What are the typical conditions placed on Transient Rental Licenses?

Property on the “flats” area is typically not allowed to include a vehicle with the rental. Deck use is prohibited between 10 pm and 8 am for all properties. Occupancy is limited to two (2) persons per bedroom with possibility of an additional two (2) being approved. 

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1. What is a Transient Rental (Vacation Rental)?
2. May I rent my home transiently?
3. Are there any other restrictions?
4. What are the typical conditions placed on Transient Rental Licenses?
5. How much is transient occupancy tax?
6. May I manage my rental myself?
7. May I allow pets in the property?
8. How do I keep my Transient Rental License active if I do not want to rent it for a period of time?
9. Does a Transient Rental License transfer with a sale of the property?