Land Use & Zoning
A North Dakota 'Transfer of Development Rights' (TDR) program works by:
ATransferring property ownership between government agencies
BAllowing landowners in preservation areas to sell their development rights to landowners in designated growth areas✓ Correct
CRequiring all new development to be approved by the state
DMoving building permits between different years
Explanation
TDR programs separate development rights from land ownership. Landowners in sending areas (farmland to be preserved) can sell their unused development rights to developers in receiving areas (where growth is encouraged).
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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.
1031 ExchangeA tax-deferred exchange allowing investors to sell one investment property and reinvest proceeds in a like-kind property while deferring capital gains taxes.
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