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47 Cards in this Set
- Front
- Back
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Abstract of title
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summary or history of property conveyances
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Assessed value
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value on the tax rolls
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Base line
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major east-west lines in a rectangular survey system
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Constructive notice
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notice because of accessibility of public records, imputed by law
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Corner influence
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premium (loss) because a property is located on a corner as opposed to being an interior tract
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Economic unit
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a tract that is contiguous, has the same highest & best use and ownership
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Excess land
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surplus land not needed to serve an existing improvement or highest & best use of vacant land
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Federal Emergency Management Agency (FEMA)
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a governmental agency that publishes flood maps & is the vehicle for emergency preparation & management
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Floodplain
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property designated as flood prone
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Frontage
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the linear measurement that abuts street, stream, etc.
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Geodetic survey system
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part of the rectangular survey system, large areas are mapped & topographic maps are published
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Government survey system
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the same as the rectangular survey system
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Land or site analysis
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study of factual data comparing it with the competing comparable sites
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Land-to-building ratio
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the ratio derived by dividing the land area by the building area
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Legal description
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a description of land adequate to locate the property & quantity of land
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Lot & block system
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overlaying imaginary lines on the earth surface by recorded plats
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Metes & bound system
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establishing a description of property by distance & direction
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Off-site improvement
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improvements to a property located out of the legal description (e.g. utility lines, roads, etc.)
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On-site improvments
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improvements located within the legal description of a tract
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Point of beginning (POB)
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the start of a meets and bounds desription
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Plat book
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a book with the records of ownership & description of each tract in an area
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Plottage
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assemblage, the combining of two or more tracts often resulting in a different HBU than the individual tracts
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Plottage value
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the incremental value change by combining 2 or more tracts
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Principal meridian
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major north-south lines in a rectangular survey system
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Quadrangle
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a topographic map published as part of the Geodetic Survey Program
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Range line
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north-south lines in a rectangular survey system
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Raw land
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improved or unimproved land
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Rectangular (government) survey system
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a system of land description established in 1785 where land was divided into rectangles for purposes of description
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Site
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land ready for its intended use
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Subdivision development analysis
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an approach where land is valued based upon its use for residential use (or other) after dividing into smaller lots or tracts
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Surplus land
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same as excess land, except surplus land is often thought of as non-salable
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Tax parcel
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an identified property on the tax records
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Total station
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monuments that serve as benchmarks for land description
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Township
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6 miles X 6 miles; 36 sections; a location on a line north or south of a base line
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Township line
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east-west lines in a rectangular survey system
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Wetlands
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land as set forth by section 404 of the Clean Water Act described as areas that are inundated by water that normally support certain type of vegetation
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Closing
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the last call in a metes & bounds description returning to the POB
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Bounds
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the POB & all intermediate points
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Monuments
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points that refer to specific stones, trees, etc.
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Utilized land
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land that supports existing improvements
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Legal descriptions
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1. Metes & bounds
2. Rectangular survey system 3. Lot & block |
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Base lines
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E & W lines
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Principal meridians
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major N & S lines, each with a name
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range lines
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N & S lines every 6 miles
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township line
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E & W lines every 6 miles
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township
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rectangles formed by range lines & township lines= 36 sections
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section
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1/36 of a township; 1 mile square; 640 acres
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