Police Power, Zoning, and Land Use Regulations

Flashcards related to police power, zoning ordinances, and land use regulations.

Police Power

The authority of government to create regulations needed to protect the public's health, safety, and welfare.

Enabling Acts

Laws enacted by states that delegate authority to counties and local municipalities to enact laws.

Comprehensive Plan

A plan established by local governments, municipalities, and counties to create development goals.

Comprehensive Plan

Also known as a master plan, this is not a regulatory document but a guide that tries to anticipate changing needs.

Zoning Ordinances

Regulations that implement the comprehensive plan and control the use of land and structures within designated land use districts.

Planned Unit Development (PUD)

A development where land is set aside for mixed-use purposes such as residential, commercial, and public areas.

Buffer Zone

Used to ease the transition from one use to another; typically a strip of land separating different land uses.

Bulk Zoning

Controls density and avoids overcrowding by imposing restrictions such as setbacks and building heights.

Aesthetic Zoning

Specifies certain types of architecture for new buildings in new communities and historic districts.

Incentive Zoning

Ensures certain uses are incorporated into a development, such as requiring retail establishments in office buildings.

Due Process of Law

Means that citizens can discuss zoning ordinances before they are enacted in public hearings.

Nonconforming Use

A use that does not conform to the zoning use, but is allowed to continue legally.

Grandfathered

Allowed to continue indefinitely

zoning or building permit

Required before any development can begin

Variance

An exception to the zoning rules.

Conditional Use Permit

May be granted to allow a special use of a property that is defined as an allowable conditional use within that zone.

Building Codes

Specifies construction standards that must be met when repairing or erecting buildings.

Building Permit

Must be obtained before building a structure or altering an existing building.

Certificate of Occupancy

Issued by the building official once the completed structure has been inspected and found satisfactory.

Subdivider

A person who buys undeveloped acreage and divides it into smaller lots for sale.

Developer

Improves the land, constructs homes and buildings, and then sells them.

Plat Map

A detailed map illustrating the geographic boundaries of individual lots.

Density Zoning

Ordinances restrict the average maximum number of houses per acre that may be built in a subdivision.

Accessory dwelling permit

May be issued for addition to an existing structure

Deed Restrictions

Limitations to the use of property imposed by a past or current owner and included in the deed.

Restrictive Covenants

Private rules set up by the builder that establish standards for all parcels within a subdivision.

Liquidity

Refers to how quickly an asset can be converted into cash.

Leverage

The use of borrowed money to finance an investment.

Capital Gain

Profit

Density

An area's population

Zoning

Details that carry out the comprehensive plan

Impact fees

charges made in advance to cover the anticipated expenses involving off-site capital improvement

covenant conditions and restrictions

A private rule set up by the builder that establishes standards for all parcels within that subdivision

CCRs

Enforced through HOA that is set up by a developer

Depreciation

Loss in Value

IRS 1031 tax exchange

To avoid federal taxation and capital gain

US congress

Created the interstate land sales full disclosure act to prevent fraudulent marketing schemes.

Statement of Record

A statement containing numerous disclosures about the property, filed with the Consumer Financial Protection Bureau.

Interstate Land Sales Full Disclosure Act

Requires the property seller to file a statement of record with the Consumer Financial Protection Bureau before offering unimproved lots in interstate commerce.

Disclosure of any existing expense for deferred water and sewer charges

Made by seller in all residential contract sales

Deferred water and sewer charges

A charge or fee resulting from the expense of hooking a property up to public water and public sewer lines occurring during the construction of a new home.

ADA

Federal regulations design and construction requirements

Base

The amount that the investor actually pays for the lot

Owners of nearby property

Must be given the opportunity to voice their opinion

Latches

The right to an injunction can be lost if an another lot owner failed to take prompt action while the violation is occurring

Covenant condition and restrictions

They govern the height and size of building

IRS

Land does not deprecate, the structure tend to lose value over time

Subdivision plan

A detailed map illustrating the individual locks, blocks, easements, dimensions, and

individual lots

The maximum or minimum size of a lot is generally regulated by local ordinances and must be considered carefully

Land development plan

This is what the home is zoned for based on the governing city and county

the statement of record

Under ILSFDA the seller is required to file this with the CFPB before offering unimproved lots in interstate commerce