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25 Cards in this Set

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Parcel
any piece of land that may be identified by a legal description (a street address is not a legal description)
Legal Description
one that is adequate to identify the properties exact bounds
3 methods of legal description
1) metes and bounds system
2) the rectangular (gov't) survey system
3) the lot, block and track system
METES & BOUNDS
oldest and most complicated - describes property in relationship to boundaries, distance & angles from a given point
3 elements of metes & boundaries
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.
Metes and bounds system is often used ....
instead of rectangular survey system, good when describing unusual or odd shaped lots.
RECTANGULAR
United States Govt System est 1785 - prop described by a rectangular grid....
Tier lines - The East West Lines
Range Lines - The North South Lines
Township
6 mile by 6 mile square which is a result of a tier & range intersect (each township contains 36 miles).
Sections
measure one mile per side containing 640 Acres. Each township contains 36 sections. Sections are # 1 - 36 - nbr 1 starts in the NE corner.
LOT BLOCK SYSTEM
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)
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
Distance
one dimension only (width of a lot, height of a bldg)
length only
Area
the size of something with two dimensions
lxw
Volume
measures in three dimension
lxwxh
INCOME =
Rate X Value
I=RxV
R=I/V
V=I/R
INTEREST
PRINCIPLE X RATE X TIME
PRESENT VALUE
THE VALUE OF MONEY TODAY
FUTURE VALUE
THE VALUE OF MONEY SOME DATE IN FUTURE
DISCOUNTING
PROCESS OF CALCULATION THE PRESENT VALUE OF A FUTURE PAYMENT
COMPOUND INTEREST
INT PAID ON PRINCIPLE & PAID INTEREST
MEAN =
THE AVERAGE
MEDIAN =
MIDDLE VALUE
MODE =
THE MOST FREQUENT
RANGE
THE SPREAD BETWEEN HIGHEST AND LOWEST
STANDARD DEVIATION
FORMULA THAT MEASURES HOW FAR PRICES VARY FROM THE MEAN