Property Descriptions Flashcards
Metes and bounds: a method of describing real property that uses _________ and ____ __________ with direction and distances to define and describe the boundaries of the land.
geography and land features
Rectangular survey system: traditional method of surveying property and measures factors such as the precise length of ___ ____, _____ _________ (flora/fauna), surface and land soil.
Rectangular survey system: length of line run, natural materials, surface and land soil.
Most commonly used method to survey and spatially identify land or property parcels before designating ownership, whether for sale or transfer.
Government or US public land system
A survey method that refers to a square unit of land, that is six miles on each side.
Townships
Each 36 square mile township is divided into __ one-square mile sections that can be further subdivided for sale.
36 one-square mile sections
Method that use a principal meridian line used for survey control in a large region, which divides township between north/south/east/west.
Principal meridians
Base lines run _______.
Horizontally; east to west.
Meridians run ________.
Vertical; north to south.
The three base line-meridian intersections used in California are:
- Humboldt Base Line and Meridian (HBBM)
- Mt. Diablo Base Line and Meridian (MDBM)
- San Bernardino Base Line and Meridian (SBBM)
Humboldt Base Line and Meridian (HBBM)
Northern part of California.
Mt. Diablo Base Line and Meridian (MDBM)
Middle part of California.
San Bernardino Base Line and Meridian (SBBM)
Southern part of California.
Recorded plat
Also known as the lot and block survey system; this system is used for lots in a variety of areas.
Assessor’s parcel number; APN
Also known as an appraisal’s account number; a number assigned to parcels of property by the state’s jurisdiction for identification and record-keeping.
The U.S. government has the right to take private property for public use through the power of ________ _________ and expropriation or taking power.
eminent domain
_________ is the transfer of one’s property who doesn’t have heirs when he/she dies.
Escheatment
T/F
Multiple areas, or jurisdictions, can tax the same property at a time if it is being utilized in more than one area of claims more than one address.
True
__ ___________ taxes are taxes created specifically based on the monetary value of the property as a whole. This is the most common type of property tax and is usually created at the time of the purchase of the property, although it can be done on an annual basis as well.
Ad valorem taxes
This California law specifics how often real property may be assessed or reassessed. Property owners who disagree with the assessment of their property may appeal to the Board of Equalization by presenting an independent appraisal.
Proposition 13
Property Tax Postponement applies to homeowners age __ years an older. It is a property tax relief that allows low-income homeowners __ years of age and older to postpone property tax payment until their principal residence is either sold or no longer occupied.
62 years of age or older
The __________ Assistance Program allows homeowners 62 years and older to qualify for a property tax rebate. It’s also available to qualifying low-income seniors.
Homeowners Assistance Program
________ generally refers to a person’s property, entitlement or assets, but is usually applied to a large parcel of land that includes the real and personal property. They’re usually owned by individual or joint ownership or title by contract.
Estate
