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15 Cards in this Set
- Front
- Back
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What is Real Estate?
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land and improvements permantly attached
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What is land?
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Surface of the earth and natural resources; areas above and below the surface
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What is real property?
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Technically it relates to rights in real estate but its is used interchangeably with "real estate"
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What is legal description?
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description of a parcel of land that would be acceptable in a court or legal proceeding; it should unquestionably differentiate the subject parcel from all other parcels
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Why is a system of legal descriptions needed?
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Transactions- what exactly are you getting?
Taxation- How big is the parcel? Boundary disputes- Wheere does my property begin and end? |
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Why not just use street addresses or reger to adjoining owners?
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*Street names can change as can the numbering on some or all properties on a street
*Owners of neighboring properties can change *We need a method based on permanent reference points |
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What are the Three promary methods of legal description?
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1.U.S. Government Rectangular Survey System
2. Metes and Bounds 3. Subdivision Plat |
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What is the U.S. Government Rectangular Survey System based on?
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Square parcels of land:
*Quadrangles: contains 16 townships *Townships: contains 36 sections *Sections: contains 640 acres *Half Section (320 acres), Quarter section (160 acres), Quarter of quarter (40), Quarter of quarter of quarter (10) **Acre contains 43,560 sq ft |
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What is a possible solution to a small problem in laying out quadrangles that are 24 miles "square or townships that are 6 miles square--the boundaries would converge as we went farther north?
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Provide a periodic break in teh north-running lines to keep all townships essentially the same size but prorate the lost ground over selected townships in each quadrangle
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What is Metes and Bounds?
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oldest method of describing property; Metes are distances, Bounds are directions
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What is the disagreement of a metes and bounds description is ambiguous settled based on?
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1. Natural landmarks or known boundaries of adjacent properties
2. Artificial landmarks 3.Directions 4.Distances 5.Stated quantity of acreage |
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What is the zygocephalum system?
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land description tool based on the hard-to-nail down measure of the quantity of land a team of oxen could plow in a day
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What is the plane/coordinate system?
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based on logitudinal and latitudinal measures with reference points in each state--highway departments and utility companies sometimes make use of it.
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What is altitudinal measures?
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somestimes based on a "datum" or base altitude, of sea level in NYC harbor
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What is Geographic Information System?
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high-tech era tool for uniquely identifying real estate; computer technology to create and manage information based on geographical location, using global reference points
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