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8.LAND USE,REGULATIONS

CORPORATIONS The most common form of business organization, and one which is chartered by a state and given many legal rights as an entity separate from its owners. This form of business is characterized by the limited liability of its owners, the issuance of shares of easily transferable stock, and existence as a going concern. PROPERTY IS OWNED IN SEVERALTY
1. C CORPORATION must pay corporate income tax.Then when profits are distributed to the shareholders,the shareholders pay income tax on the dividends as well,which leads to a situation of double-taxation.
2. S CORPORATION functions as corporation but like a partnership it does not pay any corporate income taxes.instead the corporations income or losses are divided among and passed through to it shareholders.The shareholders then must report the income or loss on their own individual income tax returns.
CONDOMINIUMS A form of property ownership in which each owner holds title to his/her individual unit, plus a fractional interest in the common areas of the multi-unit project. Each owner pays taxes on his/her property, and is free to sell or lease it.TENANTS IN COMMON
COOPERATIVES A type of common property ownership, such as when the residents of a multi-unit housing complex own shares in the corporation that owns the property, rather than owning their own units. also called co-op. (you buy shares in the corporation,instead of renting or buying a unit,and is given a PROPRIETARY LEASE for a unit in the building.
TOWNHOMES An attached home that is not considered to be a condominium.
SYNDICATE A group of investors who act together when investing in a company.JOINT TENANTS,PARTNERSHIP<CORPORATION etc)
JOINT VENTURE A contractual agreement joining together two or more parties for the purpose of executing a particular business undertaking. All parties agree to share in the profits and losses of the enterprise.
REIT (RE insvestment trust) Real Estate Investment Trust. A corporation or trust that uses the pooled capital of many investors to purchase and manage income property (equity REIT) and/or mortgage loans (mortgage REIT). REITs are traded on major exchanges just like stocks. They are also granted special tax considerations. REITs offer several benefits over actually owning properties. First, they are highly liquid, unlike traditional real estate. Second, REITs enable sharing in non-residential properties as well, such as hotels, malls, and other commercial or industrial properties.
ABSOLUTE meaning complete bundle of rights belongs to the owner.
RESTRICTIVE COVENANT A clause in a contract that requires one party to do, or refrain from doing, certain things. Often, a restriction on a borrower imposed by a lender. also called covenant. IT MUST BE RECORDED,runs with the land.
DEED RESTRICTIONS Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions; for example, they may limit the density of buildings, dictate the types of structures that can be erected, or prevent buildings from being used for specific purposes or even from being used at all. (title QUALIFIED FEE ESTATE)
CIVIL RIGHT ACT 1968 religion,national origin and ancestry became protected classes.
1. INTERSTATE LAND SALES FULL DISCLSURE ACT protects consumers from fraud and abuse in the sale or lease of land. DEPARTMENT OF HOUSING and HUD.
  1. SEQR (state environmental quality review act) requires to assess the environmental impact of any activity or action approved by a state agency or unit of local government.
    1. EIS - actually a process that describes and analyzes the proposed action.
SUBDIVISION REGULATIONS can be private and public. Private subdivision regulations enable property owners to maintain the quality and consistency of the residences in the subdivision.
1. SETBACK REQUIRAMENTS The amount of space local zoning regulations require between a lot line and a building line; the distance required from a given reference point before a structure can be built.
  1. DOCTRINE OF LACHES when the loss of legal rights occurs due to the failure to assert rights in a timely manner.
PUBLIC LAND USE RESTRICTIONS are those imposed by the government and the local state and federal level.
1. POLICE POWER The government's right to impose laws, statutes, and ordinances, including zoning ordinances and building codes, to protect the public health, safety, and welfare.
ESCHEAT The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate without heirs capable of inheriting, or when the property is abandoned.
EMINENT DOMAIN The right of a government to seize private property for public use, in exchange for payment of fair market value.
1. TAKING occur when the government acquires private property for public use by appropriation.WITHOUT COMPENSATION
PROPERTY REPORT The mandatory federal and state documents compiled by sub-dividers and developers to provide potential purchasers with facts about a property, prior to their purchase.
PLANING BOARD hold public hearings,investigates solutions for the planning issues at hand,and makes recommendations to the appropriate legislative authority.
1. RESPONSIBILITIES OF PLANNING BOARD *CREATING CAPITAL BUDGET *DEVELOPING/CONTROLLING CITYS COMPREHENSIVE PLAN *REGULATE PLAT,DENSITY STREET,and TRAFFIC PATTERS *REVIEWING SITE PLANS *TAKING SPECIFIC ZONING ACTIONS.
MASTER PLAN (comprehensive plan) A comprehensive plan made by a government or government agency to guide the long-term physical development of a particular area.
OFFICIAL MAP is final and conclusive with respect to the location and width of the communitys streets,highways,drainage systems and parks.
DENSITY which is the number of families that can inhabit a plot of land.Planning boards must regulate a communitys density to avoid overcrowding in residential areas.
PLATS A chart or map of a certain area showing the boundaries of individual lots, streets, and easements.
CUL-DE-SACS or dead end streets that do not connect to main roads.
DEMOGRAPHY is the study of the social and economic status of a given area or population
1. CENSUS TRACTS which are relatively small areas used to track the population if USA by US Census Bureau.
INFRASTRUCTURE The basic physical systems of a country's or community's population, including roads, utilities, water, sewage, etc. These systems are considered essential for enabling productivity in the economy. Developing infrastructure often requires large initial investment, but the economies of scale tend to be significant.
TOPOGRAPHY physical characteristics of a parcel of land. TOPOGRAPHY includes "water sources","native vegetation","location of trees and rocks","soil type","floodplains".
SURVEYS The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of a house on a lot, including the determination of any existing encroachments or easements.
ZONING
1. ZONING ORDINANCES are local laws that divide a city or county into different areas,or zones.They set forth the type of use permitted under each zoning classification and specify requirements for compliance.
  1. Have ZONING MAP that divides the community into designated districts. TEXT OF ZONING ordinance that sets forth the type of use permitted in each zone,including specific requirements for compliance.
MORATORIUM planing board impose moratorium that temporarily suspends the right of property owners to obtain development approvals while the local legislature takes time to consider draft,and adopt land use regulations or rules to respond to new or changing circumstances not adequately dealt with by its current laws.
ACCESSORY USES are uses or occupancy incidental or subordinate to the principal use or occupancy of a property.
VACANT LAND is unimproved land,or land with no buildings.
AS OF RIGHT ZONING prohibits discrimination among landowners in a particular zone.If one landowner is permitted to build a pence,all landowners are permitted to do that too.
1. CLUSTER ZONING allows developers to provide a varied selection of lot sizes and housing choises within a single area.The zone may consist ABUTTING PROPERTIES which are directly contiguous sharing at least one common boundry.
  1. It may also take the form of PLANNED UNIT DEVELOPMENT (PUD) which is a special type of subdivision in which developers do not have to comply with all standard zoning and subdivision regulations.
2. INCENTIVE ZONING is a system by which developers receive zoning incentives on the condition that specific physical,social,or cultural benefits are provided to the community.
3. SPOT REZONING illegal rezoning of single parcel or small area to benfit one or more property owners rather than carry out the objectives of the master plan.
TRANSFER OF DEVELOPING RIGHTS occurs when a developer buys the development rights from a property owner who cannot use them.
ARTICLE 78 PROCEEDINGS refers to an article of the NY Practice law and rules that allows aggrieved persons to bring an action against a government body or office,or in the case of zoning disputes.
NONCONFORMING LAW A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.
VARIANCES is a form of administrative relief that allows property to be used in a way that does not commply with literal requirements of the zoning ordinances.
1. USE VARIANCES allow landowners to use their land ina way that is not permitted under current zoning laws-such as commercial use in a residential area.
  1. AREA VARIANCES entitle landowners to use land in a way is typically not allowed by the dimensional or physical requirements of the zoning law.
SPECIAL USE PERMIT (conditional uses) A right granted by a zoning authority to conduct certain activities not normally allowed within the zoning district. Also called a conditional use permit.

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8.LAND USE,REGULATIONS

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	Created by Brigita Safyra almost 9 years ago