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test 1
real estate principle
22
Finance
Undergraduate 3
09/20/2016

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Term
fixity
Definition
Refers to the fact that land and buildings required long periods of time to pay for themselves.
Term
fixture
Definition
An object that has been attached to land so as to become real estate.
Term
improvements
Definition
Any form of land development, such as buildings, roads, fences, and pipelines
Term
meridians
Definition
Imaginary lines running north and south, used as references in mapping land.
Term
latitude lines
Definition
lines that run east and west
Term
longitude lines
Definition
lines that run north and south
Term
township
Definition
every six miles north and south of a base line a six by six imaginary square.
Term
section
Definition
each 36 square mile township is divided into 36 one square mile unit.
Term
acre
Definition
each square mile contains 640 acres.
Term
quater section
Definition
160 acres
Term
metes and bounds
Definition
A detailed method of land description that identifies a parcel by specifying its shape and boundaries. It has a point of beginning or point of commencement. You travel clockwise .
Term
connection line
Definition
is a guard against a monument that might be destroyed or removed. It is referenced to a nearby permanent reference est by a gov agency.
Term
monuments
Definition
An iron pipe, stone, tree or other fixed point used in making a survey.
Term
personal property
Definition
Also called Personalty, is any item that will not be included in the Bill of Sale, ie furniture, farm equipment.
Term
real estate
Definition
Land and improvements in physical sense, as well as the rights to own or use them; also known as real property.
Term
recorded plat
Definition
A Plat is a map that shows the location and boundaries of individual properties (also known as the lot block tract system, recorded map or recorded survey) and is filed in the county where the property is located.
Term
map books or survey books
Definition
A Plat is a map that shows the location and boundaries of individual properties (also known as the lot block tract system, recorded map or recorded survey) and is filed in the county where the property is located.
Term
Assessor’s Parcel Number
Definition
the tax assessor assigns and assessor’s parcel number to each parcel of land in a county.
Term
grid system
Definition
divides the state into 84 blocks, each side of which corresponds to a 30 min (one half of one degree) of latitude or longitude.
Term
Vertical Land Description
Definition
is necessary when air or subsurface rights need to be described.
Term
datum
Definition
is a point line or surface from which a vertical height or depth is measured.
Term
contour maps
Definition
topographic maps indicate elevation, on these maps contour lines connect all points having the same elevation.
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