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Appraisal - Legal Consideration Flashcards

1
Q

Metes and Bounds

A
  • Northwest corner of section 22 ,section line 140 feet, east 100feet to a point of beginning ; Beginning at the pin located in the center of Main Street and 5th, thence N89 57’ 15N 783 feet along Main Street, thence 0 19’00’‘E 857.29 feet;
  • monuments, point of beginning, compass direction, the final call in the description must connect to the point of beginning
  • Use point (metes) and distance (bounds) to describe out side boundaries of a parcel
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2
Q

Lots and Block

A

assessor’s map , subdivision (platted subdivisions) i.e. Tract #7 of Phase IV of the Brown Development

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3
Q

Rectangular(Government) Survey System

A

township-Distance between each section

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4
Q

Conditional use

A

a land use that does not comply with the general zoning rules for the zone in which it’s located, but is permitted there because it benefits the public; i.e. a hospital in a residential neighborhood , church or a school.

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5
Q

Interim use

A

temporary use

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6
Q

Neighborhood

A

geographic benchmark, complementary use

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7
Q

District

A

Narrowest definition to define boundary

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8
Q

License

A

revocable permission

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9
Q

Emblement

A

A Chattel, either entirely or for a period of time. Tenant-owned crops and allows the tenant to re-enter the property to harvest crops.

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10
Q

Special Assessment

A

Taxes are not vote on. New municipal water line.

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11
Q

Easement in gross

A

Run with person (Benefits a person )

i.e. an electric transmission line running from a generation point to a distribution point through several properties

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12
Q

Variance

A

A permit obtained from local zoning authority

Allows the holder to violate zoning ordinance

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13
Q

Personal Property

A

Bill of Sale

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14
Q

Land

A

The surface of the earth and everything above it or below it

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15
Q

Site

A

Land ready to be built

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16
Q

Real Estate

A

Land + Improvement

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17
Q

Acreage

A

Measurement of size

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18
Q

Zoning

A

Building setback
Building height
Lot coverage area

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19
Q

Remainderman

A

Life estate terminates - when the interest goes on

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20
Q

Reversionary grantee

A

Life estate terminates - interest goes back (reverts)

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21
Q

Life Estate

A

Freehold estate - an indefinite period of time, as long as someone lives

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22
Q

Leasehold Estate - Estate For Years

A
  • Any lease that is valid until the end of a specific term (could be more or less than a year)
  • e.g. six months lease
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23
Q

Leasehold Estate - Tenancy at Sufferance

A

the unauthorized hold over of a tenant after the lease expires

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24
Q

Leased Fee Estate

A

Lessor

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25
Leased Hold Estate
Lessee
26
Severalty
- Ownership by one person or entity (corporation) | - e.g. A single corporate entity with more than one stockholder
27
Timeshare Fee
When the owner is conveyed title for a specified period of time each year
28
Timeshare Non Fee
No conveyance of title, on the right to use the property
29
Co-op
Owned by a corporation | Residence are shareholders in the corporation
30
Ownership - 4 unities
P - Possession I - Interest (Unity of interest) T- Time T- tTitle
31
Tenancy in periodic
- Auto renews at the end of each period | - month-to-month lease
32
Allodial System
- Complete land ownership | - The system of landownership where everyone can owns land
33
1 mile
5280 f
34
1 yard
3 f
35
Easement Termination
- Failure of purpose: did not give notice | - Executing a release
36
Easement Appurtenant
- Runs with land - An encumbrance that benefits a particular parcel of property while burdening another and follows the title to the property
37
Land Lease (Ground lease)
- The expiration of the lease is usually related to the economic life expectancy of the structure built on it - Occurs when only the land is lease - The leasee adds his own improvements to the land - Upon termination, lessor acquires any improvements if not state in the lease term (affixed to his land)
38
Fee Simple Estate
An unconditional owernship | Freely transferable, inheritable, and of indefinite duration, with no conditions on the title
39
Easement
the right to use another land
40
Encroachment
Crosses into another's property
41
Eminent domain (Right)
-Government's right to take land for the public good with compensation -
42
Voluntary liens
Mortagage
43
Involuntary Liens
Mechanic's lien Tax lien Judgement lien
44
Condemnation (Process)
Process by which the property is taken
45
Police Power
- Government regulates the land use for the benefit of the public - e.g. Zoning, building codes, environmental regualtion
46
Annexation
From personal property -> real property
47
Restrictive Convenants
-Privately agreed promises to do or not do something regarding the real property. Imposed by former owner -Created in DEED
48
Restrictive Conditions
- Privately agreed promises to do or not do something regarding the real property. - Created in DEED
49
Gross Lease
each party to a lease is bearing their own typical expenses
50
Fiduciary
One who has the legal authority to act in another's interest
51
Ownership 4 limitations
P-Police power E-Escheat T-Taxation E-Eminent Domain
52
Net-Net-Net Lease
taxes, maintenance, insurance
53
Leasehold Estate | Periodic Estate
Month to Month | Auto renewal
54
Leasehold Estate | Tenancy at Will
Giving reasonable notice a lessee or lessor may terminate the tenancy at any time
55
Leasehold Estate | Tenancy at sufferance
Tenant remains in possession of property without authorization
56
Non conforming grandfathered use
use existed prior to the establishment of zoning
57
Side-yard
The area bt. a point where a structure can be constructed per zoning regulations and the side boundary
58
Easement | Servient Tenement
The property burdened by an easement
59
Easement | Dominant tenement
The property benefiting from an easement
60
Fee Simple Conditional
Owner may hold estate only as long as some condition does not occur. If the condition is not observed, the owner could forfeit title.
61
General Lien
Against all assets owned by a party | -failure to pay federal income taxes
62
Specific Lien
Against the specific property that is subject to the lien (property that is mortgaged, contracted,special assessment) - Loan taken out for a first mortgage - mechanic lien - A lien shared with other residents in the immediate area for new street lights
63
``` Restrictive Covenant (prohibiting the construction of fence) If the owner doesn't observe and built a fence ```
*binding promises Enforcement is limited to forcing the owner to take down the fence. Failure to comply doesn't cause forfeiture of title Deed restrictions are private (no zoning power)

Appraisal (17 decks)

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