & what's not, included in the sale price.
Chapter 10 |