Ownership Flashcards
Primary uses of legal descriptions
Public recording creating deeds leases, mortgage documents other legal documents
Description of the meats and bounds method
Starting at a point of beginning, it traces an enclosed space by following measured lines around an area and returning to the point of beginning )POB)
What are the main elements of the rectangular survey system
Longitude, latitude, Township grids, ranges, tiers, sections, fractions of sections
In the rectangular survey method why is it necessary to have guide Meridians, standard parallels, and quadrangles
Because of the curvature of the earth, a rectangle drawn on the earth surface using laundry total lines as sides will be narrower on the side father from the equator then on the side near the equator, townships would become smaller and smaller as one moved farther north of the equator. The guide meridians, standard parallels, quadrangles limit this variance calls by the earth being round.
Nine the components of a description using the recorded plat method
Lot number, block identifier, subdivision name, section location, Township, county, state
Explain how a datum or benchmark is used to describe the elevation of a property in a legal description
A dad or benchmark has an established elevation. A property description will state that the property is a number of feet above or below the datum or benchmark
Bass parallel
Designated line for identifying Township every 24 miles north and south of a base parallel is a correction line
Check or quadrangle
The 24 x 20 4 mi.² created by the intersection of God meridians and standard parallels
Range
The north-south area between consecutive meridians. Identified by an hour for range, a number representing his original position from the principal Meridian and a W representing that it’s west of principle meridian
TIER
The east west area between two parallel lines. Also known as a township strip identified by a T for TI ER
Townships
Identified bother tier in range identification taken together with the tier designation name first. 6 Miles per side. 36sq Miles
Datums
Standard elevation reference points establish throughout the country
Benchmarks
Surveyors identified local elevation markers to provide reference elevations for nearby properties
Block
An area defined by the intersection of parallel and perpendicular lines
All of the following are elements in the recorded plat system of description except for
Point of beginning
Included are: lot numbers, block numbers, Mouradian reference. The description of a recorded plat property first presents the properties lot number or letter, then the block identifier, then a subdivision name.
What are the primary differences between tenancy by the entireties and joint tenancy?
Tenancy by the entirety requires co owners to be married; tenancy by the entireties can be only two owners; a tenant by the entireties cannot convey his or her interest separately to an outside party
Describe the main features of the concept of community property
Applies to legally married spouses; distinguishes between community property and separately owned property; protects each spouses ownership of the whole community property while spouses live; preserves half of the community property for surviving spouse
What are some of the apparent advantages of a land trust as a way of owning property?
Anonymity; ease of transfer; ease I’d use as collateral; potential benefits in treatment of estate on death of beneficiary (grantor)
What are the primary differences between a condominium in a cooperative as forms of ownership?
C Condo owners actually owns real property airspace and share in common elements, while co-op owner shares in a corporation and proprietary lease; Condo unit can be transferred, encumbered or foreclosed as an entity, while co-op interest cannot be so handled, but only as an interest in the cooperation; entire property, is endangered by default of co op shareholder, but only individual unit is endangered by default of a condo owner.
Describe the main difference between deeded time share ownership and vacation interval ownership as forms of ownership.
The deeded time share owner owns real property; the interval owner owns personal property; the deeded owner acquires the rights to use (a unit at a specific time), rent,sell, exchange or bequeath the interest; the interval acquires a right to use( no particular unit,at a specific time) and may have other rights to sell, exchange, etc. if allowed by the resort owner.
