Virginia national and state PSI real estate study (2024 / 2025) Actual Questions and Verified Answers, 100% Guarantee Pass
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PSI real estate
Institution
PSI Real Estate
Virginia national and state PSI real estate study (2024 / 2025) Actual Questions and Verified Answers, 100% Guarantee Pass Government rights in land
1
2
3
4: 1. Police Power
2. Eminent Domain
3. Property Taxes
4. Escheat
2. police power: Enacts and Enforces laws governing land use - public ...
Virginia national and state PSI real estate study flashcards.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Virginia%20natio
Virginia National And State PSI Real Estate
Study Flashcards
1. . Government rights in land
1
2
3
4: 1. Police Power
2. Eminent Domain
3. Property Taxes
4. Escheat
2. police power: Enacts and Enforces laws governing land use - public control of
land ( Eg. zoning, building codes, etc)
3. eminant domain: Power of a government to take private property for public use.
4. Property Taxes: Ad valorem ( at assessed value)
5. Escheat: governments reversionary right. Abandoned property of intestate own-
ers with no heirs may revert to the state.
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6. special assessments: A special assessment tax is a local tax in addition to prop- erty
taxes that is levied on homeowners to fund a specific project. The assessment is levied
for a pre-set number of years and then is discontinued. Prospective home- buyers can
research special assessments on a property at the county assessor's office
7. eminent domain: the right of a government or its agent to expropriate private
property for public use, with payment of compensation.
8. condemnation: is the seizure of private property by a government for a public
purpose. Eminent domain gives governments the power to take private property.
However, the government must compensate the owner for seizing the property
9. Zoning: refers to municipal or local laws or regulations that dictate how real
property can and cannot be used in certain geographic areas. Zoning laws can limit
commercial or industrial use of land in order to prevent oil, manufacturing or other
types of businesses from building in residential neighborhoods
10. master plans: is a set of laws enacted by state, county and city governments to
determine the required design and construction standards for home construction. For
example, building codes determine how electrical, plumbing and framing must be
built. ... Building codes are enforced by the building permit process.
11. flood zones: Zones B, X, and C are at the lowest risk, while high-risk zones start
with either an A or a V (V zones are coastal areas) on the map. Zone AE, for example, has a
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1% probability of flooding every year, also known as a 100-year floodplain—a low
flood hazard.
12. Wetland.: an area that is inundated or saturated by surface water or groundwater at
a frequency and duration sufficient to support a prevalence of vegetation typically
adapted to saturated soil conditions.
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13. Types of hazards: lead, asbestos (which causes mesothelioma), carbon
monoxide, formaldehyde (which causes SBS), radon (second leading cause of lung
cancer), and underground storage tanks.
14. Abatemen: refers to a tax break offered by a state or municipality offered on
certain types of real estate or business opportunities. A real estate tax abatement
may reduce a home's property taxes for a period of time, or may grant tax breaks to
businesses.
15. mitigation: Loss mitigation is the process of modifying or refinancing the cost of
a loan in order to avoid foreclosure. Borrowers who can't afford their monthly
payments and are in danger of defaulting on a loan often work with their lenders to
attempt loss mitigation
16. Superfund: A fund created by Congress in 1980 to clean up hazardous waste
sites. Money for the fund comes from taxing chemical products.
17. Emergency Planning and Community Right-To-Know Act: Requires report- ing
of toxic releases: the Toxic Release Inventory (TRI); Encourages response for
chemical releases
18. Superfund Amendments and Reauthorization Act (SARA): amended CER- CLA
once again in 1986. This amendment added many important changes to the program.
It stressed more permanent remedies for environmental hazards and encouraged
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