Real Estate Unit 5 questions with verified solution 2023/2024

Real Estate Unit 5 All of these are ways to express a legal description EXCEPT a. lot and block. b. metes and bounds. c. rectangular survey. d. benchmarks. - correct answer d. A benchmark is a permanent reference point used as a reference for marking datums, not a method of legal description. Air lots, condominium descriptions, and other vertical measurements may be computed from the U.S. Geological Survey a. datum. b. benchmark. c. principal meridian. d. base line. - correct answer a. The U.S. Geological Survey datum is defined as the mean sea level at New York Harbor. A surveyor uses the datum to determine the height of a structure or to establish the grade of a street. Six acres of undeveloped property are sold for $2.25 per square foot. How much did the buyer pay? a. $466,560 b. $588,060 c. $612,360 d. $733,860 - correct answer b. The buyer paid $588,060: 43,560 square feet × 6 = 261,360 square feet 261,360 square feet × $2.25 = $588,060 Which township section number is directly north of Section 7? a. Section 1 b. Section 5 c. Section 6 d. Section 8 - correct answer c. A township is numbered in an S fashion: 1 through 6, right to left; then dropping down to 7 to 12, left to right. Section 7 is directly south of Section 6. Which of these MOST accurately describes the dimensions of a quarter-section? a. ¼ mile by ¼ mile b. ½ mile by ½ mile c. ½ mile by 1 mile d. ⅛ mile by ⅛ mile - correct answer b. A section is 1 square mile. A buyer is willing to pay $1,200 per acre for the SE ¼ of the SE ¼ of the SE ¼ of Section 11. How much will the buyer pay for the land? a. $3,000 b. $6,000 c. $12,000 d. $24,000 - correct answer c. The buyer is willing to pay $12,000: ¼ × 640 = 160 160 × ¼ = 40 40 × ¼ = 10 acres 10 acres × $1,200 = $12,000. In the past, a farm was typically a quarter section, or a. 20 acres. b. 80 acres. c. 160 acres. d. 320 acres. - correct answer c. A quarter of 640 acres is 160 acres. How many acres are contained in a parcel described as follows: The NE ¼ of the NW ¼; the N ½ of the NW ¼, NE ¼, of Section 10? a. 40 acres b. 60 acres c. 70 acres d. 74 acres - correct answer b. There are two parcels in this description denoted by the semicolon (;). The first: ¼ × 640 = 160 and ¼ × 160 = 40 acres. The second: ¼ × 640 = 160 and 160 × ¼ = 40 and 40 × ½ = 20 acres. 40 acres + 20 acres = 60 acres. The basic units of the rectangular survey system are the a. base lines. b. principal meridians. c. ranges. d. township squares. - correct answer d. Township squares are the basic units of the rectangular survey system. Principal meridians and base lines are the two sets of intersecting lines in the system. Ranges are the 6-mile strips of land on either side of a principal meridian. A metes-and-bounds description is NOT required in rectangular survey system descriptions when a. a tract is too large to be described by quarter sections. b. describing an irregular tract. c. a tract is too small to be described by quarter-sections. d. a tract does not follow the lot or block lines of a recorded subdivision or section. - correct answer a. Metes-and-bounds descriptions within the rectangular survey system usually occur when describing an irregular tract, when a tract is too small to be describe by quarter-sections, or when a tract does not follow the lot or block lines of a recorded subdivision or section, quarter-section lines, or other fractional section lines. What is the square footage of this property described by the metes-and-bounds method? Beginning at a point on the southerly side of Smith Street, 200 feet easterly from the corner formed by the intersection of the southerly side of Smith Street and the easterly side of Johnson Street; then east 200 feet; then south 100 feet; then west 200 feet; then north 100 feet to the POB. a. 5,000 square feet b. 10,000 square feet c. 15,000 square feet