Land Use & Zoning
A West Virginia city issues a Certificate of Occupancy (CO) for a new commercial building. The CO signifies that:
AThe building has been sold to its first occupant
BThe building complies with applicable building codes and is safe for its intended occupancy✓ Correct
CThe building has been appraised at the required minimum value
DThe owner has paid all property taxes current
Explanation
A Certificate of Occupancy (CO) is issued by the local building authority certifying that a building meets all applicable building codes and is safe for its intended use and occupancy. Occupancy without a CO may violate local ordinances.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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