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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