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25 Cards in this Set
- Front
- Back
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Parcel
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any piece of land that may be identified by a legal description (a street address is not a legal description)
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Legal Description
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one that is adequate to identify the properties exact bounds
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3 methods of legal description
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1) metes and bounds system
2) the rectangular (gov't) survey system 3) the lot, block and track system |
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METES & BOUNDS
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oldest and most complicated - describes property in relationship to boundaries, distance & angles from a given point
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3 elements of metes & boundaries
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1) Reference Point or Monument identifiable position of where measurement is taken (tree, rock..etc)
2) Point of Beginning (pos) point of return and intermediate points 3) Metes - describe the direction from one ref point to another. |
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Metes and bounds system is often used ....
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instead of rectangular survey system, good when describing unusual or odd shaped lots.
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RECTANGULAR
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United States Govt System est 1785 - prop described by a rectangular grid....
Tier lines - The East West Lines Range Lines - The North South Lines |
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Township
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6 mile by 6 mile square which is a result of a tier & range intersect (each township contains 36 miles).
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Sections
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measure one mile per side containing 640 Acres. Each township contains 36 sections. Sections are # 1 - 36 - nbr 1 starts in the NE corner.
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LOT BLOCK SYSTEM
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Better for describing smaller parcels. Allows land to be described by ref to an official map showing the boundaries of the parcel (aka the subdivision map)
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1 acre = ? sq ft
1 sq acre = ? feet 1 mile = ? lin feet 1 square mile = ? acres 1 section = ? sq miles 1 township = ? sq miles 1 ROD = ? feet or yards |
1 acre = 43560 sq ft
1 sq acre = 209 feet 1 mile = 5280 lin feet 1 square mile = 640 acres 1 section = 1 sq miles 1 township = 36 sq miles 1 ROD = 16.5 feet or 5.5 yards |
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Distance
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one dimension only (width of a lot, height of a bldg)
length only |
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Area
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the size of something with two dimensions
lxw |
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Volume
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measures in three dimension
lxwxh |
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INCOME =
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Rate X Value
I=RxV R=I/V V=I/R |
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INTEREST
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PRINCIPLE X RATE X TIME
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PRESENT VALUE
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THE VALUE OF MONEY TODAY
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FUTURE VALUE
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THE VALUE OF MONEY SOME DATE IN FUTURE
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DISCOUNTING
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PROCESS OF CALCULATION THE PRESENT VALUE OF A FUTURE PAYMENT
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COMPOUND INTEREST
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INT PAID ON PRINCIPLE & PAID INTEREST
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MEAN =
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THE AVERAGE
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MEDIAN =
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MIDDLE VALUE
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MODE =
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THE MOST FREQUENT
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RANGE
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THE SPREAD BETWEEN HIGHEST AND LOWEST
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STANDARD DEVIATION
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FORMULA THAT MEASURES HOW FAR PRICES VARY FROM THE MEAN
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