Mckissock Basic Appraisal Principles Chapters 6-8 Set I with omplete verified solutions

6| Legal Description - a description of land that identifies real estate according to a system established or approved by law, an exact description that enables the real estate to be located and identified. - includes 3 common systems such as lot and block, metes and bounds, and rectangular survey. 6| Lot and Block System - a system for the legal description of land that refers to parcels' lot and block numbers which appear on recorded maps and plats of subdivided land, may also be used for assessment maps. - is the most recent of the systems of legal description, was a system of legal descriptions that came into usage in the 1950s with the development of large subdivisions Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen 6| Metes and Bounds - a system for the legal description of land that refers to the parcel's boundaries which are formed by the point of beginning and all intermediate points and the courses or angular direction of each point (the metes) - earliest of the systems of legal description utilized in the United States, used primarily in the 13 colonies 6| Bounds - are the distances that a boundary runs at the prescribed angle; distances are usually indicated in feet; early surveyors used other methods of measurement such as rods and chains 6| Basic Units of Linear Measurement 1 mile = 8 furloughs 1 furlong = 660 feet, 10 chains 1 chain= 66 feet or 4 rods 1 rod=16.5 feet or 25 links 1 link=7.92 inches or 0.66 feet 6| Gunter's Chain - modern units of measurement are based on Gunter's Chain - divided into 100 links, a brilliant combination of the traditional 4 sided English system of measurement For example, In Gunter's combination system an acre was 10 square chains 6| Rectangular Survey System - land survey system used in Florida, Alabama, Mississippi, and all states north of the Ohio River or west of the Mississippi river except Texas; divides land into townships and ranges approximately 6 miles square, each normally containing 36 one-square mile sections of 640 acres except when adjusted for the curvature of the earth - aka the government survey system, came after metes and bounds 6| Quarter Section Measurements 1 township= 36 square miles 1 section = 1 square mile 1 square mile= 640 acres 1/4 section= 160 acres Quarter-Quarter section = 40 acres 1/2 section=320 7| Estate - a right or interest in property; defines an owners degree, quantity, nature and extent of interest in real property. - to be an estate in land, an interest must allow possession and be differentiated primarily by its duration 7| Fee Simple Estate - absolute ownership unecumbered by any other interest or estate, subject only to the limitations imposed by the gov't powers of taxation, eminent domain, police power, and escheat - this is the fullest and most complete type of estate, it consistsof full bundle of rights; this estate is inheritable, transferable, and perpetual - this is the most common form of ownership encountered in real property appraisals 7| Partial Interest - divided or undivided rights in real estate that represent less than the whole, specfically a fractional interest such as tenancy in common, easement, and life interest - if one or more of the bundle of rights are missing than this is considered partial interest or partial estate. Examples include life estates, leased fee estates, and leasehold estates 7| Life Tenant - rights of use, occupancy, and control limited to the lifetime of a designated party, sometimes referred to as the life tenant - aka as the "life estate" ; an example is when an elderly person transfers ownership of a property to another party but retains the right to live in the property for the rest of his or her life 7| Leased Fee Interest - the ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires 7| Leasehold Interest - the right held by the lessee to use and occupy real estate for a stated term and under the conditions specified on the lease - when a property is leased it creates two separate estate or interests; one belongs to the owner of the property and the other belongs to the tenant - the appraiser would account for the terms and also factor in the length of the time remaining on the lease 7| Easement - the right to use another's land for a stated purpose. - the owner has relinquished the exclusive right to occupy and use the property; this creates a partial interst or diminished estate for the owner 7| Easement In Gross - an easement that benefits a legal person or entity and not a particular tract of land, an easement having a servient estate but no dominant estate. - examples include easement for railroads, pipelines, and utility companies 7| Easement Appurtenant - an easement that is attached to, benefits and passes with the transfer of the dominate estate, runs with the land for the benefit of the dominant estate and continues to burden the servient estate, although such an estate may be transferred to new owners - has a dominant and servient estate 7| Affirmative Easement - the right to perform a specific act on a property owned by another; this is the good type of easement that works in your favor. 7| Negative Easement - an easement preventing a property owner from certain, otherwise permitted uses of his or her land; Example agreeing not to do something such as building a wall or fence blocking an adjoining property's view. - examples of negative easement are things that can be punitive in nature: conservation easements, drainage easments, historic preservation easements, subsurface rights, and air rights 7| Conservation Easement - an interest in real property restricting future land use to preservation, conservation, wildlife habitat, or some combination of those uses - may permit farming, timber harvesting, or other uses of a rural nature as well as some types of conservation oriented development to continue, sujbect to the easement - are generally granted by the property owner who wants tax benefits, but would like to reserve some use of his property. - the easements can only be granted by qualifying organizations like Land Trust Alliance, Army Corps of Engineers, and The Nature Conservancy. 7| Drainage Easement The right to drain surface water from one owner's land over the land of one or more adjacent owners 7| Historic Preservation Easements - generally includes various kinds of controls on historically designated properties - usually are composed of small districts of historically significant structures - a type of easement in gross that protects historically or architecturally significant properties by prohibiting or requiring review of future alterations or additions to protected features 7| Facade Easement - when only some or all of the exterior surfaces and not the interior are protected; - the irs allows a charitable gift deduction for the voluntary grant of qualifying historic preservation easement on some types of historic buildings, protects only on the facace of a building 7| License - For real property, a personal, unassignable and typically revocable privilege or permit to perform some activity on the land of another without obtaining an interest in the property - can be terminated at anytime and is considered to be personal property rather than real property. 7| Encroachment -line or trespassing on the domain of another - when someone builds something over the property linr or another property 7| Individual Ownership - aka "tenancy in severalty" - an estate in property held by one owner - tenancy, the holding of a property by any form of title 7| Concurrent Ownership - property may also be concurrently owned by more than one individual - tenancy in common, joint tenancy, tenancy bu the entirety are examples of concurrnet ownership 7| Tenancy In Common - an estate held by two or more persons each of whom has an undivided interest - the most basic example of concurrent ownership; doesn't have the right of survivorship