Property Law

Front 1

TQ. ________ Property includes the following: trade fixtures, leases and fructus industriales (emblements). Also known as personalty and chattel. (p. 3)

Back 1

Personal

Hint 1

None

Front 2

TQ. Are leases an example of personal property or real property? (p. 4)

Back 2

Personal

Hint 2

None

Front 3

TQ. Name the six rights in real property, commonly referred to as the "bundle of legal rights" (p. 5)

Back 3

possess, Control, Enjoy, Exclude, Encumber and Dispose

Hint 3

None

Front 4

TQ. The name for the public method for controling or limiting how property may be used. This method may influence its value. (p. 6)

Back 4

Zoning

Hint 4

None

Front 5

TQ. The name for the private method for controling or limiting how property may be used. This method may influence its value. (p. 6)

Back 5

Deed Restrictions

Hint 5

None

Front 6

TQ. The law of supply and demand states that if a product is in high demand, but low supply, the price will ____ (p. 7)

Back 6

Rise

Hint 6

None

Front 7

TQ. All land has these three physical characteristics that influence value. (p. 9)

Back 7

Immobility, Indestructibility and Uniqueness

Hint 7

None

Front 8

TQ. A difference in area preference can cause to physically similar parcels of real estate to have very different economic values. This area preference is referred to as "______________" (p. 9)

Back 8

Situs (aka, location, location, location)

Hint 8

None

Front 9

TQ. A method of legally describing real property which identifies the outer edges of a parcel by establshing a well-marked starting point, called a point of beginning or POB, then describing in which direction and how far the property boundary runs from the POB. (p. 10)

Back 9

Metes and Bounds

Hint 9

None

Front 10

TQ. Name for a series of numbered imaginary lines that run from North to South across the US, created by the government for the purpose of surveying land. (p. 11)

Back 10

Principal Meridians

Hint 10

None

Front 11

TQ. Name for a series of imaginary lines that run east-west, established by the government which intersect principal meridians (p. 11)

Back 11

Base Lines

Hint 11

None

Front 12

TQ. One square mile is equivalent to ___________ acres. (p. 11)

Back 12

640

Hint 12

None

Front 13

TQ. A method of legally describing real property which begins with a large tract of land known as a subdivision plat. (p. 12)

Back 13

Lot, Block and Subdivision (Recorded Plat)

Hint 13

None

Front 14

TQ. This term referes to interest in land held or asserted by someone other than the landowner, which may diminish its value. (p. 13)

Back 14

Encumberance(s)

Hint 14

None

Front 15

TQ. The expression "first in time … first in line" describes the priority of these (p. 13)

Back 15

Liens

Hint 15

None

Front 16

TQ. Liens are always created by a _______, either through agreement (like a mortgage), by operation of law (unpaid taxes), and from a variety of sources including mortgages, work on the property (mechanic's liens) and court orders (judgement liens). (p 13)

Back 16

debt

Hint 16

None

Front 17

TQ. Term for a limited right to use the land of another, which may be volunarily or involuntarily conveyed. (p. 15)

Back 17

Easements

Hint 17

None

Front 18

TQ. Term for a personal privledge granted by one person to use the propery of another. These do not transfer with land and may be revoked anytime. (p. 15)

Back 18

License

Hint 18

None

Front 19

TQ. Term for an express easement which is conveyed in writing, usually through a deed, with a description of the easement and the subject property. Must be signed, acknowledged and recorded. (p. 16)

Back 19

Express Grant

Hint 19

None

Front 20

TQ. The primary difference between an easement appurtenant and an easement in gross. (p. 16)

Back 20

An easement appurtenant conveys with the land while an easement in gross is attached to a person

Hint 20

None

Front 21

TQ. T/F Commercial easements in gross (cable, telephone, gas lines) run with the land (p. 16)

Back 21

TRUE

Hint 21

None

Front 22

TQ. Term describing when private land is taken for public purpose. The government must justly (farily) compensase landowners for any loss in property value. (p. 18)

Back 22

Eminent Domain

Hint 22

None

Front 23

TQ. Term for an estate (ownership interest) in land in which one has both possession and (indefinite) ownership rights in real property) (p. 19)

Back 23

Freehold Estate

Hint 23

None

Front 24

TQ. Term for the possession and ownership of a freehold estate (p. 19)

Back 24

Seisin

Hint 24

None

Front 25

TQ. Term for an estate (ownership interest) that is certain to arise in the future (p. 20)

Back 25

Future Estate

Hint 25

None

Front 26

TQ. Term for an estate (ownership interest) that automatically arises after an existing estate terminates. (p. 20)

Back 26

Remainder Estate

Hint 26

None

Front 27

TQ. Term for an estate (ownership interest) that returns to the grantor (seller) after a grantor has conveyed a lesser estate (less than a fee interest) to someone else (grantee). (p. 20)

Back 27

Reversion Estate

Hint 27

None

Front 28

TQ. Term describing real property ownership by two or more persons at the same time. There are three forms: joint tenancy, tenancy in common and tenancy by the entirety. (p. 21)

Back 28

Concurrent Ownership

Hint 28

None

Front 29

TQ. What are the three forms of concurrent ownership? (p. 21)

Back 29

Joint Tenancy, Tenancy in Common and Tenancy by the Entirety

Hint 29

None

Front 30

TQ. Term for an estate in real property which only conveys the right of possession without the right of ownership. (p. 20)

Back 30

Lease (or) Non-Freehold Estate

Hint 30

None

Front 31

TQ. Term for the type of lease which has a definite beginning and definite ending date that does not automatically renew. (p. 24)

Back 31

Estate for Years

Hint 31

None

Front 32

TQ. Term for the type of lease which runs for a specified period of time and automatically continues from one period to the next unless either party terminates it. (p. 24)

Back 32

Estate from Year to Year (Periodic)

Hint 32

None

Front 33

TQ. Term for the type of lease which occurs when a tenant is in lawful possession of real estate with no definite specified time as to when he will vacate and no particular recurring period. That is, the estate may be terminated at any time by either party. (p. 25)

Back 33

Estate at Will

Hint 33

None

Front 34

TQ. Term for the type of leasehold that occurs only in a limited circumstance - when a tenant occupires real estate after his lawful rights have expired. Also known as "squatting". (p. 25)

Back 34

Estate at Sufferance

Hint 34

None

Front 35

TQ. To what does "unity of possession" refer in regards to condominium ownership? (p. 25)

Back 35

Common areas are owned by the individual owners as tenants in common.

Hint 35

None

Front 36

TQ. How are condominium units assessed and taxed? (p. 25)

Back 36

Separately

Hint 36

None

Front 37

TQ. _______is a term which refers to any typs of transfer of ownership of real property which can be voluntary (sale) or involuntary (foreclosure or eminent domain). (p. 28)

Back 37

Alienation

Hint 37

None

Front 38

TQ. "Title by Estoppel" is a legal principle whereby a person obtains title to real estate over the apparent owner, because the apparent owner failed to do this. (p. 29)

Back 38

Provide proper public notice of his ownership interest

Hint 38

None

Front 39

TQ. The individual who physically examines the public record in order to determine whether a title is marketable or insurable (for title insurance) and to create a title abstract. (p. 29)

Back 39

Abstractor

Hint 39

None

Front 40

TQ. The examiners performing a title search in most states must research the public record going back at least _____ years. (p. 29)

Back 40

40

Hint 40

None

Front 41

TQ. Reason why an estate (including title to real property) escheats or returns to the state. (p. 32)

Back 41

The owner dies intestate and there is no one available who meets the statutory definition of the descendent's heir

Hint 41

None

Front 42

TQ. Term for a written document used to convey title to land. (p. 32)

Back 42

Deed

Hint 42

None

Front 43

TQ. The four basic types of deeds, ranked in order from biggest risk to the seller to smallest. (p. 34)

Back 43

Warranty Deed, Special Warranty Deed, Bargain & Sale Deed, Quitclaim Deed

Hint 43

None

Front 44

TQ. Name of a document to convey property wherein the grantor guarantees (warrants) title only against defects arising during the tenure of his ownership and not against any previous defects in title (no promises about prior status) (p. 34)

Back 44

Special Warranty Deed

Hint 44

None

Front 45

TQ. Name of a document which contains no explicit promises by the grantor about the status of title to be conveyed, only implying that the grantor has an interest to transfer (p. 34)

Back 45

Bargain & Sale Deed

Hint 45

None

Front 46

TQ. Name of a document through which the grantor makes no promises about the status of title, rather, title is passed "as is" (including any encumberances). The grantor does not agree to warrant or defend the quality of title in any way and also does not promise that he has any interest or rights to convey at all. (p. 34)

Back 46

Quitclaim Deed

Hint 46

None

Front 47

TQ. Three clauses which are required in every deed. (p. 35)

Back 47

Premises, Habendum and Testimonium

Hint 47

None

Front 48

TQ. In a deed, the words "I hereby grant and convey…" or similar words of conveyence are found in the _______ clause. (p. 35)

Back 48

Premises

Hint 48

None

Front 49

TQ. In a deed, the words "to have and to hold" indicates the type of estate or interest the deed is conveying (such as a fee simple estate, a life estate, etc) are found in the _______ clause. (p. 35)

Back 49

Habendum

Hint 49

None

Front 50

TQ. In a deed, the provision which appears at the conclusion of a deed and contains the statement "in witness whereof the parties to the present have hereunto set their hands and seal" is referred to as the _______ clause. (p. 35)

Back 50

Testimonium

Hint 50

None

Front 51

TQ. Referred to by the acronym RESPA is federal law administered and enforced by the Consumer Financial Protection Bureau (CFPB), that regulates closing procedures to ensure that lenders fully inform buyers and sellers of all settlement costs, and that lenders do not engage in unfair practices. (p. 37)

Back 51

Real Estate Settlement Procedure Act

Hint 51

None

Front 52

TQ. What is the nature of loans for which RESPA is applicable? (p. 38)

Back 52

RESPA covers loans secured with a mortgage placed on a one-to-four family residential property, including most purchase loans, assumptions, refinances, property improvement loans, and equity lines of credit.

Hint 52

None

Front 53

TQ. What is the nature of sales which are exempt from RESPA? (p. 38)

Back 53

RESPA does not apply to: business purpose loans, loans involving 25 acres or more, temporary financing, loans to purchase vacant land, loan conversions, secondary market transfers, transactions financed solely by the seller, an assumption that doesn't require lender aproval, a residential property consisting of more than four family units or cash sales.

Hint 53

None

Front 54

TQ. RESPA requires that the borrower receives the _______ ________ within 3 business days showing the settlement service charges that the borrower will likely have to pay. (p. 38)

Back 54

Loan Estimate

Hint 54

None

Front 55

TQ. RESPA prohibits lenders from requiring excessive reserves defined as limted to ____ months of escrow payments) and requiring an escrow account statement within ____ days following settlement and annually thereafter. (p. 39)

Back 55

2; 45

Hint 55

None

Front 56

TQ. Who is responsible for submitting IRS form 1099-S to report residential real estate transactions to the Federal Government? (p. 41)

Back 56

The person who prepares the closing statement (settlement agent)

Hint 56

None

Front 57

TQ. Latin term meaning "according to value", this is the process by which many state and local governments assess real estate taxes for operating revenue based on the unique assessed value of the subject property (p. 43)

Back 57

Ad Valorem

Hint 57

None

Front 58

TQ. Term for property tax collected for local improvements, but only from those properties that benefit from the improvement (sidewalks, sewers, streetlights, etc.) (p. 43)

Back 58

Special Assessments

Hint 58

None

Front 59

TQ. Term for business real estate which is swapped (instead of paying cash) for other business properties witouth triggering a capital gains tax. (p. 44)

Back 59

Like-Kind Exchanges, also known as 1031 exchange

Hint 59

None

Front 60

TQ. The three primary federal tax deductions to which all homeowners are entitled when purchasing their primary residence. (p. 44)

Back 60

Mortgage interest payments, real estate taxes and some closing costs

Hint 60

None

Front 61

TQ. Under the FIRPTA (Federal law which authroizes the US to tax property transfers by foreign persons), the IRS collects ___ % of the gross purchase price which must be remitted within 20 days of closing when the property is sold by a foreign seller. (p. 45)

Back 61

15%

Hint 61

None

Front 62

TQ. In a Chapter 7 bankruptcy case, the courts may _______ a property if the property has no value to the estate (no equity). (p. 47)

Back 62

Abandon

Hint 62

None

Front 63

TQ. In general, when a person dies with real estate titled in their name, the title to the property immediately passes to (vests in) the person(s) to whom it is devised in the will or, in the absence of a valid will, to the person(s) who succeeds to the decedent's property as heirs under the intestate statutes. However, the rights of the heirs / devisees to the property are subject to control of the _______ courts for the purposes of administering the estate. (p. 47)

Back 63

Probate

Hint 63

None

Front 64

TQ. Term describing the government authority to create laws, including those that promote legitimate land use objectives, so long as such laws further public health, safety, morals and aesthetics. (p. 49)

Back 64

Police Power

Hint 64

None

Front 65

TQ. A residential area is rezoned because of conservation concerns and the building of homes is no longer permitted. This is sometimes deemed a legitimate exercise of policy power, and not a taking of land through eminent domain, thus no compensation is owed to the affected landowner. However, if the down-zoning is do drastic that the property becomes essentially unusable and worthless, property owners may contest the action in course through a contest known as an ______________ ______________. (p. 50)

Back 65

Inverse Condemnation

Hint 65

None

Front 66

TQ. Term describing the voluntary transfer (alienation) of privately owned property to a governing body with the stipulation that it be used for public purposes. (p. 50)

Back 66

Dedication

Hint 66

None

Front 67

TQ. Term referring to the government power that causes unclaimed property to transfer (revert) to the state. (p. 50)

Back 67

Escheat

Hint 67

None

Front 68

TQ. Term for the constitutional limitation on government power. (p. 50)

Back 68

Due Process Clause

Hint 68

None

Front 69

TQ. Valid exercise of the policy power, which systematically divides a city or county into various districts or zones of permitted land uses and building density. (p. 50)

Back 69

Zoning

Hint 69

None

Front 70

TQ. An allowed deviation from existing zoning which is due to unique circumstances and according to rules established by state law. (p. 52)

Back 70

Variance

Hint 70

None

Front 71

TQ. Use that is inconsistent with, and does not conform to a zoning ordinance and that is legal since it existed prioer to an amended zoning ordinance. (p. 53)

Back 71

Legal Non-Conforming Use (also known as "grandfathering")

Hint 71

None

Front 72

TQ. A change in zoning from a higher, more active category to a lower, less active (less profitable) category.

Back 72

Downzoning

Hint 72

None

Front 73

TQ. T/F if an owner has been using a parcel of land for heavy industry since 1973 and the property is subsequently zoned commercial, excluding industrial uses, the owner's continued industrial uses of the property is an example of a zoning variance (p. 54)

Back 73

False … in this situation, continued industrial uses is a violation of existing zoning

Hint 73

None

Front 74

TQ. What is the only potential environmental hazard in or aroudn property which has a federally imposed disclosure requirement, specifically for properties built prior to 1978.

Back 74

Lead based paint

Hint 74

None

Front 75

TQ. Term for private contractual agreements which are often imposed by developers on residential property and which "run with the land" (p. 55)

Back 75

Restrive covenants

Hint 75

None

Front 76

TQ. The priamry difference between the two types of restrictions on private property use: "zoning" and "restrictive covenants" (p. 56)

Back 76

Zoning is based in law and restrictive covenants arise from contractual agreements

Hint 76

None

Front 77

TQ. What law prohibits property managers from discriminating against people due to marital status? (p. 57)

Back 77

Equal Credit Opportunity Act (ECOA)

Hint 77

None

Front 78

TQ. T/F In a situation where a zoning law is more restrictive than a deed covenenant, only the deed covenant must be followed. (p. 56)

Back 78

False. The more restrictive of the two must always be followed.

Hint 78

None

Front 79

TQ. T/F Associations and affected owners mya enforce restrictive covenants through injunction, or a court-order to stop or remove offending uses. (p. 56)

Back 79

TRUE

Hint 79

None

Front 80

TQ. This type of lease agreement calculates rental amounts based on a fixed minimum rent, regardless of the tenant's business income, along with a percentage of any business income that exceeds an agreed upon amoount of a tenant's gross income. (p. 58)

Back 80

Percentage lease

Hint 80

None

Front 81

TQ. Term for a lease clause which establishes a right to act or refrain from acting at a future date, under specified circumstances (e.g. extend an existing lease, lease additional space, or purchase leased property at a specified price, for specific period of time, under specific terms and conditions). (p. 59)

Back 81

Option clause

Hint 81

None

Front 82

TQ. T/F A subdivision must be consistent with local zoning laws, but subdivision regulations add greater control to a subdivision project. (p. 61)

Back 82

TRUE

Hint 82

None

Front 83

TQ. After deducting rental losses and vacancies, the lanlord of 123 Main Street has actual rental income (effective gross income) of $24,000. He has operating expenses of $10,000. What is the landlord's net operating income (NOI)? (p. 62)

Back 83

$14,000

Hint 83

None

Front 84

Term describing articles of tangible personal property (such as a hydraulic car lift or a pizza oven) that are necessary to a tenant's trade or business and, even if firmly affixed to real estate, remain the personal property of the tenant. (p. 3)

Back 84

Trade fixtures

Hint 84

None

Front 85

Terms describing the two types of property, 1) goods and intangible interests and 2) land and improvements (p. 3)

Back 85

Personal property and real property

Hint 85

None

Front 86

Latin phrase meaning the "fruits of industry" or "labor", this refers to growing crops (aka "emblements) that are produced annually through labor and industry. (p. 4)

Back 86

Fructus industriales

Hint 86

None

Front 87

Latin phrase meaning the "fruits of nature" which describes permanent plantings which are classified as real property and, absent an agreement to the contrary, may not be removed from the land. (p. 4)

Back 87

Fructus naturales

Hint 87

None

Front 88

T/F The permanance with which an object is attached to real property is a factor in determining whether it may be removed. (p. 5)

Back 88

True. The more permanent the attachment (built-ins) the less likely it may be severed.

Hint 88

None

Front 89

T/F An object which was specially adapted or made to suit a particular unique feature of a building (e.g. built-in bookcase, track lighthing, bay windows, Murphy bed) is typically classsified as a fixture. (p. 5)

Back 89

True. The term "adaptation" is used to refer to this characteristic of objects.

Hint 89

None

Front 90

The bundle of intangible rights which exist as a a result of property ownership include possess, control, ______, exclude, encumber and dispose. (p. 5)

Back 90

Enjoy

Hint 90

None

Front 91

The bundle of intangible rights which exist as a a result of property ownership include ______, control, enjoy, exclude, encumber and dispose. (p. 5)

Back 91

Possess

Hint 91

None

Front 92

The bundle of intangible rights which exist as a a result of property ownership include possess, ______, enjoy, exclude, encumber and dispose. (p. 5)

Back 92

Control

Hint 92

None

Front 93

The bundle of intangible rights which exist as a a result of property ownership include possess, control, enjoy, ______, encumber and dispose. (p. 5)

Back 93

Exclude

Hint 93

None

Front 94

The bundle of intangible rights which exist as a a result of property ownership include possess, control, enjoy, exclude, ______, and dispose. (p. 5)

Back 94

Encumber

Hint 94

None

Front 95

The bundle of intangible rights which exist as a a result of property ownership include possess, control, enjoy, exclude, encumber and ______. (p. 5)

Back 95

Dispose

Hint 95

None

Front 96

Water rights include three legal doctrines to determine who has the intanginble right to use or divert water and how much. Included are riparian, littoral and prior appropriation water rights. Which of these refers to the rule that the owner who first diverts water having superior rights to all others? (p. 6)

Back 96

Prior appropriate water rights

Hint 96

None

Front 97

Water rights include three legal doctrines to determine who has the intanginble right to use or divert water and how much. Included are riparian, littoral and prior appropriation water rights. Which of these refers to the right of reasonable use for those with property bordering moving water? (p. 6)

Back 97

Riparian

Hint 97

None

Front 98

Water rights include three legal doctrines to determine who has the intanginble right to use or divert water and how much. Included are riparian, littoral and prior appropriation water rights. Which of these refers to the right of reasonable use for those with property bordering non-moving water? (p. 6)

Back 98

Littoral

Hint 98

None

Front 99

T/F Real estate is considered to react to the economic health of a community or a country and upticks in housing starts are lagging indicators which tend to improve following an economic upturn. (p. 7)

Back 99

False. Housing starts are a leading indicator which changes before the econimy starts to follow a particular pattern or trend.

Hint 99

None

Front 100

T/F The social impact of home ownership suggests that home values tend to rise when more renters are present due to civic participation, lower crime rate and perople taking more pride in property they rent. (p. 7)

Back 100

False. Higher concentrations of homeownership, not rentals, is correlated with lower crime rates, higher civic participation and an increased pride in the property.

Hint 100

None

Front 101

One of the unique characteristics of real estate is that each piece of real estate is heterogeneous which means _______ . (p. 7)

Back 101

Every piece of real estate is unique, both in terms of its location and in terms of the nature and quality of any structures placed upon it.

Hint 101

None

Front 102

Because real estate is heterogeneous and imoobile, you can usually expect a ____ in prices when there is an over-supply of homes or land in a given area. (p. 8)

Back 102

Fall

Hint 102

None

Front 103

If there is not enough land or homes in a given area, then prices will almost always _____. (p. 8)

Back 103

Rise

Hint 103

None

Front 104

Factors affecting real estate supply and demand include demographics, unemployment/income, cost/availability of credit, cost/availability of labor and materials and governmental policies. Which factor is in play if local land use controls and zoning are very restrictive? (p. 8)

Back 104

Governmental policies

Hint 104

None

Front 105

Factors affecting real estate supply and demand include demographics, unemployment/income, cost/availability of credit, cost/availability of labor and materials and governmental policies. Which factor is in play if a local employer closes a large facility leading to massive lay-offs? (p. 8)

Back 105

Unemployment/income

Hint 105

None

Front 106

Factors affecting real estate supply and demand include demographics, unemployment/income, cost/availability of credit, cost/availability of labor and materials and governmental policies. Which factor is in play if an active hurricane season leads to severe shortages and high costs for plywood? (p. 8)

Back 106

Cost/availabilty of materials

Hint 106

None

Front 107

Factors affecting real estate supply and demand include demographics, unemployment/income, cost/availability of credit, cost/availability of labor and materials and governmental policies. Which factor is in play if builders and developers are undertaking projects in a neighboring county experiencing a building boom? (p. 8)

Back 107

Cost/availabilty of labor

Hint 107

None

Front 108

Factors affecting real estate supply and demand include demographics, unemployment/income, cost/availability of credit, cost/availability of labor and materials and governmental policies. Which factor is in play if the economy is in recession and banks tighten their lending requirements? (p. 8)

Back 108

Cost/availability of credit

Hint 108

None

Front 109

Factors affecting real estate supply and demand include demographics, unemployment/income, cost/availability of credit, cost/availability of labor and materials and governmental policies. Which factor is in play if congress increases the deductions available to first-time homebuyers? (p. 8)

Back 109

Governmental policies

Hint 109

None

Front 110

Factors affecting real estate supply and demand include demographics, unemployment/income, cost/availability of credit, cost/availability of labor and materials and governmental policies. Which factor is in play if a community experiences a huge influx of immigrant families? (p. 8)

Back 110

Demographics

Hint 110

None

Front 111

Factors affecting real estate supply and demand include demographics, unemployment/income, cost/availability of credit, cost/availability of labor and materials and governmental policies. Which factor is in play if a Tesla plant is built in the center of town attracting highly skilled engineers from around the world? (p. 8)

Back 111

Unemployment/Income

Hint 111

None

Front 112

T/F Real estate is a local business, requiring licensees to keep up with the forces influencing the local market that will have little or no impact in other areas, and vice versa (p. 8)

Back 112

TRUE

Hint 112

None

Front 113

One of the physical characteristics of land … it cannot be moved from one geographical location to another (p. 9)

Back 113

Immobility

Hint 113

None

Front 114

One of the physical characteristics of land … its value may be destroyed by changing conditions, but land exists forever. (This is the reason why land cannot be insured nor can its value by depreciated) (p. 9)

Back 114

Indestructibility

Hint 114

None

Front 115

One of the physical characteristics of land … every parcel of real property is distinct (p. 9)

Back 115

Uniqueness (or Heterogeneity)

Hint 115

None

Front 116

One of the economic characteristics of land .. there is a limited (finite) supply on the Earth. (p. 9)

Back 116

Scarcity

Hint 116

None

Front 117

One of the economic characteristics of land .. Two physically similar parcels of real estate may have very different economic values due to people's preference for one location over another. (p. 9)

Back 117

"Situs" (aka "location, location, location")

Hint 117

None

Front 118

One of the economic characteristics of land ..additions may be made to enhance its value (p. 9)

Back 118

Improvements

Hint 118

None

Front 119

One of the economic characteristics of land .. the infrastructure improvements including sewage, drainage and electricity systems. (p. 9)

Back 119

Investment permanence

Hint 119

None

Front 120

One of the economic characteristics of land .. Combining two ore more contiguous parcels into a single parcel under the same ownership to increase its overall value (aka "plottage value") (p. 9)

Back 120

Assemblage

Hint 120

None

Front 121

In the Metes and Bounds method of legally describing real property, these can be established using artificial monuments (iron pipes, brass disks) and natural monuments (lakes, large boulders and noteworthy trees) (p. 10)

Back 121

Bounds

Hint 121

None

Front 122

Known also as the geodetic or rectangular survey system, and used in more than 30 states (mostly in the mid-west), this method employes the use of imaginary lines to form a checkerboard pattern. (p. 11)

Back 122

Government survey

Hint 122

None

Front 123

In a government survey, these numbered imaginary lines run from north to south

Back 123

Principal Meridians

Hint 123

None

Front 124

In a government survey, these numbered imaginary lines intersect the principal meridians and run east-west

Back 124

Base Lines

Hint 124

None

Front 125

In a government survey, rectangles formed by principal meridians and baselines may be further subdivided into these squares which have 24 miles per side

Back 125

Checks

Hint 125

None

Front 126

In a government survey, Checks, which are 24 miles per side, may be further subdivided into _______ which have 6 miles per side

Back 126

Townships

Hint 126

None

Front 127

In a government survey, townships are divided into one square mile ___________.

Back 127

Sections

Hint 127

None

Front 128

In a government survey, sections are divided into 640 smaller sections called ____________.

Back 128

Acres

Hint 128

None

Front 129

In a government survey, there are ______ numbered sections within a township. The numbering begins in the northeast corner, which is always section number 1 and moves east and then south in a 'snake-like' manner

Back 129

36

Hint 129

None