6.3 Flashcards
There are _____ acres in a section.
640
____ is the form of legal description that has the words “point of beginning” in it.
Metes and bounds
_____ is the legal description method that has been used extensively west of the Mississippi River.
Government survey
_____ is the simplest of the three survey systems to understand.
Lot and block
If the owners of a large tract of land create a plot or smaller piece of land, it is also known as a ______.
Plat
If you create a government survey legal description, you would cut the section into equal _______.
Fourths
A surveyed piece of land that is one mile by one mile is a ______.
Section
Each township is divided into ______ sections.
36
The next smaller measurement than a range is a ______.
Township
There are _____ feet in a mile.
5,280
The three types of legal descriptions are metes and bounds, government rectangular survey System, and ______.
Lot and block survey system
Another name for a building site is _______.
Situs
The ______ survey system is expressed by measuring distances and angles form designated landmarks, and in relation to adjoining properties.
Metes and bounds
For the ______ survey system, the government created a system of squares and rectangles for measuring public land.
Government public land
A _______ is comprised of a grid of 36 sections, each of which is 1 square mile.
Township
Each section is first divided into ______.
Quarters
A ______ description in the Lot and Block system must identify the individual lot and the blocck in which the lot is located.
Legal
A township is comprised of sections that are numbered from the top right to the top left, ______ times.
6
The _____ is a disclosure form that gives an estimate of settlement costs.
Good Faith Estimate (GFE)
The _____ is the Settlement Statement that a buyer receives with the actual settlement costs.
HUD-1
The ______ is the name of the consumer protection act that eliminates kickback and referral fees for settlement services.
Real Estate Settlement Procedures Act (RESPA)
According to ______ the loan length may be advertised to a consumer in number of years or months.
Regulation Z
According to _______ the simple interest rate may not be advertised to consumers more conspcuously than the annual percentage rate (APR).
Regulation Z
According to ______ the abbreviation APR should appear in capital letters.
Regulation Z
_____ is the type of estate that offers the most power of ownership.
Freehold estate
A ______ is the right to ownership of the property upon the death of the life tenant.
Remainder
A ______ is the name of the person who receives possession of the property upon the death of the life tenant.
Remainderman
