Unit 4 Quiz: Property Description

If the local market value of undeveloped land is $25,000 per acre, what is the value of a lot that has 21,780 square feet? A. $12,500 B. $15,755 C. $215,422 $544,500

A. $12,500

Which method of legal description is NOT used in NC? A. government survey system B. metes and bounds C. informal reference D. reference to recorded plat

A. government survey system

A street address would be adequate description for a: A. short-term lease B. sales contract C. special warranty deed D. deed of trust

A. short-term lease

A buyer purchased a half-acre parcel for $2.15 per square foot. What was the selling price of the parcel? A. $774 B. $46,827 C. $1,376 D. $93,654

B. $46,827

A rectangular parcel of land was purchased that contained 350 acres with 1,300 feet of road frontage. An investor wants to buy the neighboring rectangular tract that has the same depth but has 6,000 feet of road frontage. How many acres are in the tract of land that the investor wants to buy? A. 1,430 acres B. 1,615.4 acres C. 1,815.3 acres D. 1,840 acres

B. 1,615.4 acres

An exact way of describing real estate in a contract, deed, mortgage, or another document that will be accepted by a court of law is called: A. a survey B. a legal description C. an informal reference D. principal meridian

B. a legal description

A monument is used in which of the following types of legal descriptions? A. lot and block B. metes and bounds C. rectangle survey D. government survey

B. metes and bounds

In describing real estate, the system that may use a property's physical features to determine boundaries and measurements is: A. rectangular survey B. metes-and-bounds C. government survey D. lot-and-block

B. metes-and-bounds

In describing real estate, the system that uses feet, degrees, and natural markers is the: A. rectangular system B. metes-and-bounds description C. government survey D. lot and block system

B. metes-and-bounds description

If you purchase a lot that is 125 feet by 150 feet for $6,468.75, what price did you pay per front foot? A. $23.52 B. $43.13 C. $51.75 D. $64.69

C. $51.75

A parcel of land is 660 feet by 660 feet, and a small stream equally divides the parcel into two lots. How many acres are contained in each lot? A. 0.5 B. 2.5 C. 5 D. 10

C. 5

In a sales contract, which of the following is an acceptance legal description of property? A. MLS number of the listed property B. "Johnson property on Maple Street" C. Metes-and-Bounds description D. Lot number

C. Metes-and-Bounds description

If the property being transferred is residential property within an established subdivision, the most commonly used legal description would be: A. street address B. metes-and-bounds C. reference to a recorded plat D. reference to a recorded deed

C. reference to a recorded plat

The N1/2 of the SW1/4 of a section contains how many acres? A. 20 B. 40 C. 60 D. 80

D. 80

When surveying land, a surveyor refers to the principal meridian that is A. nearest the land being surveyed B. in the same state as the land being surveyed C. not more than 40 townships or 15 ranges distant from the land being surveyed D. within the rectangular survey system area in which the land being surveyed is located

D. within the rectangular survey system area in which the land being surveyed is located