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Flashcards in Appraisal - Legal Consideration Deck (63)
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1

Metes and Bounds

- Northwest corner of section 22 ,section line 140 feet, east 100feet to a point of beginning ; Beginning at the pin located in the center of Main Street and 5th, thence N89 57' 15N 783 feet along Main Street, thence 0 19'00''E 857.29 feet;
- monuments, point of beginning, compass direction, the final call in the description must connect to the point of beginning
- Use point (metes) and distance (bounds) to describe out side boundaries of a parcel

2

Lots and Block

assessor's map , subdivision (platted subdivisions) i.e. Tract #7 of Phase IV of the Brown Development

3

Rectangular(Government) Survey System

township-Distance between each section

4

Conditional use

a land use that does not comply with the general zoning rules for the zone in which it's located, but is permitted there because it benefits the public; i.e. a hospital in a residential neighborhood , church or a school.

5

Interim use

temporary use

6

Neighborhood

geographic benchmark, complementary use

7

District

Narrowest definition to define boundary

8

License

revocable permission

9

Emblement

A Chattel, either entirely or for a period of time. Tenant-owned crops and allows the tenant to re-enter the property to harvest crops.

10

Special Assessment

Taxes are not vote on. New municipal water line.

11

Easement in gross

Run with person (Benefits a person )
i.e. an electric transmission line running from a generation point to a distribution point through several properties

12

Variance

A permit obtained from local zoning authority
Allows the holder to violate zoning ordinance

13

Personal Property

Bill of Sale

14

Land

The surface of the earth and everything above it or below it

15

Site

Land ready to be built

16

Real Estate

Land + Improvement

17

Acreage

Measurement of size

18

Zoning

Building setback
Building height
Lot coverage area

19

Remainderman

Life estate terminates - when the interest goes on

20

Reversionary grantee

Life estate terminates - interest goes back (reverts)

21

Life Estate

Freehold estate - an indefinite period of time, as long as someone lives

22

Leasehold Estate - Estate For Years

- Any lease that is valid until the end of a specific term (could be more or less than a year)
- e.g. six months lease

23

Leasehold Estate - Tenancy at Sufferance

the unauthorized hold over of a tenant after the lease expires

24

Leased Fee Estate

Lessor

25

Leased Hold Estate

Lessee

26

Severalty

-Ownership by one person or entity (corporation)
-e.g. A single corporate entity with more than one stockholder

27

Timeshare Fee

When the owner is conveyed title for a specified period of time each year

28

Timeshare Non Fee

No conveyance of title, on the right to use the property

29

Co-op

Owned by a corporation
Residence are shareholders in the corporation

30

Ownership - 4 unities

P - Possession
I - Interest (Unity of interest)
T- Time
T- tTitle