Appraisal - Legal Consideration Flashcards

1
Q

Metes and Bounds

A
  • 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
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2
Q

Lots and Block

A

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

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3
Q

Rectangular(Government) Survey System

A

township-Distance between each section

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4
Q

Conditional use

A

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.

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5
Q

Interim use

A

temporary use

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6
Q

Neighborhood

A

geographic benchmark, complementary use

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7
Q

District

A

Narrowest definition to define boundary

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8
Q

License

A

revocable permission

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9
Q

Emblement

A

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.

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10
Q

Special Assessment

A

Taxes are not vote on. New municipal water line.

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11
Q

Easement in gross

A

Run with person (Benefits a person )

i.e. an electric transmission line running from a generation point to a distribution point through several properties

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12
Q

Variance

A

A permit obtained from local zoning authority

Allows the holder to violate zoning ordinance

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13
Q

Personal Property

A

Bill of Sale

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14
Q

Land

A

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

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15
Q

Site

A

Land ready to be built

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16
Q

Real Estate

A

Land + Improvement

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17
Q

Acreage

A

Measurement of size

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18
Q

Zoning

A

Building setback
Building height
Lot coverage area

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19
Q

Remainderman

A

Life estate terminates - when the interest goes on

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20
Q

Reversionary grantee

A

Life estate terminates - interest goes back (reverts)

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21
Q

Life Estate

A

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

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22
Q

Leasehold Estate - Estate For Years

A
  • 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
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23
Q

Leasehold Estate - Tenancy at Sufferance

A

the unauthorized hold over of a tenant after the lease expires

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24
Q

Leased Fee Estate

A

Lessor

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25
Q

Leased Hold Estate

A

Lessee

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26
Q

Severalty

A
  • Ownership by one person or entity (corporation)

- e.g. A single corporate entity with more than one stockholder

27
Q

Timeshare Fee

A

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

28
Q

Timeshare Non Fee

A

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

29
Q

Co-op

A

Owned by a corporation

Residence are shareholders in the corporation

30
Q

Ownership - 4 unities

A

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

31
Q

Tenancy in periodic

A
  • Auto renews at the end of each period

- month-to-month lease

32
Q

Allodial System

A
  • Complete land ownership

- The system of landownership where everyone can owns land

33
Q

1 mile

A

5280 f

34
Q

1 yard

A

3 f

35
Q

Easement Termination

A
  • Failure of purpose: did not give notice

- Executing a release

36
Q

Easement Appurtenant

A
  • Runs with land
  • An encumbrance that benefits a particular parcel of property while burdening another and follows the title to the property
37
Q

Land Lease (Ground lease)

A
  • The expiration of the lease is usually related to the economic life expectancy of the structure built on it
  • Occurs when only the land is lease
  • The leasee adds his own improvements to the land
  • Upon termination, lessor acquires any improvements if not state in the lease term (affixed to his land)
38
Q

Fee Simple Estate

A

An unconditional owernship

Freely transferable, inheritable, and of indefinite duration, with no conditions on the title

39
Q

Easement

A

the right to use another land

40
Q

Encroachment

A

Crosses into another’s property

41
Q

Eminent domain (Right)

A
42
Q

Voluntary liens

A

Mortagage

43
Q

Involuntary Liens

A

Mechanic’s lien
Tax lien
Judgement lien

44
Q

Condemnation (Process)

A

Process by which the property is taken

45
Q

Police Power

A
  • Government regulates the land use for the benefit of the public
  • e.g. Zoning, building codes, environmental regualtion
46
Q

Annexation

A

From personal property -> real property

47
Q

Restrictive Convenants

A

-Privately agreed promises to do or not do something regarding the real property.
Imposed by former owner
-Created in DEED

48
Q

Restrictive Conditions

A
  • Privately agreed promises to do or not do something regarding the real property.
  • Created in DEED
49
Q

Gross Lease

A

each party to a lease is bearing their own typical expenses

50
Q

Fiduciary

A

One who has the legal authority to act in another’s interest

51
Q

Ownership 4 limitations

A

P-Police power
E-Escheat
T-Taxation
E-Eminent Domain

52
Q

Net-Net-Net Lease

A

taxes, maintenance, insurance

53
Q

Leasehold Estate

Periodic Estate

A

Month to Month

Auto renewal

54
Q

Leasehold Estate

Tenancy at Will

A

Giving reasonable notice a lessee or lessor may terminate the tenancy at any time

55
Q

Leasehold Estate

Tenancy at sufferance

A

Tenant remains in possession of property without authorization

56
Q

Non conforming grandfathered use

A

use existed prior to the establishment of zoning

57
Q

Side-yard

A

The area bt. a point where a structure can be constructed per zoning regulations and the side boundary

58
Q

Easement

Servient Tenement

A

The property burdened by an easement

59
Q

Easement

Dominant tenement

A

The property benefiting from an easement

60
Q

Fee Simple Conditional

A

Owner may hold estate only as long as some condition does not occur.
If the condition is not observed, the owner could forfeit title.

61
Q

General Lien

A

Against all assets owned by a party

-failure to pay federal income taxes

62
Q

Specific Lien

A

Against the specific property that is subject to the lien (property that is mortgaged, contracted,special assessment)

  • Loan taken out for a first mortgage
  • mechanic lien
  • A lien shared with other residents in the immediate area for new street lights
63
Q
Restrictive Covenant 
(prohibiting the construction of fence)
If the owner doesn't observe and built a fence
A

*binding promises
Enforcement is limited to forcing the owner to take down the fence.
Failure to comply doesn’t cause forfeiture of title
Deed restrictions are private (no zoning power)