Quizlet Transfer Flashcards
1
Q
Holds the principal responsible for actions performed by their agent
A
General Agency
2
Q
The broker is the ______ of the agent.
A
Principal
3
Q
The relationship between a broker & their sponsored agent is an example of a _____ relationship.
A
General Agency
4
Q
The relationship between a broker & their client is an example of a _____ relationship.
A
Special Agency
5
Q
The relationship between an adult son who is asked to oversee the affairs of his elderly father is an example of a/an _____ relationship.
A
Universal Agency
6
Q
Created by a written/oral agreement between the principal & the agent.
A
Express Agency
7
Q
Outlines the relationship & the duties of each party to the listing agreement
A
Express Agency
8
Q
• There is nothing in writing
• Agency relationship is recognized bc of the actions, conduct, & words of both parties
A
Implied Agency
9
Q
Occurs when a broker or sales agent has done something on behalf of, but w/o prior authorization of, a principal
A
Agency by Ratification
10
Q
• Law passed in 1890 that prohibits trusts , contracts, combinations, or conspiracies in the restraint of trade or commerce
• Essentially made monopolies illegal
A
Texas Fair Enterprise & Antitrust Act of 1983
11
Q
Outlaws price fixing
A
Sherman Antitrust Act
12
Q
Serves to keep competition high, keep the quality of services & products at the highest level, & allow capitalism to work the way it is supposed to
A
Sherman Antitrust Act
13
Q
When should agency relationships be disclosed?
A
At an initial meeting - orally or in writing
14
Q
To have a legal & ethical responsibility to act in their client’s best interest
A
Fiduciary
15
Q
What are the Fiduciary Duties?
A
OLD CAR:
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care
16
Q
According to the Texas Real Estate License Act, when must the written statem’t providing the Information about Brokerage Services be provided?
A
At the first substantive dialogue
17
Q
When a broker represents both sides (buyer & seller or landlord & tenant) of a real estate transaction
A
Intermediary Broker
18
Q
Operation expenses for property are collected from the association (usually a monthly fee)
A
Condos
19
Q
Hallways, elevators, stairwells, pools, recreational facilities, laundry rooms, parking lots
A
Common Elements
20
Q
The title for the apartment building belongs to a legally created entity
A
The Cooperative
21
Q
• Every resident buys stock in this & receives a proprietary lease for one of the units
• The ______ pays taxes, loans, & other expenses
A
Cooperative
22
Q
“Maintenance payment”
“Common charges”
“Monthly Assessment”
“Mortgage”
A
Monthly fee co-op owners must pay for various expenses
23
Q
Can also pay for upgrades that all co-op owners approve “ex: pools, recreation areas, other amentities”
A
Monthly Assessments
24
Q
Examples are high rise apartments & single-family homes
A
Cooperative
25
• made up of owners/elected group of owners
• approves co-op sales
• handles the finances
• enforces rules
- ensures maintenance is done
Co-op Board of Directors
26
- Picky about who they'll approve as an owner as owners' default affects all of the owners
- Will interview prospective buyers before approving the sale
Co-op Board
27
If there isn't enough in common fund to cover repairs & expenses, the building can fall into disrepair - loss of value
Co-Op Risks
28
What is the major difference between a townhouse & condo?
Townhouse owners generally own the land below their unit.
29
How can you verify the difference between a unit & a townhome or condo?
By reviewing the legal description in the deed
30
Usually include the unit & the land
Townhouses
31
Usually include the unit only
Condos
32
Survey for this will have a space enclosed showing the 4 corners of the unit on the floor & the 4 corners for the ceiling
Survey for a condo
33
2nd way to tell if residence is a townhouse
Review the survey
34
Will be clearly drawn on a survey for a townhouse
The lot lines
35
A subdivision/development that includes single-family dwellings along with some common elements such as parks, pools, community recreational centers
Planned Unit Development (PUD)
36
Common elements are either owned by HOA or collectively by all homeowners
Planned Unit Development (PUD)
37
All residents are required to be members of the association & pay a fee for the amenities
Planned Unit Development (PUD)
38
- Dwellings that are built in a factory & then delivered to the site once complete
- Mobile homes, double-wides, & trailers
Manufactured homes
39
- Duplex, triplex, & fourplex
- Some clients may want these as investment properties
Multi-Family Homes
40
Anything more than 4 units
Commercial Real Estate
41
What is a benefit to owning multi-family homes?
An economy of sale
42
Why are the sales of multi-family homes referred to as an economy of sale?
Because of the reduced cost of maintaining 1 location that serves more than 1 family
43
One residence that has multiple owners who take turns using the property
Timeshares
44
Share the right of possession of the property for a specific period of time
Timeshares
45
- Typically used as vacation homes in desirable recreational locations near beach/mountains
- Found along the coast more than anywhere else
Timeshares
46
Old buildings mostly located in urban areas where demand for residential units is high & space for new development is limited
Converted Use Properties
47
Describe the IRA withdrawal tax benefit for 1st time homebuyers
1st time homeowners may be able to w/draw up to $10,000 penalty free from their tax deferred individual retirement account to go towards down payment
48
The profit received from selling a capital asset
Capital Gains
49
What is a benefit enjoyed by homeowners who sell their primary residence
Tax exemptions on capital gains
50
The loss incurred from selling a capital asset is referred to as...
Capital Loss
51
Include all of taxpayer's tangible property - real estate, investment properties, & equipment
Assets
52
The IRS imposes taxes on all forms of _______.
Capital Gains
53
How do you calculate capital gain in real estate?
Sales Price - (purchase price + cost of improvements) + Total Depreciation - Expenses = Gain
54
Why is depreciation omitted when calculating capital gains on the sale of a primary residence?
B/c homeowners get a tax break on the sale of a primary residence
55
The length of time a property is held is referred to as...
the holding period
56
The amount of time between the day a property is bought & the day it is sold
The holding period
57
Holding period is shorter than 1 year
Short-term holding period
58
Determines whether a capital gain is taxed as a short-term or long-term gain
The holding period
59
Holding period is > or equal to 1 year
Long-term holding period
60
Taxed as normal income according to the federal income tax rates - meaning they are taxed at a much higher rate than LTGs
Short-Term Gains
61
Current tax %s for Long Term Gains
0%, 10%, 20%
62
Determines the tax bracket at which the long-term gains will be taxed
The income level of the individual taxpayer
63
____ _________ ________ ____ ___ _______ created certain exclusions from capital gains taxes for homeowners.
The Taxpayer Relief Act of 1997
64
Universal exclusions provided by the Taxpayer Relief Act of 1997
Married homeowners may exclude up to the 1st $500,000 of profit on the sale of a primary residence & single homeowners may exclude up to the 1st $250,000
65
This exclusion is reusable every 2yrs after the sale
The universal exclusion under the Taxpayer Relief Act of 1997
66
How can a taxpayer become eligible for the capital gains exclusion?
1 of 2 Ways
- Taxpayer must have owned & occupied the home as a principal residence for at least 2 of the 5 years preceding the sale
- Years may be aggregate - not necessarily continuous
67
How can taxpayer become eligible for capital gains exclusion?
2 of 2 Ways
Homes sold for profit of < $250,00 or $500,000 for joint files don't require the owners to file an info return reporting the sale of their principal residence
68
What are the 2 items contained in a written assurance?
1.) Statement that entire gain made from the sale can be excluded
2.) Statement that property is the owner's principle residence
69
Government requires sellers of principal residences to provide them with...
Written Assurance
70
Let's an investor sell a property, reinvest the proceedings in a brand new property, & defer all capital gains taxes
1031 Exchange
71
Under this, the investor is never allowed to touch $ from the sale
Sales must go through a qualified intermediary
1031 Exchange
72
___ ________ ________ ________ ____ __________ allows homeowners to deduct the interest they pay on their loans.
The federal mortgage interest tax deduction
73
________ _______ are automatic & protects homeowners from claims by creditors being made against their homes
Homestead Rights
74
What are the exemptions to the homestead rights?
- mortgage lenders b/c the homestead itself is used as collateral
- tax liens
75
Homestead limit in urban areas
Maximum amount of land can't exceed 10 acres
76
Homestead limit in rural areas
- 200 acres for family &
- 100 acres for single person
77
- Creditors aren't permitted to force someone in debt to sell their home to pay off the debt
- doesn't apply to mortgage debt
The homestead protection
78
Calculated according to the assessed value of real estate & collected from each property owner to create revenue to run the local government agencies & provide benefits to residents of the community
Ad Valorem Taxes
79
"according to value" taxes
Ad Valorem Taxes
80
Removes a % or an absolute $ amount from the assessed taxable value of the property
Exemption
80
The value placed on a property by a governmental unit for the use in levying annual real estate taxes
Assessed Value
80
- reduces the amount of ad valorem taxes paid on the homestead
- an owner can only claim 1 homestead
Homestead Tax Exemption
81
Tax exemption required by Texas law of school districts to offer
$25,000 tax exemption on residence homestead
81
A license holder who represents a principal through cooperation with the principal's broker
Subagent
81
a license holder who:
a.) represents a principal through cooperation with & the consent of a broker representing the principal and
b.) is not sponsored or associated with the principal's broker
Subagency
82
On a listing sheet what would a field stating "BC:3" mean?
It means the buyer's broker will get a 3% commission once the sale closes
83
Occur when the same real estate office/broker is representing both the seller & the buyer as clients in the same transaction
Intermediary relationships
84
Counties are required to offer a _______ _________ if the county collects _____ __ ______ ______ or _______ _________ ______.
$3,000 exemption if the county collects farm - to - market taxes or flood control taxes
85
The appraised value of the property established by the county is _______ for homeowners ____ or _______.
frozen for homeowners 65 or older
86
In order for a brokerage to be able to represent both the buyer & seller in a RE transaction, the brokerage needs to have the permission of ______ _________
both parties
87
Type of intermediary relationship where 1 agent represents the interests of the seller & a different agent does the same for the buyer allowing both agents to give a full degree of representation to both clients
Intermediary With Appointments
88
- Any fact that is significant/essential to the transaction
- Any piece of information that could reasonably be expected to influence a prudent individual's decisions regarding the transaction
Material fact
89
What are the 2 requirements to disclosing agency?
1.) Tell everyone whom you represent at first contact
2.) Give the written statutory statement (IABS) communication about a specific property
90
When should agency relationships be disclosed?
At first contact
91
What is the name given to the duties owed by agents to their clients?
Fiduciary Duties
92
Which fiduciary duty does the "O" stand for in OLD CAR?
Obedience
93
What fiduciary duty the "L" stand for in OLD CAR?
Loyalty
94
What fiduciary duty does the "D" stand for in OLD CAR?
Disclosure
95
What fiduciary duty does the "C" stand for in OLD CAR?
Confidentiality
96
What fiduciary duty does the "A" stand for in OLD CAR?
Accounting
97
What fiduciary duty does the "R" stand for in OLD CAR?
Reasonable Care
98
- Includes the prohibition of commingling
- Agents must account for all client funds entrusted to them
Accounting
99
- Including sharing of material facts about a property
- If it will help the client, the agent should share it
Disclosure
100
Purpose is to protect consumers against false misleading , & deceptive business practices, unconscionable actions, & breaches of warranty
Texas Deceptive Trade Practices-Consumer Protection Act (DTPA)
101
An action that takes advantage of the lack of knowledge, ability, experience or capacity of a person to a grossly unfair degree
Unconscionable action as defined by the DTPA
102
The unintentional spread of false information
Misrepresentation
103
3 x as much
Treble damages
104
Actual awareness of the act, practice, condition, defect, or failure constituting the breach of warranty
What "knowingly" means in the event of a breach of an express/implied warranty
105
A type of security interest granted over a property to secure the payment of a debt or performance of some other obligation
Lien
106
What is the BEST way to avoid giving misinformation & consequently violating the Texas Deceptive Trade Practices-Consumer Protection Act?
Cite a source for any information you give a client about a property
107
A kind of guarantee that an agent gives to a 3rd party that establishes that the agent has the authority to bind a principal - that the agent has the authority to make contracts, agreements, & enter into similar arrangements on the principal's behalf
Warranty of Authority
108
An opportunity for the seller to be upfront & comprehensive about all facts & defects concerning the property
Seller's Disclosure Notice
109
Why should RE agents refrain from giving legal advice to clients?
Agents aren't licensed to give legal advice, & if they do, they could be held liable.
110
Describing a property in a flattering/favorable way
Puffing
111
Broker - Client Relationship
Special Agency
112
Sales Agent - Broker Relationship
General Agency
113
Establishes a fiduciary relationship between a broker & a client
Law of Agency
114
Child - Parent & Executor of a Will
Universal Agency
115
Empowered to act on behalf of another in a broad range of actions such as in a business
General Agent
116
Has authority within the limitations of what is specifically determined in a representation or listing agreement
Special Agent
117
Broker + Seller Client =
Special Agency Relationship
118
Created when an individual authorizes another party to represent them & act in their best interest
Agency Relationship
119
The agency relationship in RE is a _______ relationship
Fiduciary
120
What is license holders' first duty in agency relationships?
The duty of disclosure
121
The person who does the representing is the...
Agent
122
The person who is being represented is the...
Client
123
An individual who authorizes an agent to represent their interests as a client in a real estate transaction
Principal
124
Sales Agent - Broker
General Agency
125
Broker - Client
Special Agency
126
Rarely used in real estate
Universal Agency
127
The client grants their agent the authority to act on their behalf for *specific actions*.
Special Agency
128
The most common example of a special agency in real estate is the relationship between a _____ ______ ________ & ______ _______ - not _________ _______ & _______ ________.
real estate broker & their client - not sales agents & their clients
129
Agency is created on the ______ ______ not the ______ ______ level.
broker level not the sales agent level
130
When a client signs a listing agreem't with a sponsored sales agent, they are actually signing an agency relationship with the ______ _____ ______, not the _______ _______ ________.
sales agent's broker, not the sales agent themselves.
131
Gives agents more power & holds the principle responsible for actions performed by their agent
General Agency
132
What is a classic example of a general agency relationship?
The relationship between a broker (principle) & a sponsored licensee (agent)
133
The general agency a broker extends to the licensee allows the licensee to operate as a _______ _______ on behalf of the broker to clients
special agent
134
Under a general agency, the broker is the __________ of the agent.
principle
135
Under a general agency, the sales agent is the ______ of the broker
agent
136
Gives agents the power to act on behalf of their principle & make decisions on behalf of the principle
Universal Agency
137
Major party to a real estate transaction (e.g., buyer seller, landlord, tenant OR
An individual who authorizes an agent to represent their interests as a client
Principal
138
According to the Texas Real Estate License Act, when must the written statem't providing the Information about Brokerage Services be provided?
At the first substantive dialogue
139
If many of the units are in default it could cause the whole building to go into foreclosure
Co-Op Risks
140
Sales agent-broker
General Agency
141
Broker-client relationship
Special Agency
142
Child-parent & executor of a will
Universal Agency
143
Empowered to act on behalf of another in a broad range of actions such as in a business
General Agent
144
Has authority within the limitations of what is specifically determined in a representation or listing agreement
Special Agent
145
Broker + seller client =
Special Agency
146
Created when an individual authorizes another party to represent them & act in their best interest
Agency Relationship
147
The agency relationship in RE is a _______ relationship
fiduciary
148
A broker who negotiates a contract between 2 parties who are both being represented by that broker
intermediary broker
149
What is license holders' first duty in agency relationships?
The duty of disclosure
150
When must the IABS notice be given?
At the 1st substantive discussion about a specific property - the 1st meeting
151
When must escrow funds be deposited by a license holder?
By close of the 2nd business day after signing the contract
152
A law that governs the licensing, education, and activities of real estate license holders practicing brokerage in Texas
Texas Real Estate License Act (TRELA)
153
A group of 9 appointed people who regulate real estate activity & licensees in Texas to ensure laws are followed and consumers are protected
Enforces the rules & regulations laid out in TRELA
Texas Real Estate Commission (TREC)
154
The Texas Real Estate License Act is Chapter 1101 of the _____________.
Texas Occupations Code
155
A person who is associated with a licensed broker for the purpose of performing any of the practices of real estate as described by TRELA
Sales Agent
156
A person/business entity who is licensed to represent one of the partied in a real estate transaction in exchange for a commission or other valuable consideration
broker
157
Anyone who helps another party complete a real estate activity for a fee must have_________.
A real estate license
158
What categories of people are barred from serving on the commission?
Trade association employees & lobbyists
159
The members of TREC serve staggered ______ year terms.
6
160
Appoints members of the TREC.
Governor
161
Members of the TREC must be confirmed by 2/3 of the _______.
Texas Senate
162
Granted all citizens a set of basic rights regardless of race, color, or previous condition of servitude
Civil Rights Act of 1866
163
Which was the 1st housing discrimination protection act?
Civil Rights Act of 1866
164
This act protected people from discrimination based on race
Civil Rights Act of 1866
165
Prohibits discrimination in real estate practices
Fair Housing Act
166
Says it's unlawful to refuse to sell, rent to, or negotiate with any person because of that person's inclusion in a protected class
Fair Housing Act
167
Prohibits discrimination against people with disabilities in employment, transportation, public accommodation, communications, and governmental activities
Americans with Disabilities Act (ADA)
168
Establishes accessibility guidelines for pubic & commercial spaces
The Fair Housing Act
169
HUDs may not discriminate on the basis of sexual orientation, gender, identity, or marital status in their housing programs
HUD'S Equal Access Rule
170
What is the landlord's responsibility regarding reasonable accommodations?
Landlords must allow tenants to make reasonable modifications so people with disabilities can enjoy that property
171
What is the tenant's responsibility regarding reasonable accommodation?
Tenants may be required to pay for modifications & to return the property to the original condition at the end of the lease
172
The illegal act of channeling buyers/tenants to certain areas based on demographics
Steering
173
Fair Housing exemptions do not apply if...
a real estate license holder is involved in the process.
174
A change in rules, policies or practices that may be necessary to afford a person with a disability an equal opportunity to use/enjoy a dwelling
Reasonable Accommodation
175
Required HUD to set reasonable limitations on the number of occupants allowed in a dwelling - 2 occupants/bd
Quality Housing & Work Responsibility Act of 1998
176
Provided guidelines for the Quality Housing & Work Responsibility Act of 1998
The Keating Memo
177
The refusal to sell a home because of the prospective buyer's race was found to be against the law
U.S. Supreme Court Case: Jones v. Mayer Co.
178
Allows lenders to conduct self-tests to evaluate their lending practices
1997 Omnibus Appropriations Act
179
The practice of encouraging the panic selling of homes below market value by raising fears that an influx of people from a particular minority group will decrease the property values in a neighborhood & negatively affect the area
Blackbusting or Panic Selling
180
An attempt to resolve the issues raised by a complaint/investigation through informal negotiations between the aggrieved person, the respondent, & the HUD secretary
Conciliation
181
Makes it illegal for a lender to discriminate against borrowers based on their membership in a protected class
Equal Credit Opportunity Act (ECOA)
182
How long does a person who believes that they have been injured by the discrimination practices of a license holder have to file a complaint with HUD?
1 Year
183
Requires lenders to assist their local communities by participating in community development projects & submit an annual statement including public comments about their attempts to help low-income communities
Community Reinvestment Act
184
- Seeks to enable all parts of a community to have access to credit
- Passed to help eliminate red lining
Community Reinvestment Act
185
Requires lenders to disclose specific lending info which HUD then uses to map lending patterns
Home Mortgage Disclosure Act
186
Federal law that serves to protect the civil rights individuals with disabilities
Americans with Disabilities Act (ADA)
187
What is the name of the professional organization that created the code of ethics?
the National Association of REALTORS
188
What's 1 important difference between REALTORS & other practitioners?
REALTORS are held to a higher standard than the law by the NAR Code of Ethics
189
If the Code of Ethics & law conflict, the ______ takes precedence.
law
190
The introduction to the National Association of REALTORS Code of Ethics is called the...
Preamble
191
The National Association of REALTORS Code of Ethics consists of...
a Preamble & 17 Articles
192
In what year was the National Association of REALTORS Code of Ethics first adopted?
1913
193
What is the difference between the NAR Code of Ethics & the Canons of Professional Ethics Conduct?
TREC enforces the Canons of Professional Ethics & Conduct.
NAR enforces the NAR Code of Ethics.
194
What does the integrity portion of the Canons of Professional Ethics charge license holders with avoiding?
Misrepresentation
195
A law that governs the licensing, education, & activities of real estate license holders practicing brokerage in Texas
Texas Real Estate Act (TRELA)
196
A group of 9 appointed people who regulate real estate activity & licensees in Texas to ensure laws are followed and consumers are protected
Texas Real Estate Commission (TREC)
197
These 9 people enforce the rules & regulations laid out in TRELA
Texas Real Estate Commission (TREC)
198
Who needs a license?
Anyone who helps another party complete a real estate transaction for a fee must have a real estate license.
199
A person who is associated with a licensed broker for the purpose of performing any of the practices of Real Estate as described in TRELA.
Sales Agent
200
A person/business entity who is licensed to represent 1 of the parties in a real estate transaction in exchange for a commission or other valuable consideration
Broker
201
What categories of people are barred from serving on the commission?
Trade association employees & lobbyists
202
How many members of TREC are there?
9 - appointed by the governor & confirmed by a minimum of 2/3 of Texas Senate
203
What is the membership term length for members of the TREC?
6 years - staggered
204
What is the purpose of the TREC committee?
Adopt & enforce rules for governing Texas real estate practitioners
205
Who designates a broker member of the commission to serve as a presiding officer?
The governor
206
What law (chapter) imposes a code of ethics & standard of conduct on members of the commission?
Chapter 572
207
Who is responsible for informing employees of their conduct expectations & responsibilities?
Commissioners
208
Contracts prepared & authorized by the Texas Real Estate Commission that must be used by real estate license holders
Promulgated contracts
209
What is the instance in which the commission allows license holders to use alternatives to the required, or promulgated forms?
- If alternate form is prepared by property owner themselves
- If attorney has prepared the form & a property owner requests that form
210
All listing contracts in Texas must include what 2 pieces of info?
- info informing sellers about special rules for anyone who lives on a coast
- all commissions are negotiable
211
Passed in 1939
TRELA
212
Created in 1949
TREC
213
Law passed by the Texas Legislature to govern Texas real estate
TRELA
214
A government agency created by the Texas Legislature to enforce TRELA
TREC
215
What is the statute of limitations for filing a complaint against a licensee?
4 Years
216
A committee that creates & corrects contract forms to be used by Texas Real Estate license holders
Broker-Lawyer Committee
217
Created all promulgated forms
The Broker-Lawyer Committee
218
As a license holder, what could help protect you against mistakes you might make in real estate transactions?
Errors & Omissions Insurance
219
A right owned by 1 party to use the land of another
Easement
220
Type of easement used for passing through another's land
Right of Way
221
An abbreviated history of a property, including info on any transfers, grants, bills, conveyances, liens, & encumbrances-
Abstract of Title
222
Who pays for mortgage title insurance?
The buyer
223
A meeting/written communication that involves a serious discussion relating to a specific property
Substantive Dialogue
224
When does the info about intermediary brokerage contained in the IABS need to be given to a consumer?
At the 1st face-to-face meeting where substantive dialogue about a specific property occurs
225
Which party must remain neutral during a transaction?
Broker acting as intermediary
226
Represent the seller OR the buyer, but not both of them at the same time
Exclusive Single Agency
227
What is the recovery fund used for?
To pay damages to a person from the public who wins a court case against a license holder
228
The maximum amount that can be paid out because of the actions of 1 license holder regardless of how many complainants there are
$100,000
229
- Also called compensatory damages
- Based on the proven facts
- almost always going to be measurable
Actual Damages
230
Can be awarded when the defendants' actions are especially reckless/malicious
Punitive Damages
231
What's the difference between actual & punitive damages?
Actual damages are designed to compensate the claimant; punitive damages are designed to punish the defendant
232
A sales agent can't accept compensation for a real estate transaction from anyone but...
Sponsoring Broker
233
What must you have if you wish to sell, buy, lease, or transfer an easement or right of way?
Certificate
234
A person was accused of something & was a defendant in a trial but will accept the decision of the court without pleading guilty to the charge
"no contest" in Latin
Nolo contenders
235
The illegal act of mixing personal funds with a client's funds
Commingling
236
If a license holder doesn't disclose a deficit in a property to a customer/client because the broker/sales agent didn't know about the defect the license holder is....
Not Liable
237
The most common method used for land description in Texas
Metes & Bounds Method
238
- Describes the perimeter boundaries of the parcel using measures, direction, & distances
- Always returns to the Point of the Beginning (POB)
Metes & Bounds Method
239
Uses a more refined version of the longitude & latitude system of mapping with a surveyed grid of meridians, baselines, townships, & ranges to describe a piece of land
Rectangular Survey System
240
Drawing of a development used in the lot & block method
Plat
241
Individual lots combined to make a block
Parcel
242
Individual parcel of land measured & defined by the metes & bounds system
Lot
243
A collection of lots (parcels)
Block
244
1 township =
36 Sections
245
1 section =
640 acres (a square mile)`
246
1 acre =
43,560 square feet
247
1 mile =
5,280 linear feet
248
Permanent marker of known location and elevation above sea level
benchmark
249
Depends on longitude & latitude mapping with a surveyed grid of meridians, baselines, townships, & ranges to describe a piece of land
Rectangular Survey System
250
A true meridian running through an initial point, which with the baseline, forms, the highest level framework for all rectangular surveys in a given area
Meridian
251
A parallel of latitude, referenced to and established from a designated initial point, upon which all rectangular surveys in a defined area are based
Baselines
252
A north - south column created by drawing a parallel line every 6 miles to the east & west of a principal meridian
Range
253
A measure of the distance north and south from a referenced principal baseline, in units of 6 miles
Tiers
254
A square made up of mile-long boundaries (1 square mile) that equates to 640 acres
Section
255
All the lines in a rectangular survey system that run east and west, parallel to the base line 6 miles apart
Township lines
256
Longitude lines are also called...
meridians.
257
Latitude lines are also called...
parallels.
258
The science of determining points & the distances & angles between them with the points often being used to establish land maps & boundaries for ownership transfers of real estate
Surveying
259
Ultimately certifies the legal description of the land being sold
Survey
260
How long are surveys good for?
7 years
261
A national nonprofit organization that develops, administers, & scores the exams used for engineering & surveying licensure in the U.S
National Council of Examiners for Engineering & Surveying (NCEES)
262
Protects residents of Texas by regulating, licensing, & renewing the licenses of competent surveyors.
Texas Board of Professional Land Surveying ( TBPLS)
263
A type of survey that looks specifically at current or future improvements on the land to make sure they're w/in the property boundaries
The drawing shows where the building, fences, & other human-made objects are located
Improvement Survey
264
What direction do longitude lines/meridians run?
north to south, perpendicular to the equator
265
What direction do latitude lines/parallels run?
east to west, parallel to the equator
266
- The columns that range lines create
- Are numbered consecutively east & west from their respective principal meridians
ranges
267
Run parallel to the meridian, running north & south
range lines
268
- Run east to west, parallel to the baseline
- 6 miles apart
township lines
269
- The areas of land that township lines create
- 6 miles wide
tiers
270
Run parallel to meridians & create 6 mile ranges
range columns
271
Run parallel to baselines & create 6 mile tiers
township lines
272
What happens when a 6-mile range intersects w/a 6-mile tier?
You get a 36 square mile area = township
273
In terms of the surface area surveyed, which surveying system is used to describe the most land in the U.S.?
Rectangular Survey
274
The most common type of legal description used in urban suburban real estate
lot & block
275
Map of a subdivision indicating its location & property lines
plat
276
The individual lots that are combined to make a block
parcels
277
Combined to make a subdivision
blocks
278
What's in a Plat
parcels & blocks
279
A base point from which elevation is measured
datum
280
Established by the mean sea level
datum
281
The airspace above a particular sea level
air lot
282
A map in which curved lines connect contiguous parts of equal elevation to define the contours of the land
contour maps/topographic map
283
Shows hills, valleys, plateaus, & other patterns that may affect water drainage, runoff, or other development issues
contour maps/topographic map
284
- Most commonly used when air rights & subsurface rights need specific explanation
- method for expressing condominium ownership boundaries
vertical land description
285
Previously recorded descriptions can be referenced for the new conveyance for up to __ years.
7
286
