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Real Estate Law

Chapter 4: Public Regulation and Private Encumbrances

TermDefinition
ad valorem taxes Taxes assessed against an owner of real property in an amount based upon the value of the property.
Building codes Public laws that regulate methods and materials to be used in the construction of improvements.
Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) Also known as Superfund, this federal legislation created a trust fund designed to finance the activities of the Environmental Protection Agency and gave the Environmental Prot Also known as Superfund, this federal legislation created a trust fund designed to finance the activities of the EPA and gave the EPA the authority to recover cleanup costs for contaminated properties from the parties responsible for the contamination.
Eminent domain Power of government to take private property for public use.
Encumbrance A claim or charge on a property, such as a lien or mortgage, which lessens the property’s value.
Judgment Money debt resulting from a lawsuit. Judgments are liens on real property owned by the judgment debtor.
Lien Money debt attached to real property. The holder of the lien can sell the real property to pay the debt.
Mechanic’s or materialmen’s lien Lien imposed by law on real property to secure payment for work performed or materials furnished for the construction, repair, or alteration of improvements on the real property.
Phase I An examination of real property to determine if it contains environmental contamination.
Phase II A more intensive environmental examination of property, usually including the testing of soil and water for evidence of contamination.
Created by: susan.g
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