level 4 practice-legal descriptions and forms of ownership

Question 1

Professional, on-site measurement of the lot lines and dimensions of a property including the location of any improvements (such as a house) as well as any encroachments or easements

Answer 1

Survey

Question 2

form of land description that uses compass headings and directions

Answer 2

Metes and Bounds

Question 3

form of land description that provides plat references

Answer 3

Lot and block

Question 4

divides land surveyed into six-mile-square townships, which are further subdivided

Answer 4

rectangular survey system

Question 5

permanent land markers are used as point of beginning

Answer 5

Monument system

Question 6

How many feet is in one mile

Answer 6

5280 feet

Question 7

How many square feet is in an acre

Answer 7

43,560 square feet

Question 8

How many square inches are in a square foot

Answer 8

144 square inches

Question 9

how many square miles in a yard

Answer 9

3 foot square mile

Question 10

How many acres are in a square mile

Answer 10

640 acres

Question 11

area formula for a triangle

Answer 11

(.5 x base) x height

Question 12

formula for acreage

Answer 12

property size/43,560

Question 13

formula for hectares

Answer 13

property size in acres / 2.47 acres

Question 14

price per square foot formula

Answer 14

sales price / area

Question 15

What is tenancy in common

Answer 15

inheritance rights

Question 16

What is joint tenancy

Answer 16

no inheritance rights

Question 17

Which type of estate in real property in which the owners of property are husband and wife. Each spouse has an equal and undivided interest in the property. In essence, each owns the entire estate

Answer 17

Tenancy by the entirety

Question 18

The type of termination in which a joint tenant may sell that tenant’s share of ownership However, the buyer of that share does not become a joint tenant, because the required four unities do not exist. The new buyer did not receive title at the same time as the other tenants, so the unity of time is destroyed. Therefore, the new owner is a tenant in common. The remaining tenants continue as joint tenants, with the right of survivorship shared between them. The new buyer, as a tenant in common, has an inheritable share.

Answer 18

termination of joint tenancy

Question 19

The type of termination in which In the case of an equitably divided piece of land, each tenant would receive title to a separate tract according to that person’s share of interest. In cases where it is impossible to do an equitable split, a court may order the sale of the property and determine the appropriate share of proceeds to be distributed to the tenants in common.

Answer 19

Termination of co-ownership by partition

Question 20

When is a living trust created

Answer 20

created during a person’s life

Question 21

What is a testamentary trust

Answer 21

created according to the terms of a will

Question 22

What are the benefits of a land trust?

Answer 22

Deed not required, Revocable, Asset transfers protected, Identity of trust owner is private