Freehold
Land Use Controls term
The voluntary transfer of private land to public ownership, often required for streets or parks in a subdivision.
This term belongs to Land Use Controls. The questions below are real items from Freehold's bank that use it - each one cites its source.
Every Freehold question shows why the right answer is right — and cites its source.
The legal process by which government exercises its power of eminent domain is called:
Condemnation — Condemnation is the legal proceeding used to exercise eminent domain, allowing government to take private property for public use upon payment of just compensation as required by the Fifth Amendment.
Source: PSI National Real Estate Exam Content Outline §2 Land Use Controls
As a condition of subdivision plat approval, a city requires the developer to set aside land for a public park and street rights-of-way. This requirement is known as:
Dedication — Municipalities commonly require developers to dedicate land for streets, parks, or schools as a condition of subdivision approval, an exaction intended to offset the development's impact on public facilities.
Source: PSI National Real Estate Exam Content Outline §2 Land Use Controls
A proposed development requires a federal permit and is expected to significantly affect the environment. Under the National Environmental Policy Act, the responsible federal agency must first prepare a(n):
Environmental impact statement evaluating the project's environmental effects and alternatives — NEPA requires federal agencies to prepare an environmental impact statement for major actions significantly affecting the environment, analyzing likely impacts and reasonable alternatives before proceeding.
Source: PSI National Real Estate Exam Content Outline §2 Land Use Controls
See every term in this area: Land Use Controls glossary