Environmental
In Hawaii, the 'Mauna Kea Comprehensive Management Plan' is significant for real estate because it:
AA. Establishes property tax rates for Big Island properties
BB. Establishes guidelines for land use on a culturally and scientifically significant mountain, affecting development near the summit✓ Correct
CC. Regulates lava flow insurance requirements
DD. Controls vacation rental permits on the Big Island
Explanation
The Mauna Kea CMP governs land use on this culturally and astronomically significant mountain, affecting development, access, and use in a broad area of the Big Island.
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Key Terms to Know
Gross Rent Multiplier (GRM)
A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
State-Specific Concepts
Continuing Education
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