My Land Vs Your Land Flashcards
Name the two characteristics of real estate
Economic and physical
Name and describe the 4 economic characteristics of land
Scarcity - if the land is scarce its value will be greater than if it is plentiful
Improvements - making something better EX: structures like buildings, sheds, barns, fences…
Permanence of investment - cost and nature of infrastructure improvements: roads, underground water, waste water, natural gas, electric installations
Location or area preference - property value depends on location
Name and describe the 3 physical characteristics of land
Immobility - land is fixed geographically it cannot be changed
Indestructibility - land cannot be destroyed
Uniqueness - no two parcels will be exactly the same
Define a legal description of land
A description of the land that specifies the boundaries and location of a piece of land
Define survey
A professional on site measurement of the lot lines and dimensions of the property, including locations of any improvements, encroachments, or easements of public record
What are the three methods of land description
Metes and bounds
Lot and block
Rectangular government survey system (RGSS)
Describe metes and bounds
Metes are the direction and distance of a line for I g the boundary of a property
Bounds refer to the physical features that define the boundaries of the land (tree, creek, boulder, piles of rocks)
Define point of beginning
An easily identifiable point that the rest of the property description will be based off of - used in the metes and bounds method of land description
In the RGSS a Principles meridian runs from…
North to south
In RGSS the base line runs…
Easy to west
One square mile in how many acres
640
In RGSS one township is how many square miles (sections)
36
Which type of legal descriptions of land do courts prefer?
Lot and block
