Unit 1,2 Exam Land, Real Property, Real Estate Flashcards

Unit 1,2 Exam (Land, Real Property, Real Estate) Flashcards The lot and block system includes numbered or lettered blocks and lots. (T/F) T North-south lines that don't run through the initial pointRange lines (metes or bounds) Beginning at the heart-shaped boulder in the middle of Fantame Creek bounds Morty, a land surveyor, was called out to survey a property.After doing some research, he located the legal description for the property in question. Now, if he could just find the point of beginning located at the iron pin on the southerly line of state route 117, 30 feet east of the oak tree next to Bear Creek. What type of legal description is Morty working with?Metes and bounds The north-south line that runs through the initial pointPrincipal meridian A survey may be required to verify, clarify, correct, or create a legal description. (T/F) T What's the best definition of personal property? Everything that's not real property A survey is a professional, on-site measurement of the lot lines and dimensions of a property.(T/F) T 123 Main Street, Anytown, USA 55555street address method of land descriptions that divides land into six-mile-square townships, which can then be further divided Rectangular government survey The east-west line that runs through the initial pointBase line Which economic characteristic of land contains the concept that a land's value can be affected by the changes made to it, such as construction of a home or shopping center?Improvements A survey doesn't include any improvements (such as a house) on the property or any encroachments or easements. (T/F) F Which of the following is a key consideration and starting reference for a metes and bounds description?Point of beginning Shannon is reading through paperwork related to her upcoming home purchase when she comes across the

following: "Southwest quarter of Southwest quarter (SW ¼

of SW ¼) and West Half of Southeast quarter of Southwest quarter (W½ SE¼ SW¼) of Section Eleven (11), Township Four (4) North of Range Eight (8) West." What did Shannon just find?Legal description Often used in courts and on legal documents. Legal description Harmony is looking at the legal description on her purchase contract. It mentions that the plat of her property is

recorded in Map Book 12, page 14, at the county courthouse. What type of legal description is this?Lot and block

Which of the following are included in the transfer of real property unless specifically excluded in writing?Fixtures What are emblements in real estate?Cultivated crops The lot and block system doesn't include lot measurements or distances. (T/F) F Which of the following would be considered personal property?Free-standing TV An address is a sufficient legal description. (T/F)F What's the best definition of real property? Real estate, plus all of the interests, benefits, and rights included in ownership (T/F) The PLSS is used throughout the U.S. F. This system is not used by any East Coast states except Florida. Only 30 western and southern states use this system.Buyers Tony and Sylvia know the postal address of the property they're purchasing but are wondering about the legal description of the property. Where is the most likely place to find the legal description?Deed The MARIA acronym helps to identify the five tests of a fixture. Which of the following tests refers to how and whether the item is attached to the property?Method of Annexation A professional, on-site measurement of the lot lines and dimensions of a property is known as ______.A survey (T/F) The system divides land into townships and further into sections and fractions of sections from there.T Ron's company leased a building so that it could build an escape room experience. After operating for two years, attendance (and thus its profits) started to drop significantly, so it decided to close the location. When the workers started taking down the installation, they realized that some of the structures would damage the walls if they were to try to remove them. Which of these is true about these trade fixtures?Ron may take the fixtures as long as he repairs any damage caused by removal method of land descriptions that is mainly used in urban and suburban areas Lot and block (metes or bounds) The direct center of the three trees forming a triangle bounds Either a metes and bounds or a rectangular survey description is always the starting point for a lot and block survey. (T/F) T ____ are six miles by six miles square and are subdivided into 36 one-mile-square sections. Each section is one square mile or 640 acres.Townships Best used when telling someone where you live or where letters or packages can be delivered.street address

(T/F) The U.S. Department of the Interior, Bureau of Land Management regulates the system.T A legal description specifies location and boundaries of a specific piece of real property. (T/F) T If the land is described as "Beginning at the great oak 60 yards from the center of the Rock River that runs north to south through the county," what type of legal description is being used?Metes and bounds Lot and Block Measurement Process1) Either a rectangular or metes and bounds description is referenced. 2) The land is divided into lots with numerical designations of the parcel.Area, dimensions, and description used to detail the location of a property and its boundaries.Legal description What's the relationship between townships and sections in the rectangular survey system?Townships are divided into sections.Legal descriptions appear on deeds and other legal documents. (T/F) T COMMENCING at the intersection of the right-of-way of Main Street and the Eastern 40' on North Avenue; THENCE leaving said point ...Legal description method of land descriptions that uses monuments, compass headings, and directions Metes and bounds 37 degrees north for 78 meters (metes or bounds) metes Which of these is the best definition of real estate?land, plus all things permanently attached to it naturally or artificially Annette really wants to move to San Francisco, but she's unsure whether she'll be able to afford to live there.Housing is very expensive because there simply is no room to build any new housing units. Which economic characteristic does this reflect?Scarcity East-west lines that don't run through the initial pointTownship lines (metes or bounds) 90 feet due north, turn 12 degrees west for 15 feet, turn due north for 5 feet metes Physical features that define the boundaries of the landbounds What does the lot and block system use to develop a property's legal description?Plat references What is the oldest type of legal description used in the U.S.?Metes and bounds What's a monument?A permanent physical marker that is either man-made or natural House number, street name, city, state, and zip code used to describe the location of a property.street address Consists of 640 acresSection Brandon is interested in purchasing a piece of property, but before doing so, he'd like to verify the accuracy of the legal