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Questions and Answers
What is the legal definition of land?
What is the legal definition of land?
What is a site?
What is a site?
Improved land ready for a specific purpose.
What are land characteristics?
What are land characteristics?
The physical aspects of land, including its surface and everything above and below it.
What do land components include?
What do land components include?
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Which organization sets global standards for valuation?
Which organization sets global standards for valuation?
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Which of the following rights may be sold separately from land?
Which of the following rights may be sold separately from land?
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What are the necessary improvements to make land a site?
What are the necessary improvements to make land a site?
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Sites are generally less valuable than raw land.
Sites are generally less valuable than raw land.
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What is the highest and best use?
What is the highest and best use?
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What types of legal descriptions are used?
What types of legal descriptions are used?
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In earlier systems, measurements were based on ________ and ________.
In earlier systems, measurements were based on ________ and ________.
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Match the legal description system with its characteristic:
Match the legal description system with its characteristic:
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What does each section in a township theoretically contain?
What does each section in a township theoretically contain?
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What is a plat?
What is a plat?
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What is the purpose of the lot and block system?
What is the purpose of the lot and block system?
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What is Gunter's Chain?
What is Gunter's Chain?
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What are some unusual measurements found in surveys?
What are some unusual measurements found in surveys?
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Who was appointed Geographer to the United States in 1785?
Who was appointed Geographer to the United States in 1785?
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Study Notes
Land and Site Definitions
- Land: The solid surface of the Earth, distinct from water, and a fundamental agent of production in economics. It is natural and tangible, encompassing both natural features and human-made attachments.
- Site: Improved land or lot that is ready for use for a specific purpose.
Land Characteristics and Components
- Physical Attributes: Land is defined by the earth’s surface and extends theoretically to the center and above into the atmosphere.
- Natural Resources: Includes mineral deposits, wildlife, timber, water, and soil among other elements, such as flowers and trees growing on it.
Valuation and Land Rights
- International Valuation Standards Council (IVSC): Provides global standards for land valuation, including definitions of land as both vacant and improved.
- Land Rights: Ownership of land includes a bundle of rights that can be separated and sold. Rights include mineral, water, development, and conservation rights.
Site Improvements
- Key Improvements: Necessary enhancements that increase land value include roads, sewer systems, grading, drainage, site plans, and necessary zoning changes or permits.
- Site vs. Land Value: Sites are usually more valuable due to these improvements that prepare land for specific uses.
Highest and Best Use
- Definition: The use of a property that results in the highest value, subject to legal, physical, and financial considerations.
- Considerations: Must be the most probable use that meets legal, physical, financial feasibility, and maximum productivity criteria.
Legal Descriptions and Surveying
- Plats and Legal Descriptions: Legal descriptions include maps (plats) that define property boundaries and facilitate accurate identification and conveyance of land.
- Types of Legal Descriptions: Metes and bounds, Government Survey, and Lot and Block systems.
- Government Survey System: Established in 1785, divides land into townships and sections, primarily in the Midwest and West (excluding Texas).
Measurements and Calculation
- Metes and Bounds: An early legal property description method using bearings and distances.
- Gunter's Chain: Historical measurement system for surveying, where 1 mile = 8 furlongs; 1 chain = 66 feet; also involved calculations in rods and links.
- Sections and Land Division: Each section measures 1 square mile (640 acres) and can be subdivided into smaller parcels (quarter sections of 160 acres).
- Lot and Block System: A method utilizing plats, common from the mid-1900s for tracking new properties and tax assessments.
Area and Size Calculations
- Importance of Area: It's crucial to determine property size for valuation; for example, knowing acreage helps establish market value.
- Area Calculation Method: Divide irregular shapes into standard forms (rectangles/triangles) for easier area computation, applying formulas like A = ½ BH for triangles.
Unusual Measurements in Surveys
- Various historical or unusual land measurements exist, such as:
- 1 League = 3 Miles
- 1 Labor = 177.14 Acres
- 1 Smoke = distance traveled while smoking a cigarette
Studying That Suits You
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Description
This quiz covers key terms from Chapter 1 on elements of property, focusing on definitions related to land and site. Understand the legal and economic significance of land as a resource. Use these flashcards to enhance your grasp of real estate concepts.
