Principles 15 Flashcards Preview

Real Estate Principles > Principles 15 > Flashcards

Flashcards in Principles 15 Deck (41)
Loading flashcards...

City planning

Land-Use recommendations adopted by local jurisdiction, determined by use of demographic, geographic, economic, and other data.


Civil rights act of 1866

Law that prohibits racial discrimination in every property transaction.


Coastal zone

-An area of about 1,800 square miles that runs the length of the state from the sea inland about 1,000 yards, with wider spots in coastal estuarine, habitat, and recreational areas
-any development or improvement of land within the coastal zone must meet local requirements for coastal conservation and preservation of resources, as authorized by the California coastal act and subsequent legislation.


Commercial acre

That portion of an acre of newly subdivided land remaining after dedication for streets, sidewalks, parks, and so on.


Common interest subdivision

An area of land divided into separate parcels but with some of the land set aside for shared ownership by all of the owners of the separate parcels.


Community apartment project

A form of subdivision in which the owner has an individual interest in the land and exclusive right of occupancy of an apartment on the land.


Community redevelopment agency (CRA)

-An Agency authorized by state law but formed by a local governing body to rehabilitate existing structures, bringing new development, or both.
-All CRAs have been dissolved as of February 1, 2012



-The right of government to acquire one’s property
-Owner will be compensated for the property’s fair market value


Conditional use permit

Authorization for a land use that would otherwise not be permitted by zoning ordinances


Earthquake fault zone

-As defined by the state geologist, the area in such close proximity to an earthquake fault that movement of the fault presents a property hazard
-location within an earthquake fault zone must be disclosed to a prospective purchaser by the seller (or seller’s agent, if there is one)


Environmental impact report (EIR)

-Evaluation of effects on the environment of a proposed development
-May be required by local government


Fair housing act

Federal law that prohibits discrimination in provision of housing on the basis of race, color, religion, sex, national origin , ancestry, disability, or familial status.


Form-based planning

Type of land use planning permitted in California that provides for a mix of land uses while taking into account the relationship of buildings and public areas.


General plan

-Master plan
-includes a statement of policy of the development and land uses within a city or county and a program to implement that policy.


Housing financial discrimination act (The Holden Act)

California law effective January 1, 1978, that prohibits all financial institutions from discriminating in real estate loan decisions based on location or other property characteristics unless decision can be shown to have been based on sound business practice.


Inverse condemnation

A legal action brought by the owner of land when government puts nearby land to a use that diminishes the value of the owner’s property.


Jones v. Mayer

The 1968 decision of the U.S. Supreme Court that upheld the Civil Rights Act of 1866


Limited equity housing cooperative

A stock cooperative financed by the California Housing Finance Agency.


Master plan

-The General plan
-the comprehensive, long-term land-Use plan for a jurisdiction


Mortgage revenue bonds

-Method of financing community redevelopment projects through issuance of bonds that are repaid by property assessments.


Negative declaration

Statement that a proposed property use is not expected to have a significant impact on the environment and therefore does not require preparation of an environmental impact report.


Nonconforming use

A property use that is not allowed by the current zoning ordinance.


Parcel map

Map that shows all property boundaries within a subdivision


Planned development / Planned unit development (PUD)

-A land-Use design that provides intensive utilization of the land through a combination of private and common areas with prearranged sharing of responsibilities for the common areas
-individual lots are owned in fee with joint ownership of open areas
-primarily residential but may include commercial uses, industrial uses, or both.


Police power

The right of government to enact laws and enforce them to benefit the public health, safety, and general welfare.


Public report

Real Estate Commissioner’s report on a subdivision, including plans for improvements.



An illegal lending policy of denying real estate loans on properties in certain areas because of alleged higher lending risks, without due consideration of the individual loan applicant.



Change in the land use designation of an area


Seismic hazards zone

Area specified by the California Department of Conservation as being at high risk of severe earth movement


Standard subdivision

Area of land divided into parcels intended for separate ownership, with no common (shared) ownership by all of the owners of any of the land.