level 4-practice Flashcards
_______is a professional, on-site measurement of lot lines, dimensions, and elements of a property.
A survey
Three primary forms of legal descriptions are
lot and block, metes and bounds, and rectangular survey.
the direction and distance of a line forming the property’s boundary are called what?
metes
physical features that define the boundaries of the property are called what
bounds
What is the most crucial point in a metes and bounds description
the point of beginning
The ______system begins with a reference to either the rectangular survey or metes and bounds description. Next, the land is divided into lots with numerical designations of each parcel.
lot and block
The______ system divides land into townships and further into sections and fractions of sections.
rectangular survey system
A township consists of how many sections each measuring one square mile
36
Which legal description method is most favored by courts
the lot and block
_______owners own the air space between their units and a fractional share in the common elements.
condominium
A ______survey includes the location, size and shape of improvements on a property.
spot survey
Incorrect legal descriptions can result in what?
unintentional encroachment, clouds on title, and legal issues.
a point from which elevations are measured is called a what?
datum
what serves as a permanent reference point.
benchmark
A mile is how many feet
5,280 feet
an acre is how many feet
43,560
a square mile is how many acres?
640 acres
to calculate square feet to acres
divide the total square feet by 43,560
Type of co-ownership with inheritance rights. Owners may sell their interest without the consent of co-owners. Each has an undivided interest in the entire property.
Tenancy in common
Typeco-ownership without inheritance rights. When one joint tenant dies, the other joint tenant(s) receive the benefit of that share of the estate.
Joint Tenancy
What type of corporation shield personal assets from liability, provide management flexibility and may not be required to file a separate tax return
LLC
When two or more people come together for a temporary purpose such as buying real estate, improving it and selling it for a profit.
Joint venture
What act allows a general partnership to hold title to real property in the partnership’s name as “tenancy in partnership.
The Uniform Partnership Act
