level 4 practice-legal descriptions and forms of ownership Flashcards
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
Survey
form of land description that uses compass headings and directions
Metes and Bounds
form of land description that provides plat references
Lot and block
divides land surveyed into six-mile-square townships, which are further subdivided
rectangular survey system
permanent land markers are used as point of beginning
Monument system
How many feet is in one mile
5280 feet
How many square feet is in an acre
43,560 square feet
How many square inches are in a square foot
144 square inches
how many square miles in a yard
3 foot square mile
How many acres are in a square mile
640 acres
area formula for a triangle
(.5 x base) x height
formula for acreage
property size/43,560
formula for hectares
property size in acres / 2.47 acres
price per square foot formula
sales price / area
What is tenancy in common
inheritance rights
What is joint tenancy
no inheritance rights
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
Tenancy by the entirety
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.
termination of joint tenancy
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.
Termination of co-ownership by partition
When is a living trust created
created during a person’s life
What is a testamentary trust
created according to the terms of a will
What are the benefits of a land trust?
Deed not required, Revocable, Asset transfers protected, Identity of trust owner is private
