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Real Estate (maine) > Land Use Regulations > Flashcards

Land Use Regulations Flashcards

(67 cards)

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1
Q

Personal property

A

AKA- chattel

Stuff the seller takes with them

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2
Q

Fixtures

A

Things that are considered real estate, stay with the property because they are attached.

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3
Q

Trade fixtures

A

Business fixture, will be attached to the realestate but since it is a lease can be taken out when finished.

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4
Q

Survey

A

A way to locate land on earth. It is reviewed by the planning bored and recorded in the registry of deeds. Gold standard of plans.

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5
Q

Plat

A

Form of survey, designed to show the boundaries of property. It is recorded in the deeds.

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6
Q

Tax map

A

Tax collectors have text maps, maps that show parcel of land. Shows The person responsible for paying the taxes

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7
Q

Mortgage loan inspection plan

A

The lender wants to make sure that the improvements are located within the property boundaries and there are no setback violations. So they do a mortgage loan inspection plan

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8
Q

FEMA

A

Federal emergency management agency. The responsibility is to identify land that is at risk of flooding. Owners of property with in a flood zone are required to purchase flood insurance.

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9
Q

Fee simple

A

AKA- fee, fee simple absolute.

Owner of the state. Unlimited right to determine who will get the title to the property with the sellers.

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10
Q

Fee simple determinable

A

AKA- qualified fee
Is a grant to an owner where the duration of the owners interest can be determined by the term of the grant.
“For as long as”

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11
Q

Fee simple on a condition subsequent

A

Can be thought of as “never to be used as”

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12
Q

Life Estate

A

Is another form of freehold estate. A life estate is created in a deed using language such as “Brad grants Blackacre to Angela, for life, remainder to Jennifer.”

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13
Q

life state pur autre vie

A

This means a life estate for the life of another.

Example, Brad grants Blackacre to Angela for the life of Mary, remainder to Jennifer.

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14
Q

What are the Lease hold Estates?

A
  • Estate at will a.k.a. Tennessee at will.
  • The state from year to year a.k.a. periodic a state
  • estate for years
  • Tenancy at sufferance
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15
Q

Estate at will

A

AKA- Tenancy at will.
Relationship maybe verbal or written. It will last as long as a tenant and the landlord both have the willingness hence the word “at will”. If either party wants to back out they must notify the other party in writing with a 30 day notice.

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16
Q

Estate from year-to-year

A

AKA- periodic estate
Must be in writing, will last for a certain period of time, is terminated by either the landlord or tenant giving the other party notice of 30 days. If neither party terminates the agreement then the lease automatically extends for another Period.

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17
Q

Estate for years

A

Must be in writing, the contract will terminate on whatever set date. No notice to terminate is required.

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18
Q

Tenancy at sufferance

A

This is a holdover tenancy after a lease has expired, but before the landlord has demanded that the tenant leave the premises. During this. The tenant is still bound by the terms of the lease, including payment of rent.

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19
Q

Estopable certificate

A

A written statement signed by each tenant which reinstates the term of the lease. When a seller wants to buy a multiunit with tenents in it

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20
Q

Tenancy in severalty

A

AKA- sole ownership

Only one owner of property.

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21
Q

Tenancy in common

A

When three or more people own real estate. If one dies in that portion of the property goes to their heirs, not to the other owners.

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22
Q

Joint tenancy

A

One or more person can own real estate. Everyone equal amount of interest. If one dies the real estate goes to the other owner. The right of survivorship.

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23
Q

Petition for partition

A

When co-owners of property whether they are joint tenants or tenants in common are unable to agree on how the property should be used, any of the owners can bring a petition before the court and ask the judge to divide the land and give each their own partial.

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24
Q

What do you need for a condominium?

A 
– Declaration =rules
– Common elements in limited common and elements
– Condominium association and bylaws
– Voting rights
– Rules and regulations
– Condominium fees
– New condominiums – public offering statement
– Resale condominiums
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25
Timeshare
Form of continuity in ownership that is divided up into units of time. People can rent for certain amount of time. May law does not require people selling timeshares in Maine to have a real estate license.
26
PUD
Planned unit development A pud is a condo look alike but it is different. A pud is not created under the statue so it can't be a condo. Rules are make up of "home owners association" HOA where members have to vote.
27
Cooperative
AKA - co-op Is a Nother form of ownership that allows several people to own the same piece of real estate at the same time. Everyone gets stock that you can lease to get more stalk.
28
REIT
A real estate investment trust, traded investment entities that pool money of investors who want to invest in real estate around the country/world. This is a type of real estate trust.
29
Trust
With the assistance of an attorney dress a trust agreement creating business entity, the trust.
30
Adverse possession
When owner of the property uses another owners property for 20 years or more can then possess their property.
31
Easement appurtenant
Involves two people, one gaining, other losing/giving up/Sharing. Example is sharing driveway.
32
Gross easement
Involves only one parcel of land. It makes it an easement if it's recorded and tied to the parcel. EX- Utility company may have an easement across real estate for the purpose of the selling maintaining Carolines. Or a person grandson easement to another to walk across their path.
33
Prescription
Also known as adverse possession. When someone uses the land of another for 20 years or more they may acquire.
34
In what ways can a easement be terminated?
``` – Expiration – Agreement between the parties -abandonment – Distraction – Merger – And a purpose ```
35
License
Is the permission of a property owner to use the others land. It is not a permanent right. It is simply the permission. If the property owner dies or if the property is sold license terminates.
36
Encroachment
The trespass of an improvement such as a fence driveway or garage onto the real property of someone else.
37
Profit a prendre
And interest in land that allows the holder to come on the Landowners property to harvester excavate resources. Ex. Sandy owns property with gravel she does not need, she grants the contractor the legal right to excavate and remove gravel from her property.
38
What are the private restrictions?
1. restricted covenants 2. association rules/regulations 3. determinable fee simple
39
What are the public/governmental limitations?
1. police power 2. home rule 3. zoning
40
To get a building permit who do you go to?
The town, with the code enforcement officer
41
Certificate of occupancy
In order to occupy our permit any building our premises you must go to the coding Forssman officer to give you a certificate of occupancy to live at the residence.
42
Nonconforming use
Able to continue a business if the zoning ordinance was created after your business. If your business is not used for one year then you're no longer allowed to use it.
43
Spot zoning/contract zoning
Term used to describe a situation where the middle of say a residential zone there is a small lot, the spot, which is zoned as entirely different use, say a lot for electricity transformer or convenience store. The spot zoning is for the general public then it is fine, but if it is only for the owner then it may be illegal.
44
Variance
Sometimes zoning can cause a hardship, in this case He may apply to the Board of appeals for variance which is an exemption from the ordinance.
45
No action letter
Not all zoning violations are resolved with a variance. Sometimes a town will issue a, letter of no action, to resolve minor issues. Pretty much meaning they will let the issue go.
46
Shoreland zones
Is areas within 250 feet of the normal high water line of any great Pond, river or salt water Body. 250 feet of the upland edge of a coastal or freshwater wetlands or 75 feet of the high water line of the stream.
47
Great Pond
Naturally occurring body of water with a surface area of 10 acres or more, or a man-made body of water with the surface area of 30 acres or more.
48
What is the exceptions for nonconforming use in a shoreland zone?
1. Can be added on by only 30% | 2. Not towards the water
49
Building code
Ordinance adopted by towns to establish minimum construction standards for new buildings. The building code is enforced by the code enforcement officer at the time of issuing a building permit and when a certificate of occupancy is issued for new construction.
50
No person shall dispose of waste from any single family residence she'll unit by means of sub surface waste disposal unless…
The single-family residence contains at least 20,000 sq ft. and if the lot abuts a lake, pond, stream, river or tidal area, it shall further have a minimum front of 100ft on such body of water.
51
OBD
``` Over Board discharge The pee is not absorbed by the site and is discharged into rivers, streams or the ocean. The DEP (department of environmental protection) will require the owner of a overboard discharge to have a license and a soil license evaluate to inspect the system. ```
52
What is the rules for subdivision?
A division of land into three or more lots within any five-year period that begins on or after September 23, 1971. -3 lots in five years – 15 or more lots with more than 20 acres in five years
53
Who do you go to for driveway permit to access the property?
The department of transportation or the local town has the power, police power to issue driveway permits.
54
Farmland registration act
An owner who is neighbors with the farm will have limitations to what they can do on their property.
55
NRPA
Natural resources protection act The law protects natural resources by requiring permits for certain activities.
56
Vernal pools
Shallow pools of water which contain water for only part of the year. Some fools are significant and have rare species, so check with the DEP.
57
MESA
Maine endangered species act The department of in land fisheries and wire life, DISWL, list endangered animals and map their habitat.
58
CERCLA
Comprehensive environmental response compensation and liability act Has established procedures in liability for cleaning up toxic waste sites.
59
What is the non-resident withholding tax?
- 2.5% of the sale price 50,000 or more - 7.95% of the gain, 8.93% if seller is a C corporation. Sellers can apply to the Department of revenue services for an exemption if they believe that no taxes due. They can get a waiver.
60
FIRPTA
Foreign investment in real property tax act Is your buyers out of country The fire is to withhold 10% of the sale price
61
Sales tax on rentals
If you own a house or other and rented to people you have to charge 7%. After 28 days the renter does not need to pay taxes anymore.
62
Real estate transfer tax
2.20 for 500 Sale price 100,000÷500. The result is 200. Multiply 200 by 2.20 equals 440. The total transfer tax is 440. The buyer and seller share equally so each pays 220.
63
General warranty deed
Extends back in time to cover the ownership of all prior owners.
64
Quitclaim deed with covenants
A.k.a. special warranty deed Granting the property with only the owners estate not anytime before him.
65
Quit claim deed
Grantor giving whatever he's got. Make no warranties about the title. Bank owned do a lot of these and divorced couples.
66
Personal representative Deed
Gives no warranties usually used when the owner has died
67
What are examples of involuntary transfers?
``` – Mortgage foreclosure – Eminent domain, the process of taking by animate domain is called condemnation -tax lien foreclosure -escheat, person dies w/no will or heirs -title examination process ```

Real Estate (maine) (6 decks)

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