Podcast
Questions and Answers
What is the agent's responsibility if the seller or lessor fails to comply?
What is the agent's responsibility if the seller or lessor fails to comply?
The agent is responsible along with the seller or lessor, unless the failure involves undisclosed lead-based paint information.
What pamphlet must be provided during the contract process regarding lead-based paint?
What pamphlet must be provided during the contract process regarding lead-based paint?
Protect Your Family From Lead In Your Home.
A 'Lead Warning Statement' must be attached to the ______.
A 'Lead Warning Statement' must be attached to the ______.
contract
What period is provided for conducting a paint inspection or risk assessment for lead-based paint?
What period is provided for conducting a paint inspection or risk assessment for lead-based paint?
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What is Radon?
What is Radon?
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Radon gas can be easily ______.
Radon gas can be easily ______.
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What should an agent tell a buyer if they would like to have a radon test done?
What should an agent tell a buyer if they would like to have a radon test done?
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What year was asbestos banned?
What year was asbestos banned?
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What are some health risks associated with inhaling asbestos fibers?
What are some health risks associated with inhaling asbestos fibers?
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Where might asbestos be found? Match the locations with the descriptions.
Where might asbestos be found? Match the locations with the descriptions.
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Which of the following is not one of the four government powers? (P for Police Power, E for Eminent Domain, T for Taxation, E for Escheat)
Which of the following is not one of the four government powers? (P for Police Power, E for Eminent Domain, T for Taxation, E for Escheat)
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What is Police Power?
What is Police Power?
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Police power is designed to take property away from you.
Police power is designed to take property away from you.
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What does 'ad valorem' mean?
What does 'ad valorem' mean?
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What is an Assessor?
What is an Assessor?
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What is a special assessment?
What is a special assessment?
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What must a homeowner prove to receive a variance?
What must a homeowner prove to receive a variance?
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Only the government can exercise eminent domain.
Only the government can exercise eminent domain.
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What is a Grandfather Clause in zoning?
What is a Grandfather Clause in zoning?
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What is 'inverse condemnation'?
What is 'inverse condemnation'?
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A homestead exemption helps shield a home from some creditors following the death of a homeowner spouse or the declaration of _____ .
A homestead exemption helps shield a home from some creditors following the death of a homeowner spouse or the declaration of _____ .
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What is the purpose of a zoning variance?
What is the purpose of a zoning variance?
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What are taxing inequalities and how are they corrected?
What are taxing inequalities and how are they corrected?
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What are setback limits?
What are setback limits?
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What is bulk zoning?
What is bulk zoning?
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What does aesthetic zoning require?
What does aesthetic zoning require?
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What is incentive zoning?
What is incentive zoning?
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What is cluster zoning?
What is cluster zoning?
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What does conservation zoning aim to do?
What does conservation zoning aim to do?
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What is a conservation easement?
What is a conservation easement?
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What does noncumulative zoning permit?
What does noncumulative zoning permit?
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What are holding zones?
What are holding zones?
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What does inclusionary zoning specify?
What does inclusionary zoning specify?
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What is exclusionary zoning?
What is exclusionary zoning?
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What is the purpose of the National Flood Insurance Program (NFIP)?
What is the purpose of the National Flood Insurance Program (NFIP)?
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What defines wetlands?
What defines wetlands?
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What is a flood plain?
What is a flood plain?
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What does the EPA regulate?
What does the EPA regulate?
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What is the Toxic Substances Control Act of 1976 (TSCA)?
What is the Toxic Substances Control Act of 1976 (TSCA)?
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What does CERCLA stand for?
What does CERCLA stand for?
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What do short-term removals refer to in the context of hazardous waste management?
What do short-term removals refer to in the context of hazardous waste management?
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What are long-term remedial response actions?
What are long-term remedial response actions?
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What defines a potentially responsible party (PRP)?
What defines a potentially responsible party (PRP)?
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What is SARA?
What is SARA?
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What is the purpose of the Brownfields Revitalization and Environmental Restoration Act?
What is the purpose of the Brownfields Revitalization and Environmental Restoration Act?
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What defines a brownfield site?
What defines a brownfield site?
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What is the aim of land revitalization?
What is the aim of land revitalization?
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What is hazardous waste?
What is hazardous waste?
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What is environmental contamination?
What is environmental contamination?
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What is the Environmental Impact Statement (EIS)?
What is the Environmental Impact Statement (EIS)?
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What is lead poisoning?
What is lead poisoning?
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What does the Lead-Based Paint Disclosure Act require?
What does the Lead-Based Paint Disclosure Act require?
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What must sellers disclose regarding lead hazards?
What must sellers disclose regarding lead hazards?
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What key information must real estate agents provide about lead hazards?
What key information must real estate agents provide about lead hazards?
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Study Notes
Government Powers
- Four main powers of government: Police Power, Eminent Domain, Taxation, Escheat (acronym: PETE).
Police Power
- Regulates real estate through laws like zoning, building codes, and safety regulations.
- Aims to set standards rather than take property, therefore no compensation is paid to owners affected.
Taxation
- A financial charge on real estate supporting government services; primary revenue source for local entities.
- Special assessments apply for specific improvements like water lines and road paving.
Property Taxes
- Ad valorem taxes based on property value, calculated through assessed values and local real estate data.
- Tax rates may be expressed in mills, dollars per hundred, or dollars per thousand.
Assessment Process
- Assessors determine property values for tax purposes; assessed value is a percentage of true value.
- Special assessments target properties benefitting from specific public projects.
Eminent Domain
- The government can appropriate property for public use with fair compensation, often including utilities.
- Inverse Condemnation allows property owners to seek compensation if not properly compensated.
Zoning Laws
- Control land use through municipal powers, requiring public hearings for changes.
- Master plans guide zoning ordinances and land use; zoning divides land into distinct districts.
Zoning Variances and Permits
- Variances allow deviations from zoning laws due to potential financial hardship.
- Conditional use permits grant exceptions for specific uses not typically allowed in a zone.
Non-Conforming Uses
- Existing uses or structures before a zoning change are considered legal nonconforming uses, preserving their legality.
Types of Zoning
- Spot zoning, density zoning, downzoning (restrictive), and upzoning (less restrictive) affect land use.
- Buffer zones separate differing zoned areas, while bulk zoning controls density through restrictions.
Special Zoning Concepts
- Aesthetic zoning requires architectural conformity; incentive zoning encourages developers to fulfill specific public needs.
- Cluster zoning permits density with flexibility in layout; conservation zoning preserves natural states.
Additional Zoning Regulations
- Holding zones restrict development until proper planning occurs; inclusionary zoning mandates affordable housing features.
- Setback regulations determine structural distances from property lines for urban planning and safety.
Governing Officials
- The treasurer manages tax collection, while the Board of Equalization ensures equitable assessments.
Taxes and Liens
- Properties with unpaid taxes can incur tax liens, leading to potential tax sales to cover debts.### Exclusionary Zoning
- Designed to create economic or racial segregation through zoning ordinances.
- Restricts land use to high-cost, low-density residential developments.
- Limits access for low to moderate-income families, often excluding minority groups.
Flood Zones and National Flood Insurance Program (NFIP)
- NFIP allows property owners in participating communities to buy flood insurance.
- Required for loans secured by properties in flood-prone areas.
- Aims to provide insurance as an alternative to disaster assistance for flood damage.
Wetlands
- Defined as areas where water is present at or near the surface, supporting aquatic or hydrophytic vegetation.
- Conservation areas, also referred to as swamps, marshes, or bogs.
- Can host diverse forms of vegetation including trees, grasses, and moss.
Flood Plain
- Refers to land next to rivers or streams that experiences periodic flooding.
- Properties in Special Flood Hazard Areas (SFHA) require flood insurance.
EPA - Regulation of Environmental Hazards
- Oversees the safety of commercial and industrial chemicals to protect human health and the environment.
- Addresses hazardous waste through the Resource Conservation and Recovery Act (RCRA) established in 1976.
Toxic Substances Control Act (TSCA)
- Grants the EPA authority to mandate reporting and testing on chemical substances.
- Excludes food, drugs, cosmetics, and pesticides from its requirements.
- Regulates specific hazardous substances such as PCBs, asbestos, radon, and lead.
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
- Known as Superfund, enacted in 1980 to handle hazardous substance releases.
- Allows for a multi-faceted approach to site cleanup, identifying Potentially Responsible Parties (PRPs) for liability.
- Establishes strict, joint, and retroactive liability for cleanup responsibilities.
Types of Response Actions under CERCLA
- Short-term removals address immediate threats or releases.
- Long-term remedial actions permanently mitigate dangers at sites on the EPA's National Priorities List (NPL).
Brownfields and their Revitalization
- Brownfield sites are properties complicated by potential contamination limiting future use.
- More than 450,000 brownfields exist in the U.S. and revitalization can boost local economies and tax bases.
- Cleaning up these areas reduces environmental blight and development pressure on undeveloped lands.
Land Revitalization Programs
- Focused on reusing previously contaminated properties through various programs like the brownfields program and Superfund redevelopment.
- Aims to reintegrate cleaned-up sites into productive use to protect public health and sustain communities.
Disclosure and Handling of Lead Hazards
- Lead-based paint is a significant health hazard in homes built before 1978.
- Sellers must provide a lead disclosure and a pamphlet for buyers, allowing a 10-day inspection period.
- Federal law requires buyers to be informed about any known lead hazards before purchasing.
Environmental Hazards: Radon and Asbestos
- Radon is a colorless, odorless gas linked to lung cancer; mitigation costs range from $1,200 to $2,000.
- Asbestos, utilized for insulation, poses severe health risks when fibers are airborne; banned for insulation use since 1978.
- Encapsulation is the recommended approach for managing asbestos hazards.
Importance of Environmental Impact Statements (EIS)
- Required by the National Environmental Policy Act (NEPA) for actions significantly affecting environmental quality.
- EIS evaluates the positive and negative impacts of proposed actions and explores alternatives.
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Description
Explore the fundamental powers of government concerning real estate through this quiz. Focus on concepts like police power, eminent domain, taxation, and property assessment methods. Test your understanding of how these powers shape property laws and government revenue.