Unit 4: Property Description

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

$46,827

Two equal-sized rooms need to be re-carpeted at a cost of $25 per square yard. Each room is 12' x 14'. What is the total cost of the carpeting? a. $467 b. $934 c. $4,200 d. $8,400

$934

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

5

Rectangular (Government) Survey System

A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians (north and south) and base lines (east and west).

A monument is used in which type of legal description? a. lot and block b. metes and bounds c. rectangular survey d. street address

Metes and bounds

Township Tiers

Lines running east and west, parallel to the base line and six miles apart.

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

Metes and Bounds

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 d. $544, 500

$12, 500

If you purchase a lot that is 125' x 150' for $6,468.75, what price did you pay per front foot? a. $23.52 b. $43.13 c. $51.75 d. $64.69

$51.75

A rectangular parcel of land has an area of 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

1,615.4 acres

A bay window area in a living room has the following dimensions. What is the total square footage? a. 12. b. 24 c. 32 d. 60

32

Monuments

A fixed natural or artificial object used to establish real estate boundaries for a metes-and-bounds description. - stones, lakes and highways

Reference to a Recorded Plat (Lot-and-Block (Recorded plat-system)

A method of describing real property that identifies a parcel of land by reference to lot and block numbers within a subdivision, as specified on a recorded subdivision plat.

Metes and Bounds

A term used in describing the boundary lines of land, setting forth all the boundary lines together with their terminal points and angles. Metes (distance/length or measurements) and Bounds (boundaries/direction) description is often used when a great deal of accuracy is required. - POB (point of beginning) is the designated starting and ending place. - Predominately used method in NC

A section a. is one square mile b. has 640 acres c. is part of a township d. all of these

All of these

On the plat, how many lots have easements? a. one. b. two. c. three. d. four.

Four

Which method of legal description is NOT used in North Carolina? a. government survey system b. metes and bounds c. informal reference d. reference to recorded plat

Government survey system

Purpose of Survey

Involves the determination of the boundaries of a tract of land by a licensed surveyor. - Best way to discover encroachments

Which of the following lots has the most road frontage on Jasmine Lane? a. Lot 10, Block B b. Lot 11, Block B c. Lot 7, Block A d. Lot 2, Block A

Lot 7, Block A

Which of the following statements is TRUE? a. Lot 9, Block A is larger than Lot 12 in the same block. b. The plat for the lots on the southerly side of Wolf Road between Goodrich Boulevard and Carney Street is found on Sheet 3. c. Lot 8, Block A has the longest road frontage. d. Lot 11, Block B has more frontage than Lot 2, Block A.

Lot 8, Block A has the longest road frontage.

In describing real estate, the system that uses feet, degrees, and natural markers is the a. rectangular survey b. metes-and-bounds description c. government survey d. lot and block system

Metes and bounds description

In a sales contract, which of the following is an acceptable 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

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

Reference to a recorded plat

The section due east of Section 13 is a. Section 12. b. Section 14. c. Section 18. d. Section 24.

Section 18.

A street address would be adequate property description for a a. short-term lease b. sales contract c. special warranty deed d. deed of trust

Short-term lease

Ranges

Strip of land six mile wide in rectangular survey system of land description, going north and south and numbered according to its distance from the principal meridian.

Front Footage

The measurement of a parcel of land by the number of feet of street or road frontage. Commercial or waterfront property is often sold by the "front foot." - When two dimensions of land are given, the front footage is always the first number.

Sections

Townships are subdivided into sections and subsection halves and quarters, which can be further divided. Each township has 36 sections. Each section is one square mile (640 acres) (43,560 sq ft)

Township Squares (36 sections)

When the horizontal township lines and the vertical range lines intersect, they form squares. These township squares are the basic units of the rectangular survey system. Townships are 6 by 6 miles square and contain 36 square miles total.

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

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

An exact way of describing real estate in a contract, deed, mortgage, or any other document that will be accepted by a court of law is known as a...? a. a survey b. a legal description c. an informal reference d. principal meridian

a legal description