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10 Cards in this Set
- Front
- Back
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Special Assessments |
Charges assessed for improvements by local government that improve property |
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Property appraised at $73,250 and tax rate is $2.80 per hundred of assessed value. What is tax due? |
$73250 / 2 = $36,625? $1025.50_____________________________ $36,625 x 2.8% |
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DEED RESTRICTIONS |
Restrictive Covenant. A provision in the deed aimed at controlling the present and future use of the land. Placed by seller (grantor) to restrict buyer's use.(grantee) |
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Which is used..Deed Restriction or Zoning Ordinance |
The most restrictive |
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Three methods of LEGAL DESCRIPTIONS |
Lot-Block-Subdivision Method. Government Rectangular Survey Method. Metes and Bounds |
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Lot-Block-Subdivision Method |
Description identifies properties by reference to a subdivision plat filed by developer |
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GOVERNMENT RECTANGULAR SURVEY |
Base lines - Latitude - East/West Meridian Lines - Longitude - North/South Range Lines - North/South every 6 miles Township Lines - East/West every 6 miles Township - 6 square miles 640 acres |
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One Acre |
43,560 Square Feet |
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A parcel of land 242ft x 450ft sold for $50,000. What was the price per acre? |
242 x 450 = 108,900108,900/43,560 = 2.5 acres$50,000/2.5 = $20,000/acre |
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How many acres in the N1/2 of SE1/4 of SE1/4 of SE1/4 of Section 7? |
640 acres in one section SE1/4 160 acres SE1/4 40 acres SE1/4 10 acres N1/2 5 acres |
