Ch 1 Quiz Flashcards
“In law, the solid surface on the earth, as distinguished from water” is the definition of
Land
1 Chain =
66 Feet, or 4 Rods or 100 links
1 Furlong =
660 Feet, or 10 Chains
1 Link =
7.92 Inches
1 Mile =
8 Furlongs
1 Rod (or pole or perch) =
16½ Feet, or 25 Links
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?
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, = 5,400 acres
A lot contains .74 acres of land. How many SF is that?
43,560 x 0.74 = 32,234 SF
A lot of 32,234 SF sells for $76,000. How much did it sell for per SF?
76,000 divided by 32,234 = $2.36 per SF
A map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography that can also serve as an official legal description is called a
Plat. Plat can be defined as a map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography. (Chapter 1)
A rectangular lot is 244.88 feet by 391.06 feet? It sold for $48,000. How much did it sell for per acre?
21818.18. 244.88 x 391.06 = 95,763 SF / 43,560 = 2.20 acre. 48,000 / 2.2 = $21,818.18 (Chapter 1)
A rectangular lot is 314.55 feet by 517.24 feet. How many acres is that?
3.74. 314.55 x 517.24 = 162,698 SF / 43,560 = 3.735 acre (3.74 rounded) (Chapter 1)
A triangular shaped lot contains .65 acres and sold for $37,500. How much did it sell for per square foot?
1.32. 43,560 x .65 = 28,314 SF $37,500 / 28,314 = $1.32 per SF (Chapter 1)
All areas are platted.
FALSE
Bounds are best described as ______.
Distances
Each section contains _____ acres.
640
Each Township has ____ numbered sections
36
How many feet are in a chain?
66
How many links are in a chain?
- There are 25 links in a rod, and 4 rods in a a chain. 25 x 4 = 100. (Chapter 1)
Improved land or a lot in a finished state so that it is ready to be used for a specific purpose is called
Site
In the Government Survey System, each township is divided into ____ sections.
- Each township is 6 miles by 6 miles. Each township has 36 numbered sections. (Chapter 1)
Land is best described as a(n) _____________ element.
Physical
Metes are best described as _____.
Bearings. The bearings (or metes) were the directions that a boundary line traveled from a benchmark. It indicated direction relative to north or south. The distances (or bounds) were how long the boundary line ran. (Chapter 1)
One Acre = ____ square feet
43,560 Square Feet
quarter section =
160 acres
quarter-quarter section =
40 acres
section =
1 square mile, or 640 acres
Sites are usually valued according to their highest and best use.
TRUE
The Government Survey System is found primarily in the
Midwest and West. The Government Survey System (also called the Rectangular Survey System) is used in 30 states today; primarily in the Midwest and West (excluding Texas). (Chapter 1)
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
The Highest and Best Use would be the one that would bring the highest value to the site.
TRUE
townships =
6 miles x 6 miles
Trees growing on wooded property in a nature preserve would be part of the
Land. The definition says it includes all natural resources in their original state, e.g., mineral deposits, wildlife, timber, fish, water, coal deposits, soil. (Chapter 1)
Which is longer?
Furlong. A furlong is 660 feet. A pole and a rod are the same length - 16.5 feet. A chain is 66 feet. (Chapter 1)
Which method of legal description is found primarily in along the East Coast?
Metes and Bounds
Which method of legal description was the earliest?
Metes and Bounds
Which of the following are considered site improvements?
Site plan, Fill, Permits, Curbs and gutters, Municipal water, Fill
Which of the following are elements of highest and best use?
Physically possible, Legally permitted, Economically feasible
Which statement is true of land rights?
They can be sold or leased
Which system of legal description grew up primarily in the mid 1900s with the advent of suburban subdivisions?
Lot and Block
Which two terms are very similar?
Tract and parcel. Tract is simply a larger piece of land that is frequently divided. People use the term “development tract.” Sometimes the phrases “tract home” or “tract builder” are heard in the market place. Parcel - a piece of land of any size in one ownership
Which statement regarding highest and best use is true?
The highest and best use of the property as though vacant may be different than the highest and best use of the property as presently improved
Which unit of measure is the longest?
Furlong
Which two terms are very similar?
Lot and parcel. Lot and parcel are very similar and are sometimes used interchangeably. (Chapter 1)
The highest and best use of a site is the use that
Results in the highest site value
Sites are usually valued according to
Their highest and best use
Land includes the surface of the earth and
Anything attached to it by nature or mankind. Land is defined as the earth’s surface, both land and water, and anything that is attached to it whether by the course of nature or human hands; all natural resources in their original state, e.g., mineral deposits, wildlife, timber, fish, water, coal deposits, soil. (Chapter 1)
What is SALES COMPARISON
Compares the subject with recent sales
What is EXTRACTION
Subtracts estimated improvement value to arrive at site value
What is ALLOCATION
Uses land-to-value ratios based on improved sale comparables
What is SUBDIVISION DEVELOPMENT
Subtracts estimated development costs from discounted sale proceeds
What is LAND RESIDUAL
Divides up and capitalizes the income between land and improvements
What is GROUND RENT CAPITALIZATION
Capitalizes income from leased land
