Land Use & Zoning
A transfer of development rights (TDR) helps preserve farmland by allowing:
AFarmers to sell their land at a premium to developers
BFarmers to sell development rights while keeping the land in agricultural use✓ Correct
CDevelopment of wetlands in exchange for farmland preservation
DGovernment to purchase farmland below market value
Explanation
TDR allows farmers to sell the development potential of their land to developers in designated receiving areas, receiving compensation for keeping the land agricultural without actually selling the land.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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