Ch 1 Elements of property, land and site

Question 1

In law, the solid surface on the earth, as distinguished from water. One of the four agents of production in economic theory

Answer 1

land

Question 2

Improved land or a lot in a finished state so that it is ready to be used for a specific purpose.

Answer 2

Site

Question 3

Sites are typically valued according to their

Answer 3

highest and best use

Question 4

Improved land or a lot in a finished state so that it is ready to be used for a specific purpose is called
Improved land
Situs
Site
Tract

Answer 4

site

Question 5

“In law, the solid surface on the earth, as distinguished from water” is the definition of
Land
Terra firma
Real property
Site

Answer 5

land

Question 6

Which of the following would NOT be considered a site improvement?
Curbs and gutters
Municipal water
Fill
Mineral deposits

Answer 6

mineral deposits

Question 7

Trees growing on wooded property in a nature preserve would be part of the
Site
Site improvements
Emblements
Land

Answer 7

land

Question 8

Which of the following items would NOT be considered a site improvement?
Water rights
Site plan
Fill
Permits

Answer 8

water rights

Question 9

Land is best described as a(n) \_\_\_\_\_\_\_\_\_\_\_\_\_ element.
Economic
Physical
Legal
Social

Answer 9

physical

Question 10

Sites are usually valued according to their highest and best use.
True
False

Answer 10

true

Question 11

The highest and best use of a site as though vacant may be different from the highest and best use of the whole property, as presently improved.
True
False

Answer 11

true

Question 12

A plan, map, or chart of a city, town, section, or subdivision indicating the location and boundaries of individual properties.

Answer 12

plat

Question 13

a description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and defined.

Answer 13

legal description

Question 14

A record showing the location, size and owner of each plot of land in a stated area.

Answer 14

plat book

Question 15

3 general types of legal descriptions

Answer 15

Metes and Bounds
Government Survey
Lot and Block

Question 16

he earliest system and was employed in the 13 original colonies in the East and Southeast United States. It utilized a system of bearings and distances.

Answer 16

metes and bounds

Question 17

Bounds are best described as \_\_\_\_\_\_.
Distances
Benchmarks
Bearings
None of the above

Answer 17

distances

Question 18

Metes are best described as \_\_\_\_\_.
Benchmarks
Boundaries
Bearings
None of the above

Answer 18

bearings

Question 19

The distances in earlier metes and bounds descriptions were calculated in chains links and rods

Answer 19

gunters chain

Question 20

The basics of the gov’t survey system are as follows:

Answer 20

Land is divided into townships (6 miles x 6 miles)
Each Township has 36 numbered sections
Each section is theoretically 1 square mile, or 640 acres
West & North sections of a township were used for error and curvature correction, and are often smaller

Question 21

A farmer owned 4 full sections and 2 half sections. Then he bought the adjoining property which consisted of 2 full sections, 1 half section, 3 quarter sections, and 3 quarter-quarter sections. How many acres does he own now?

A. 540
B. 3,250
C. 4,200
D. 5,400

Answer 21

5,400 acres

6 full sections x 640 acres = 3,840 acres

3 half sections x 320 = 960

3 quarter sections x 160 = 480

3 quarter-quarter sections x 40 = 120

Question 22

system employs plats and plat books.

Answer 22

lot and block system

Question 23

A distinct piece of land; a piece of land that forms a part of a district, community, city block, etc.
A piece of land in one ownership, whether platted or unplatted.

Answer 23

lot

Question 24

A parcel of land; an area of real estate that is frequently divided into smaller parcels.

Answer 24

tract

Question 25

a piece of land of any size in one ownership

Answer 25

parcel

Question 26

``` In the Government Survey System, each township is divided into ____ sections. 16 32 36 40 ```

Answer 26

36

Question 27

A rectangular lot is 314.55 feet by 517.24 feet. How many acres is that? 2. 68 2. 99 3. 52 3. 74

Answer 27

3.74

Question 28

``` Which two terms are very similar? Lot and plot Tract and parcel Plot and tract Site and land ```

Answer 28

tract and parcel

Question 29

``` Which system of legal description grew up primarily in the mid 1900s with the advent of suburban subdivisions? Government Survey Lot and Block Rectangular Survey Metes and Bounds ```

Answer 29

lot and block

Question 30

``` Which is longer? Pole Chain Furlong Rod ```

Answer 30

furlong

Question 31

``` A rectangular lot is 244.88 feet by 391.06 feet. It sold for $48,000. How much did it sell for per acre? $18,772.34 $21,818.18 $22,745.45 $24,621.98 ```

Answer 31

$21,818.18

Question 32

``` Each section contains _____ acres. 40 160 320 640 ```

Answer 32

640

Question 33

``` Which method of legal description is found primarily in along the East Coast? Rectangular Survey Metes and Bounds Government Survey Lot and Block ```

Answer 33

metes and bounds

Question 34

``` Improved land or a lot in a finished state so that it is ready to be used for a specific purpose is called Improved land Situs Site Tract ```

Answer 34

site

Question 35

``` Trees growing on wooded property in a nature preserve would be part of the Site Site improvements Emblements Land ```

Answer 35

land