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Real Estate Licensing > Chapter 4 : Property Description > Flashcards

Chapter 4 : Property Description Flashcards

1
Q

LEGAL DESCRIPTION

A 
Exact way of describing real estate in
* any contract to convey real property
* any deed
*mortgage
*court accepted document
*NOT street addresses unless "commonly   
    known as" is used
*should ALWAYS include name of county and    
     state
1) metes and bounds
2) Gov't Survey (not used in NC)
3) Reference to a Recorded Plat
4) Ref to a Publicly Recorded doc that 
        contains a legal description
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2
Q

Informal Description or Reference

A

Street address standing alone

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3
Q

Metes & Bounds

A
  • earliest form of legal description
  • primary method still used in 13 original colonies
  • Shows boundaries of parcels where they meet.
  • starts at POB and proceeds clockwise or counterclockwise by way of “Calls”
  • distance between monuments takes precedence or any linear measurement if they differ.
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4
Q

Point of Beginning (POB): metes and bounds

A

definitely designated place

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5
Q

Calls: Metes & Bounds

A

Linear measurements and compass directions used in metes and bounds.

  • Metes= Distance
  • Direction = Bounds
  • Begins with North or South, then East or West
  • Always ends at POB
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6
Q

Monuments: Metes & Bounds

A

1) fixed objects used to establish real estate boundaries.
* stones
* large trees
* lakes
* streams
* streets
* highways
* survey markers
2) Measurements referred to as “more or less”
3) location of is more important than distance

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7
Q

Rectangular ‘Government Survey System’

A

established 1785
standardized the description of land aquired by federal government
*land divided into rectangles
*based on Principle Meridians & Base Lines referenced by location of longitude and latitude.

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8
Q

Principal Meridians: Gov’t Survey System

A
  • 37 in US
  • Run North and South
  • Often relate to more than one state and
    can also relate to two base lines.
  • referenced by longitude and latitude
  • no parcel of land is described by
    reference to more than one principal
    meridian.
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9
Q

Base Lines: Gov’t Survey System

A
  • Run East & West

* Referenced by longitude and latitude

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10
Q

Ranges : Gov’t Survey System

A
  • North & South strips of land on either side
    (parallel) of a principal meridian.
  • 6 miles wide
  • designated by consecutive #’s east or west of principal meridian.
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11
Q

Township Tiers: Gov’t Survey System

A
  • Township lines running East & West
  • Parallel to base line
  • 6 miles apart
  • designated by consecutive #’s North or
    South of the base line
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12
Q

Township Squares: Gov’t Survey System

A
  • When horizontal township lines and vertical
    range lines intersect forming squares.
  • Basic units of the rectangular survey system
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13
Q

Townships

A
  • 6 miles square
  • 36 square miles/ 36 sections
  • 23, 040 acres
    Legal description includes
    1) designation of township tier
    2) designation of the range strip
    3) Name or # of the principal meridian for that
    area.
    *numbered right to left, left to right etc.
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14
Q

Sections: Gov’t Survey System

A
  • 36 in each township
  • 1 square mile
  • 640 acres
  • 43,560 sq feet in each acre
  • divided into halves = 320 acres
  • divided into quarters = 160 acres
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15
Q

Section 16

A

by law set aside for school purposes

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16
Q

Reference to a Recorded Plat (Lot & Block)

A 
* 2nd method of land description used in 
     NC
* uses lot and block numbers/plat or 
    subdivision
* placed in Register of Deeds of county
* Most common and worry free method 
     used in urban areas.
17
Q

Plat Map

A

created by licensed surveyor or engineer

  • lot sizes and street details
  • when referenced
    • lot and block number
    • name or number
    • name of county & state
18
Q

Reference to a Recorded Deed

A
  • 3rd method of land description used in
    NC
  • usually references an earlier deed to
    identical property
  • Deeds do not make reference to buildings
  • Legal Descriptions that should be
    prepared by professional land surveyor or
    Lawyer only as affects title.
19
Q

Informal References

A

Street Address
*often used in
short term lease agreements
listing contract

20
Q

Survey

A

*sets forth the legal description of the property

21
Q

Survey Sketch

A

Shows location & dimensions of parcel

22
Q

Physical Survey, Mortgage Location Survey or Identification Survey

A

Shows
* Location, size, & shape of buildings on the
lot.

23
Q

Topographic Survey/ Topo Survey

A

Shows

* lay of the land : hills & valleys

Real Estate Licensing (42 decks)

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