Virginia national and state PSI real estate study guide graded A+

Virginia national and state PSI real estate study guide graded A+ . Government rights in land 1 2 3 4 1. Police Power 2. Eminent Domain 3. Property Taxes 4. Escheat police power Enacts and Enforces laws governing land use - public control of land ( Eg. zoning, building codes, etc) eminant domain Power of a government to take private property for public use. Property Taxes Ad valorem ( at assessed value) Escheat governments reversionary right. Abandoned property of intestate owners with no heirs may revert to the state. special assessments A special assessment tax is a local tax in addition to property 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 homebuyers can research special assessments on a property at the county assessor's office eminent domain the right of a government or its agent to expropriate private property for public use, with payment of compensation. 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 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 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. 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 1% probability of flooding every year, also known as a 100-year floodplain—a low flood hazard. 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. 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. 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. mitigation