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Appraisal > Appraisal - Legal Consideration > Flashcards

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
Q

Leased Hold Estate

A

Lessee

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26
Q

Severalty

A
  • Ownership by one person or entity (corporation)

- e.g. A single corporate entity with more than one stockholder

27
Q

Timeshare Fee

A

When the owner is conveyed title for a specified period of time each year

28
Q

Timeshare Non Fee

A

No conveyance of title, on the right to use the property

29
Q

Co-op

A

Owned by a corporation

Residence are shareholders in the corporation

30
Q

Ownership - 4 unities

A

P - Possession
I - Interest (Unity of interest)
T- Time
T- tTitle

31
Q

Tenancy in periodic

A
  • Auto renews at the end of each period

- month-to-month lease

32
Q

Allodial System

A
  • Complete land ownership

- The system of landownership where everyone can owns land

33
Q

1 mile

A

5280 f

34
Q

1 yard

A

3 f

35
Q

Easement Termination

A
  • Failure of purpose: did not give notice

- Executing a release

36
Q

Easement Appurtenant

A
  • Runs with land
  • An encumbrance that benefits a particular parcel of property while burdening another and follows the title to the property
37
Q

Land Lease (Ground lease)

A
  • 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
Q

Fee Simple Estate

A

An unconditional owernship

Freely transferable, inheritable, and of indefinite duration, with no conditions on the title

39
Q

Easement

A

the right to use another land

40
Q

Encroachment

A

Crosses into another’s property

41
Q

Eminent domain (Right)

A
42
Q

Voluntary liens

A

Mortagage

43
Q

Involuntary Liens

A

Mechanic’s lien
Tax lien
Judgement lien

44
Q

Condemnation (Process)

A

Process by which the property is taken

45
Q

Police Power

A
  • Government regulates the land use for the benefit of the public
  • e.g. Zoning, building codes, environmental regualtion
46
Q

Annexation

A

From personal property -> real property

47
Q

Restrictive Convenants

A

-Privately agreed promises to do or not do something regarding the real property.
Imposed by former owner
-Created in DEED

48
Q

Restrictive Conditions

A
  • Privately agreed promises to do or not do something regarding the real property.
  • Created in DEED
49
Q

Gross Lease

A

each party to a lease is bearing their own typical expenses

50
Q

Fiduciary

A

One who has the legal authority to act in another’s interest

51
Q

Ownership 4 limitations

A

P-Police power
E-Escheat
T-Taxation
E-Eminent Domain

52
Q

Net-Net-Net Lease

A

taxes, maintenance, insurance

53
Q

Leasehold Estate

Periodic Estate

A

Month to Month

Auto renewal

54
Q

Leasehold Estate

Tenancy at Will

A

Giving reasonable notice a lessee or lessor may terminate the tenancy at any time

55
Q

Leasehold Estate

Tenancy at sufferance

A

Tenant remains in possession of property without authorization

56
Q

Non conforming grandfathered use

A

use existed prior to the establishment of zoning

57
Q

Side-yard

A

The area bt. a point where a structure can be constructed per zoning regulations and the side boundary

58
Q

Easement

Servient Tenement

A

The property burdened by an easement

59
Q

Easement

Dominant tenement

A

The property benefiting from an easement

60
Q

Fee Simple Conditional

A

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
Q

General Lien

A

Against all assets owned by a party

-failure to pay federal income taxes

62
Q

Specific Lien

A

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
Q 
Restrictive Covenant 
(prohibiting the construction of fence)
If the owner doesn't observe and built a fence
A

*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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