Property Management
A property manager in Memphis who manages a historically significant building may need to comply with:
AOnly standard building codes
BHistoric preservation restrictions and potentially the Secretary of Interior's Standards if the building is listed on the National Register✓ Correct
COnly the Tennessee Human Rights Act
DTVA flowage easement requirements
Explanation
Historically significant buildings may be subject to local historic preservation ordinances, state historic preservation requirements, and if listed on the National Register of Historic Places, may need to follow the Secretary of the Interior's Standards for any rehabilitation work to qualify for tax credits.
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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