Real Estate Exam 5 (law and practice)

A parcel of land, described as the "NW-1/4 and the SW-1/4 of Section 6, Township 3N, Range 3E, of the 3rd Principal Meridian," sold for $875 an acre. The listing broker will receive a 5% commission on the total sales price. How much will the broker receive? A. 1750 B. 5040 C. 14000 D. 15040

C. 14000 The size of SW 1/4 of section 16 is 640 acres / 4 = 160 acres;The size of NW 1/4 of section 16 is 640 / 4= 160 acresAdd the two together = 160 x 2 quarter sections = 320 acres;320 acres x $875 per acre = $280,000 purchase price$280,000 x .05 commission = $14,000 commission

A section: A. Contains 680 acres B. is one square mile C. is two square miles D. contains 43,650 square feet

B. is one square mile A section is one mile square. Remember: 1 mile square is a square one mile on each side, and has an area of 1 sq. 1 square mile is any shape that has an area of 1 square mile.

How many linear feet of fence is needed along 1-1/2 miles of roadway? A. 43560 B. 16500 C. 7920 D. 8250

C 7920 One mile equals 5280ft x 1.5 = 7920

The section of land that was reserved for schools in the government (rectangular) survey system is number: A. 12 B. 20 C. 16 D. 36

C. 16 By law, each Section 16 was set aside for school purposes, and the sale or rental proceeds from this land were originally available for township school use. The schoolhouse was usually located in this section so it would be centrally located for all the students in the township. As a result, Section 16 is commonly referred to as a school section.Section 16 is dedicated to the support of schools - proceeds of sales and leases in section 16 are given to school districts as well as being the physical location of any schools.

A township contains: A. 6 square miles B. 16 sections C. 36 sections D. 640 acres

C. 36 sections A township contains 36 square miles and 36 sections. Each section contains 640 acres.

The number of square feet in an acre is: A. 34560 B. 35460 C. 43560 D. 45360

C. 43560 There are 43,560 square feet in an acre. You will need to know this for the test.

A section of a township contains the following number of acres: A. 360 B. 580 C. 640 D. 560

C. 640 A section is one square mile and contains 640 acres.

Charlie Brown sold a home. The commission rate was 7%. Charlie gave Linus Brown, half of the $4,760 commission - what was the selling price of the house? A. 86000 B. 50932 C. 68000 D. 136000

C. 68000 Remember IRV? This is a great place to use that! The I in IRV is income, which is what the $4760 in commission represents. The R is rate, so divide I by R:$4760 (I) divided by .7 (R) = $68,000 (V) - that is the selling price of the house which represents the value.

A metes and bounds description must: A. cover an area larger than ten acres B. be in areas not covered by the rectangular survey system C. commence and finish at the P.O.B. D. always use north as a basis for directions

C. commence and finish at the P.O.B. Metes and Bounds descriptions always commence and finish at a P.O.B. (point of beginning).

Ranges of land are strips of land six miles wide that: A. run east and west B. are protected in the range lend act C. extend north and south D. run around the perimeter of the property

C. extend north and south Range strips run north and south, township tiers run east and west.

In a recorded plat, the lots are described by: A. distances and courses B. reference to townships C. lot and block number D. none of the above

C. lot and block number Plats reference lot and block numbers

The system of legal description that defines the perimeter of a parcel is the: A. geodetic survey B. rectangular survey C. metes and bounds D. lot and block system

C. metes and bounds The metes and bounds method of description describes land, defining the boundaries of the property.

The numbering of sections in a township begins in the: A. northwest corner section and runs easterly B. northwest corner section and runs southernly C. northeast corner section and runs westerly D. southwest corner section and runs northerly

C. northeast corner section and runs westerly Townships are numbered from the northeast quarter- remember we started surveying from the earlier part of the country and worked our way west

Lot 17 of Benton addition, City of Aurora would be part of what type of legal description? A. township survey B. metes and bounds C. platted subdivision D. condominium

C. platted subdivision Lot and block numbers are contained in a plat map.

An area of one square mile would be equal to a: A. township B. tract C. section D. quarter section

C. section A section is one square mile.

A lot with a depth of 80 feet and an area of 4,800 square feet was sold for $350 per front foot. What was the total sales price? A. 31800 B. 28000 C.35000 D. 21000

D. 21000 4800sf / 80 = 60 front feet. 60 x 350 = 21,000A front foot is the front length of a parcel - in this case 60 feet. Front feet are a big deal for commercial properties who rely on walk-in traffic. They want to have as must exposure to the traffic. Also, vacation properties along a lake. Everybody wants as much property as they can facing the lake.

The U.S. Geological Survey uses which Principal Meridian in the measure of land in Colorado? A. UTE principal meridian B. New Mexico Principal Meridian C. 6th principal meridian D. all of the above

D. all of the above The 6th principal meridian (used most frequently) is east of Colorado. The New Mexico principal meridian is located in New Mexico. The Ute is near Grand Junction, Colorado; all are used to describe land.

A recorded subdivision plat is used in the: A. geodetic survey system B. rectangular survey system C. metes and bounds system D. lot and block system

D. lot and block system Plat maps reference the lot and block number of each parcel.

A developer buys vacant land in the city and wants to put houses on it. How would the subdivision be identified? A. rectangular survey B. street and address C. metes and bounds D. lots and blocks

D. lots and blocks Plat maps identify subdivisions with lots and blocks.

The primary survey line running north and south in the rectangular survey is a: A. township line B. base line C. range line D. principal meridian

D. principal meridian Ranges lines run north and south: the principal meridian is the primary north and south line. Remember, the question was not just asking about north and south, we wanted the PRIMARY line.

How far is it between the boundary lines of a township? A. 6 miles B. 60 miles C. 1 mile D. 2 miles

A. 6 miles Townships measure 6 miles by 6 miles and contain 36 square miles

What principal Prime Meridian is located entirely in Colorado? A. UTE. principal meridian B. New Mexico Principal Meridian C. 6th principal meridian D. colorado principal meridian

A. UTE Principal meridian The Ute is located just east of Grand Junction.

Land description by measurement and direction is called description by: A. metes and bounds B. recorded plat C. government survey D. none of the above

A. metes and bounds A metes and bounds description utilizes measurements, directions and monuments.

If a legal description is provided, a parcel of land can be located on the ground by means of a(n): A. abstract of title B. survey C. fence D. Torrens certificate

A. survey A survey is used to locate a specific parcel of property. Contracts require a legal description adequate enough for a surveyor to locate it.

The lot and block reference in a legal description refers to: A. the government survey system B. a recorded plat map C. a metes and bounds description D. a condominium development

B. a recorded plat map Lot & block is a recorded plat map.

The primary survey line running east and west in the rectangular survey system is a: A. township line B. base line C. range line D. principal meridian

B. base line Base lines run east and west, principal meridians run north and south.

How many 50-foot by 110-foot lots could be obtained from an acre of land? A. 6 B. 7 C. 8 D. 9

B. 7 This question involves calculating square footage. Whenever you do math questions like this you need to get all the factors converted to a common measure. You've got two measures here - one is "50-foot by 110-foot" and the other is "acre". In order to calculate how many of one (the lots) can be carved out of the other (the acre), you need to convert them to the common measure of square feet.Multiply 50 x 110 to get the square footage of one lot or 5500 square feet. The acre is a little trickier; you have to just know the total square feet (for us and the state test). It is 43560. Divide 5500 into 43560 and you get 7.920 lots. The question wants to know how many 50 x 100 foot lots you can get of an acre - the answer is 7. The .920 is not a full lot.

A point, line, or surface from which elevations are measured is known as the: A. point of beginning B. datum C. township D. section

B. datum The datum is a measurement that applies to elevations.

Mr. Brooks has decided to offer to buy a farm. He has been told that farmland in the area is selling for $3,500 to $4,000 per acre. Mr. Brooks offers $3,750 per acre. The legal description of the farm is: The NW-1/4, of the SW-1/4 and the E-1/2, of the NW-1/4, of Sec 3 Township 37 Range 12E of the 3rd P.M. A. Mr. Brook's offer is 425,000 B. the offer is based on 160 acres of farmland C. the offer is 450,000 and is 120 acres D. the offer is based on 5 acres of farmland

C. the offer is 450,000 and is a 120 acres The word "and" in the legal description indicates there are two different parcels. You need to determine the acreage of each one separately and then add the two together. The first parcel is "The NW-1/4, of the SW-1/4." In simpleze this is one quarter (NW ¼) of one quarter (SW ¼) of a section. To determine one quarter of a section (SW 1/4) you divide 640 by 4 equals 160 acres. To determine one quarter of that number (NW 1/4), divide the previous 160 by 4 equals 40 acres total in the first parcel.The second parcel is "the E-1/2, of the NW-1/4." In simpleze this is one half of one quarter of a section. To determine one quarter of a section (NW ¼) you divide 640 by 4 equals 160. To determine one-half of that (E ½), you divide the 160 by 2 equals 80 total acres in the second parcel. 40 plus 80 equals 120 total acres in this legal description times the offer of $3750 per acre equals $450,000.

Which of the following is the largest area? A. 10% of a township B. three sections C. two miles squared D. 5,280 feet by 5280 feet

C. two miles squared Remember always to compare apples to apples. Connect everything to square miles: 10% of a township is 3.6 square miles, 3 sections is three square miles, two miles squared is four square miles, 5280 ft by 5280 is one square mile. By converting everything to square miles let's look at each answer: A. 10% of a township a township is 6 miles by 6 miles or 36 square miles and 10% of that would be 3.6 square miles B. Each section is 1 Square - mile therefore 3 sections would be 3 square miles. C. Two mile squared is 2 times or 4 square miles. D. And 5280 feet times 5280 feet is 1 square mile Therefore the largest area would be C or 2 miles squared.