Appraisal - Legal Consideration Flashcards
Metes and Bounds
- 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
Lots and Block
assessor’s map , subdivision (platted subdivisions) i.e. Tract #7 of Phase IV of the Brown Development
Rectangular(Government) Survey System
township-Distance between each section
Conditional use
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.
Interim use
temporary use
Neighborhood
geographic benchmark, complementary use
District
Narrowest definition to define boundary
License
revocable permission
Emblement
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.
Special Assessment
Taxes are not vote on. New municipal water line.
Easement in gross
Run with person (Benefits a person )
i.e. an electric transmission line running from a generation point to a distribution point through several properties
Variance
A permit obtained from local zoning authority
Allows the holder to violate zoning ordinance
Personal Property
Bill of Sale
Land
The surface of the earth and everything above it or below it
Site
Land ready to be built
Real Estate
Land + Improvement
Acreage
Measurement of size
Zoning
Building setback
Building height
Lot coverage area
Remainderman
Life estate terminates - when the interest goes on
Reversionary grantee
Life estate terminates - interest goes back (reverts)
Life Estate
Freehold estate - an indefinite period of time, as long as someone lives
Leasehold Estate - Estate For Years
- 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
Leasehold Estate - Tenancy at Sufferance
the unauthorized hold over of a tenant after the lease expires
Leased Fee Estate
Lessor
Leased Hold Estate
Lessee
Severalty
- Ownership by one person or entity (corporation)
- e.g. A single corporate entity with more than one stockholder
Timeshare Fee
When the owner is conveyed title for a specified period of time each year
Timeshare Non Fee
No conveyance of title, on the right to use the property
Co-op
Owned by a corporation
Residence are shareholders in the corporation
Ownership - 4 unities
P - Possession
I - Interest (Unity of interest)
T- Time
T- tTitle
Tenancy in periodic
- Auto renews at the end of each period
- month-to-month lease
Allodial System
- Complete land ownership
- The system of landownership where everyone can owns land
1 mile
5280 f
1 yard
3 f
Easement Termination
- Failure of purpose: did not give notice
- Executing a release
Easement Appurtenant
- Runs with land
- An encumbrance that benefits a particular parcel of property while burdening another and follows the title to the property
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)
Fee Simple Estate
An unconditional owernship
Freely transferable, inheritable, and of indefinite duration, with no conditions on the title
Easement
the right to use another land
Encroachment
Crosses into another’s property
Eminent domain (Right)
Voluntary liens
Mortagage
Involuntary Liens
Mechanic’s lien
Tax lien
Judgement lien
Condemnation (Process)
Process by which the property is taken
Police Power
- Government regulates the land use for the benefit of the public
- e.g. Zoning, building codes, environmental regualtion
Annexation
From personal property -> real property
Restrictive Convenants
-Privately agreed promises to do or not do something regarding the real property.
Imposed by former owner
-Created in DEED
Restrictive Conditions
- Privately agreed promises to do or not do something regarding the real property.
- Created in DEED
Gross Lease
each party to a lease is bearing their own typical expenses
Fiduciary
One who has the legal authority to act in another’s interest
Ownership 4 limitations
P-Police power
E-Escheat
T-Taxation
E-Eminent Domain
Net-Net-Net Lease
taxes, maintenance, insurance
Leasehold Estate
Periodic Estate
Month to Month
Auto renewal
Leasehold Estate
Tenancy at Will
Giving reasonable notice a lessee or lessor may terminate the tenancy at any time
Leasehold Estate
Tenancy at sufferance
Tenant remains in possession of property without authorization
Non conforming grandfathered use
use existed prior to the establishment of zoning
Side-yard
The area bt. a point where a structure can be constructed per zoning regulations and the side boundary
Easement
Servient Tenement
The property burdened by an easement
Easement
Dominant tenement
The property benefiting from an easement
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.
General Lien
Against all assets owned by a party
-failure to pay federal income taxes
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
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)
