Local governmental ordinance breaking down the country into districts that are restricted on how private property is to be constructed and used. It applies to the land and buildings. The particular community's needs are taken into account. Zoning helps in maintaining or increasing property values. Zoning may by divided into residential, commercial, industrial, and agricultural. Each of these may be subdivided further. For example, residential may be segregated into single family homes, two-family homes, apartment buildings, and so on. Zoning may also make a district an historical one because of its importance in federal or local history. Zoning typically imposes height limitations on structures to protect other property owners. There are also restrictions on how many structures may be constructed in a particular geographic area. Zoning requirements may also exist as to parking and open space. Restrictions may also be placed on pollution and noise.
Popular Real Estate Terms
Maximum credit a prospective buyer may be given. An example is the maximum mortgage a prospective home buyer may receive from the bank. ...
Internal rate of return ignoring taxes associated with the capital invested in property. Internal rate of return considers the amount and timing of the annual cash flow from the property ...
The meaning of the term real estate dummy in the real estate market is used to refer to a person that buys a property on someone else’s behalf, most commonly in order to hide the true ...
Hallow masonry wall consisting of an inner and outer wall with dead air space between them. The air space provides increased thermal insulation. Cavity walls are not used in northern ...
Annual rate of inflation of 10% or higher. ...
Plywood whose surface is given parallel scratches or grooves in the manufacturing process. It provides, increased bond to adhesives, mortar, plaster, or stucco as well as giving a grain ...
The Real Estate Settlement Procedure Act (RESPA) is a piece of law passed by the US Congress in 1974 to protect homebuyers and home sellers against bad settlement practices. The Real ...
Clause in an open-ended mortgage permitting the mortgagor to borrow additional sums of money in the future pledging than same real property collateral. A construction loan has a future ...
Method of valuing a property through examination and comparison of recent sales of comparable properties. ...
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