level 4-practice

Question 1

_______is a professional, on-site measurement of lot lines, dimensions, and elements of a property.

Answer 1

A survey

Question 2

Three primary forms of legal descriptions are

Answer 2

lot and block, metes and bounds, and rectangular survey.

Question 3

the direction and distance of a line forming the property’s boundary are called what?

Answer 3

metes

Question 4

physical features that define the boundaries of the property are called what

Answer 4

bounds

Question 5

What is the most crucial point in a metes and bounds description

Answer 5

the point of beginning

Question 6

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.

Answer 6

lot and block

Question 7

The______ system divides land into townships and further into sections and fractions of sections.

Answer 7

rectangular survey system

Question 8

A township consists of how many sections each measuring one square mile

Answer 8

36

Question 9

Which legal description method is most favored by courts

Answer 9

the lot and block

Question 10

_______owners own the air space between their units and a fractional share in the common elements.

Answer 10

condominium

Question 11

A ______survey includes the location, size and shape of improvements on a property.

Answer 11

spot survey

Question 12

Incorrect legal descriptions can result in what?

Answer 12

unintentional encroachment, clouds on title, and legal issues.

Question 13

a point from which elevations are measured is called a what?

Answer 13

datum

Question 14

what serves as a permanent reference point.

Answer 14

benchmark

Question 15

A mile is how many feet

Answer 15

5,280 feet

Question 16

an acre is how many feet

Answer 16

43,560

Question 17

a square mile is how many acres?

Answer 17

640 acres

Question 18

to calculate square feet to acres

Answer 18

divide the total square feet by 43,560

Question 19

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.

Answer 19

Tenancy in common

Question 20

Typeco-ownership without inheritance rights. When one joint tenant dies, the other joint tenant(s) receive the benefit of that share of the estate.

Answer 20

Joint Tenancy

Question 21

What type of corporation shield personal assets from liability, provide management flexibility and may not be required to file a separate tax return

Answer 21

LLC

Question 22

When two or more people come together for a temporary purpose such as buying real estate, improving it and selling it for a profit.

Answer 22

Joint venture

Question 23

What act allows a general partnership to hold title to real property in the partnership’s name as “tenancy in partnership.

Answer 23

The Uniform Partnership Act