Principles of Real Estate Ch. 10

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  1. What is required for property to be identified as legally sufficient?
    -deeds, sales contracts, and other documents
  2. What is a legal description? And how is it attained?
    • -an exact way of describing real estate in a contract, deed, mortgage, or other document that will be accepted by a court of law.
    • -it is attained by a survey--the process of precisely determining the area, dimensions, and location of a piece of land; surveyed even after building onto house.
    • -legal description in a deed mortgage may be followed by the words "commonly know as" and the street address.
  3. What are the three basic methods used to describe real estate?
    • -1, metes and bounds; permant reference markers, find with metal detector
    • -2, rectangular (government) survey
    • -3, recorded subdivision plat (lot and block)
    • -4, used under limited conditions; reference to a previously recorded document.
  4. What does Texas use to describe real estate?
    -metes and bounds
  5. what is the oldest type of legal description?
    metes-and-bounds
  6. Metes and Bounds
    • -used for both regular and irregular shaped parcels
    • -metes refer to distance and bounds refers to direction.
    • -POB
    • -usually are clockwise
    • -starts northbound or southbound; bounds description usually starts at north or south degrees; north and south are 0 degrees, and can only go up to 90 degrees or it will cross over.
    • -are complicated to read, so be careful
  7. What is point of beginning (POB)?
    -metes and bounds description begins at a starting point.
  8. Monument
    • is a fixed object (marker) used to identify the POB and the corners of the parcel
    • -can be natural objects or man-made objects
  9. Government Survey System (GSS) (Rectangular)
    • -created in 1785
    • -a grid to uniquely identify each square
    • -used with most states
    • -system is based on sets of two intersecting lines; principal meridians (N &S) and base lines (E&W).
  10. Ranges, Township tiers, and Township squares
    • -part of the GSS
    • -ranges; six-mile wide strips on east and west of the principal meridian
    • -Township tiers; six-mile wide, lines running north and south
    • -township squares; what the ranges and township form
  11. Sections
    • -can be used in Texas
    • -each township contains 36 sections (snake)
    • -each section measures; one square mile, or 640 acres.
    • -can be divided into halves or quarters.
  12. an acre of land contains how many square feet?
    43,560 square feet
  13. Texas properties are described as what or what?
    -metes and bounds or by recorded subdivision plat.
  14. Recorded Subdivision Plat (Lot and Block Number)
    • -divided into lots and blocks
    • -lots and blocks are assigned numbers or letters
  15. How does a surveyor measure a parcel?
    -starts at the POB, than moves clockwise or counter-clockwise (must be the same in each subdivison), than move due (what ever direction) n, s, e, w followed by feet moved
  16. when surveying angels...
    -the surveyer will draw a straight line down and than move out to the size of angel.
  17. Does the height of hills or mountains have an affect on the acreage of land?
    -no, land is surveyed as flat-plane basis; an acre of land is an acre of land regardless of what is on it.
  18. Improvement surveys
    • -shows the location, size, and shape of improvements located on the lot. 
    • -reflect buildings, fences, sidewalks, pools, and other structures, as well as encroachments, easements and underground utilities.
  19. What are five examples of required use of surveys in real estate transactions?
    • -conveying a portion of a given tract of land
    • -conveying real estate as security for a mortgage loan
    • -showing the location of new construction
    • -locating roads and highways
    • -determining the legal description of the land on which a particular building is located.
  20. Legal descriptions can only be recorded by...
    a licensed surveyor.
  21. Air lots
    • -composed of airspace within specific boundaries located over a parcel of land.
    • -found in titles to tall buildings, railroad tracks, and condominiums.
  22. 90 degrees north is
    straight up on north, called Due North, same with S,E, AND W.
  23. On legal descriptions for metes and bounds, the second and third numbers represent
    • -time (minutes and seconds)
    • can be ignored
  24. Datum
    • -a horizontal plane from which heights and depths are measured.
    • -the mean sea level at New York harbor
    • -used by surveyors when determining height of a structure
  25. Benchmark
    • -a permanent reference mark or point established for use by surveyors in measuring differences in elevation.
    • -in ground
    • -has its own elevation, or datum, and measurements, etc.
  26. vara
    33 1/3 inches (by Texas statue)
  27. rod
    16.5 feet; 5.5 yards
  28. chain
    66ft; 4 rods; 100 links
  29. mile
    5,280ft; 1,760 yards; 320 rods
  30. sq. mile
    640 acres
  31. acre
    43,560 sq ft, 160 sq rods
  32. section
    640 acres
  33. sq foot
    144 sq in
  34. sq yard
    9 sq ft
  35. cu yard
    27 cu ft
  36. The N1/2 of the SW1/4 of a section contains
    80 acres.
  37. A system of describing real estate that uses feet, degrees, and natural markers as monuments is the
    metes-and-bounds survey
  38. A portion of airspace within specific boundaries located over a parcel of land is called
    air lot
  39. A map of a subdivision that has been recorded in the office of the county clerk is called a
    recorded subdivision plat
  40. A survey showing the location, size, and shape of buildings located on a lot, in addition to the legal description, is called a
    improvement survey
  41. John purchased a one-acre parcel from Sarah for $2.15 per square foot.  What was the selling price of the parcel?
    $93,654
  42. If a farm described as "the NW1/4 of the SE1/4 of Section 10" sold for $1,500 an acre, what would be the total sales price be?
    $60,000
  43. How many acres does the following tract contain?

    Beginning at the NW corner of the SW1/4, thence South along the west line to the SW corner of the section, then East along the south line of the section 2,640 feet, more or less, to the SE corner of the said SW1/4, then in a straight line to the POB.
    • 80 acres.
    • 1/2 of SW1/4
    • 4/640-160/2=80
  44. A datum is used in the description of an air lot.
    true
  45. Terri purchased 4.5 acres of land for $78,400. An adjoining owner wants to purchase a strip of her land measuring 150 ft by 100 ft. What should the strip cost the adjoining owner if Terri sells it for the same price per square foot she originally paid for it?
    • $6,000
    • 43,560x4.5=195880 (total sq feet she purchased)
    • 195880/78,400=.40 x 15,000= 6,000.00
Author
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320132
Card Set
Principles of Real Estate Ch. 10
Description
Legal Description
Updated
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