Real Estate Key terms 9-15

asbestos

 a mineral once used in insulation and other materials that linked to respiratory diseases

building codes

regulations established by state and local governments setting forth the structural requirements for building

building permit

written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances

carbon monoxide

a colorless, odorless gas that occurs as a by-product of fuel burning. This poisoning has been linked to dizziness, nausea, and death

CERCLA

the Comprehensive Environmental Response, Compensation, and Liability Act. A federal law administered by the EPA that establishes a process for identifying parties responsible for creating hazardous waste sites, forcing liable parties to clean up toxic sites, bringing legal action against responsible parties, and funding the abatement of toxic sites.

Certificate of Compliance

 inspectors statement that property is fit for human habituation

Certificate of Occupancy(CO)

document issued by a municipal authority stating that a building complies with building, health, and safety codes and may be occupied

condemnation

court action by which a government takes private property, exercising the right of eminent domain

deed restriction

 an imposed restriction in a deed for the purpose of limiting the use of the land by future owners

Department of environmental protection (DEP)

New Jersey agency overseeing natural resources

Eminent Domain

the right of a government or quasipublic body to acquire property for public use through a court action called condemnation

Escheat

the reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate without heirs capable of inheriting or when the property is abandoned

Exclusionary Zoning

local regulations that discriminate, usually against low-income housing

inverse condemnation

 an action brought by a property owner seeking just compensation for diminished use and value of land because of adjacent properties public use

lead-based paint

pain or other surface coating that contain lead

Master plan

a comprehensive plan to guide the long-term physical development of a particular area

nonconforming use

a use of a property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area

police power

the government's right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare

radon

a naturally occurring radioactive gas that is suspected of causing lung cancer

urea-formaldehyde

 a foam material that was once used for insulating purposes in residential construction

variance

permission obtained from zoning authorities to build a structure or conduct use that is expressly prohibited by the current zoning laws; an exception from the zoning ordinances

zoning ordinances

an exercise of police power by a  municipality to regulate and control the character and use of the property