Government Controls and Real Estate Markets

Flashcards covering key terminology and concepts related to government controls and real estate markets.

Eminent Domain

The right of government to acquire private land for public use without the owner's consent, provided just compensation is given.

Zoning

The process of dividing land into sections or districts with specific regulations governing land use in each district.

Monopoly

A market structure where a single supplier dominates the market, often leading to market failures.

Tax Exemptions

Exclusions from property taxes granted to certain types of property, such as state-owned land, religious institutions, and educational facilities.

Impact Fees

Charges imposed on developers to fund infrastructure improvements necessitated by new development.

Building Codes

Regulations that set the minimum standards for residential and commercial construction to ensure safety and health.

Subdivision Regulations

Laws that regulate the division of land into lots for development, ensuring adequate infrastructure and utilities.

Form-Based Zoning

A zoning approach that focuses on the physical form of the built environment rather than land use differentiation.

Market Value

The estimated price that a property would sell for in the open market.

Property Tax

A levy on property that the property owner is required to pay, typically based on the value of the property.