2. Property concepts Flashcards
Personal property
Doesn’t add value to the property being appraiser since it goes with the owner
Bundle rights
Legal rights attached to the ownership of the property
Use Possession Transfer Encumber Enjoy Own
Dispute over RP or Pp
MARIA
Method of attachment Agreement of the parties Relationship to parties Intent of the parties Adaption
Legal description
Written description that describes it as precisely as possible
Describes boundaries
(Metes and bounds, public land survey system, recorded plat system)
Metes and bounds
Metes: measurements in length from one monument to another; feet
Bounds: direction; written in degrees, minutes, and seconds.
Used to distinguish boundaries In properties by using land marks and monuments
Usually irregular land shapes
Public Land Survey System (PLSS)
Formerly known as section and townships
Uses meridians and baselines as reference points.
After they find out what lines they are using ⬆ they use range lines every 6 miles going east and west
The township lines going north and east every six miles are created. Numbered by the distance of the baseline.
A grid is created called townships. 6x6 miles thus are describes by t4n, r3w San Bernardino baseline and meridian
In a township there are 36 sections each being 1x1 mile and contains 640 acres.
Each section is then divided by into 4 and has 160acres in each.
Calculate arrange: 1/4x1/4x 640
Multiple the description by the total acres
Recorded plat system
Lot and block system or subdivision map or recorded map system
Describes the property by identifying the registered lot and the block on a recorded subdivision plat or survey
Lot is a single parcel
Block is a group of lots joined together by a street name, etc
When houses are all on the same street they have a lot and block number. When people are building the houses they are assigned one. This is how they are identified
Urban areas
Real property
The land an the bundle rights inherent w it’s ownership
Land
Air rights Surface rights Subsurface rights Water rights Support rights Mineral rights
Riparian rights though are water rights
