Chapter #1

Plat

A __________ is 1. A plan, map, or chart of a city, town, section, or subdivision indicating the location and boundaries of individual properties. 2. A map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography. 3. A map intended to show the division of land into lots or parcels. Upon recording with the appropriate authorities, land included in the plat can thenceforth be legally described by reference to the plat, omitting a metes and bounds description.

$1.32 .65 x 43,560 = 28,314 37,500 / 28,314 =

A triangular shaped lot contains .65 acres and sold for $37,500. How much did it sell for per square foot? $1.32 $1.41 $1.55 $2.44

100 There are 25 links in a rod, and 4 rods in a a chain. 25 x 4 = 100.

How many links are in a chain? 16.5 23 100 660

640

Each section contains _____ acres. 40 160 320 640

Distances

Bounds are best described as Distances Benchmarks Bearings None of the above

Furlong

Which is longer? Pole Chain Furlong Rod

Metes and Bounds

Which method of legal description is found primarily in along the East Coast? Rectangular Survey Metes and Bounds Government Survey Lot and Block

Metes and Bounds

Which method of legal description was the earliest? Government Survey Lot and Block Rectangular Survey Metes and Bounds

Socially acceptable

Which of the following is NOT one of the elements of highest and best use? Socially acceptable Physically possible Legally permitted Economically feasible

Water rights

Which of the following items would NOT be considered a site improvement? Water rights Site plan Fill Permits

Mineral deposits

Which of the following would NOT be considered a site improvement? Curbs and gutters Municipal water Fill Mineral deposits

They can be sold or leased

Which statement is true of land rights? They cannot be separated from the land They can be sold but not leased They can be leased but not sold They can be sold or leased

Plat

A map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography that can also serve as an official legal description is called a Plot Plat Survey Parcel

5,240 acres 5 x 640ac = 3200ac + 3 x 320ac = 960ac + 5 x 160ac = 800ac + 7 x 40ac = 280ac = 5,240 acres

A rancher owns 5 full sections, 3 half sections, 5 quarter sections, and 7 quarter-quarter sections. How many acres does she own?

3.74 314.55 x 517.24 = 162,697.84 162,697.84 / 43,560 = 3.74

A rectangular lot is 314.55 feet by 517.24 feet. How many acres is that? 2.68 2.99 3.52 3.74

3.64 8 chains x 66ft = 528ft + 12 links x ~8in = 72in / 12in = 6ft = 534ft 4 chains x 66ft = 264ft + 48 links x ~8in = 384in / 12in = 32 = 296ft 534ft x 296ft = 158,064ft / 43,560ft = 3.62 acres

A. An old deed describes a property as being 8 chains and 12 links by 4 chains and 48 links. How many acres are in the property? 1. 2.79 2. 3.64 3. 7.52 4. 36.4

False

All areas are platted. True False

$248,400 46 poles x 16.5ft = 759ft 72 poles x 16.5ft = 1,188ft 759ft x 1,188ft = 901,692ft / 43,560ft = 20.7 acres 20.7ac x $12,000/acre = $248,400

Another old deed says a property is bounded on the north by Smith and then runs easterly along that line for 46 poles; then it runs southerly for 72 poles along the lands of Johnson; then it runs westerly along a line parallel to the first line for a distance of 46 poles also along the lands of Johnson; and thence it returns in a northerly direction along the lands of Roberts to the point and place of beginning. If the property is worth $12,000 per acre, how much is it worth? 1. $126,300 2. $194,540 3. $232,750 4. $248,400

66

How many feet are in a chain? 16.5 66 660 5,280

Real Estate

Here is the IVSC definition of land: Valuation of land as if vacant, and of land and improvements to or on the land, is an economic concept. Whether vacant or improved, land is also referred to as ___________ _____________. The earth's surface, the space beneath which extends to the centre of the earth, and the space above which extends to the sky. The ownership of land and the rights attached to the ownership are subject to the laws of a particular State.

Site

Improved land or a lot in a finished state so that it is ready to be used for a specific purpose is called Improved land Situs Site Tract

Site

Land + Necessary Site Improvements = _____________

Physical

Land is best described as a(n) _____________ element. Economic Physical Legal Social

Lot Tract Parcel

Lot - A distinct piece of land; a piece of land that forms a part of a district, community, city block, etc. A piece of land in one ownership, whether platted or unplatted. Lot is a pretty generic term. See the definition below for "parcel." It is very similar. Tract - A parcel of land; an area of real estate that is frequently divided into smaller parcels. Tract is simply a larger piece of land that is frequently divided. People use the term "development tract." Sometimes the phrases "tract home" or "tract builder" are heard in the market place. Parcel - a piece of land of any size in one ownership These terms are frequently used interchangeably in the market place. But a parcel of land generally refers to a piece of land that may be identified by a common description and is held in one ownership. The terminology is somewhat inexact and overlapping. There are regional differences and dialectic terms.

Bearings

Metes are best described as Benchmarks Boundaries Bearings None of the above

Site Improvements

Site is a specific situation wherein land is improved so that it is ready to be used for a specific purpose. Site is land that is ready to be developed. To bring it to that state may require adding items such as: Roads Curbs and gutters Water Sewer Grading Fill Drainage Site plans Site approval Zoning changes Permits Almost without exception, sites are more valuable than land. Land is basically raw, except for minor improvements such as fences, landscaping and crops. All the items listed in the checklist above are called site ______________.

Midwest and West

The Government Survey System is found primarily in the Midwest and West South Northeast Mid-Atlantic

Gunter's Chain Measurements

The system was based on Gunter's Surveyor's chain. Here are the basic measurements: 1 Mile = 8 Furlongs 1 Furlong = 660 Feet, or 10 Chains 1 Chain = 66 Feet, or 4 Rods 1 Rod/Pole = 16½ Feet, or 25 Links 1 Link = 7.92 Inches

Plat Book

_________ __________ - A record showing the location, size and owner of each plot of land in a stated area. This is simply the book that contains the plats; located in the municipal offices.

Legal Description

___________ ___________ - a description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and defined.

Land

_____________ is the solid surface on the earth, as distinguished from water and one of the four agents of production in economic theory. It is natural, real, and tangible.

Site

______________is improved land or a lot in a finished state so that it is ready to be used for a specific purpose.