6.3 Flashcards

0
Q

There are _____ acres in a section.

A

640

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1
Q

____ is the form of legal description that has the words “point of beginning” in it.

A

Metes and bounds

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2
Q

_____ is the legal description method that has been used extensively west of the Mississippi River.

A

Government survey

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3
Q

_____ is the simplest of the three survey systems to understand.

A

Lot and block

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4
Q

If the owners of a large tract of land create a plot or smaller piece of land, it is also known as a ______.

A

Plat

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5
Q

If you create a government survey legal description, you would cut the section into equal _______.

A

Fourths

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6
Q

A surveyed piece of land that is one mile by one mile is a ______.

A

Section

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7
Q

Each township is divided into ______ sections.

A

36

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8
Q

The next smaller measurement than a range is a ______.

A

Township

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9
Q

There are _____ feet in a mile.

A

5,280

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10
Q

The three types of legal descriptions are metes and bounds, government rectangular survey System, and ______.

A

Lot and block survey system

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11
Q

Another name for a building site is _______.

A

Situs

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12
Q

The ______ survey system is expressed by measuring distances and angles form designated landmarks, and in relation to adjoining properties.

A

Metes and bounds

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13
Q

For the ______ survey system, the government created a system of squares and rectangles for measuring public land.

A

Government public land

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14
Q

A _______ is comprised of a grid of 36 sections, each of which is 1 square mile.

A

Township

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15
Q

Each section is first divided into ______.

A

Quarters

16
Q

A ______ description in the Lot and Block system must identify the individual lot and the blocck in which the lot is located.

A

Legal

17
Q

A township is comprised of sections that are numbered from the top right to the top left, ______ times.

A

6

18
Q

The _____ is a disclosure form that gives an estimate of settlement costs.

A

Good Faith Estimate (GFE)

19
Q

The _____ is the Settlement Statement that a buyer receives with the actual settlement costs.

A

HUD-1

20
Q

The ______ is the name of the consumer protection act that eliminates kickback and referral fees for settlement services.

A

Real Estate Settlement Procedures Act (RESPA)

21
Q

According to ______ the loan length may be advertised to a consumer in number of years or months.

A

Regulation Z

22
Q

According to _______ the simple interest rate may not be advertised to consumers more conspcuously than the annual percentage rate (APR).

A

Regulation Z

23
Q

According to ______ the abbreviation APR should appear in capital letters.

A

Regulation Z

24
Q

_____ is the type of estate that offers the most power of ownership.

A

Freehold estate

25
Q

A ______ is the right to ownership of the property upon the death of the life tenant.

A

Remainder

26
Q

A ______ is the name of the person who receives possession of the property upon the death of the life tenant.

A

Remainderman