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Flashcards in Appraisal - Legal Consideration Deck (63):
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

31

Tenancy in periodic

-Auto renews at the end of each period
-month-to-month lease

32

Allodial System

- Complete land ownership
- The system of landownership where everyone can owns land

33

1 mile

5280 f

34

1 yard

3 f

35

Easement Termination

- Failure of purpose: did not give notice
- Executing a release

36

Easement Appurtenant

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

37

Land Lease (Ground lease)

-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

Fee Simple Estate

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

39

Easement

the right to use another land

40

Encroachment

Crosses into another's property

41

Eminent domain (Right)

-Government's right to take land for the public good with compensation
-

42

Voluntary liens

Mortagage

43

Involuntary Liens

Mechanic's lien
Tax lien
Judgement lien

44

Condemnation (Process)

Process by which the property is taken

45

Police Power

- Government regulates the land use for the benefit of the public
- e.g. Zoning, building codes, environmental regualtion

46

Annexation

From personal property -> real property

47

Restrictive Convenants

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

48

Restrictive Conditions

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

49

Gross Lease

each party to a lease is bearing their own typical expenses

50

Fiduciary

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

51

Ownership 4 limitations

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

52

Net-Net-Net Lease

taxes, maintenance, insurance

53

Leasehold Estate
Periodic Estate

Month to Month
Auto renewal

54

Leasehold Estate
Tenancy at Will

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

55

Leasehold Estate
Tenancy at sufferance

Tenant remains in possession of property without authorization

56

Non conforming grandfathered use

use existed prior to the establishment of zoning

57

Side-yard

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

58

Easement
Servient Tenement

The property burdened by an easement

59

Easement
Dominant tenement

The property benefiting from an easement

60

Fee Simple Conditional

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

General Lien

Against all assets owned by a party
-failure to pay federal income taxes

62

Specific Lien

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

Restrictive Covenant
(prohibiting the construction of fence)
If the owner doesn't observe and built a fence

*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)