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Questions and Answers
What geometric shapes are primarily used to determine the area of a property?
Which formula is used to calculate the space being measured in terms of width and height?
How can the exact boundaries of a property be identified?
Which type of problem is most likely to involve the use of percentages?
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Discounting is most commonly used to calculate which of the following?
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Which element is essential in a metes and bounds description?
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How does the growth rate of an account change with regard to interest compounding frequency?
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Where must a metes and bounds description end?
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The basic elements in a metes and bounds description include which of the following?
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What describes the directions in a metes and bounds description?
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For the description of property boundaries, how should directional angles typically be stated?
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What is another term for the lot and block method of property description?
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For area calculations, dimensions must be expressed in what?
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What does a rectangular survey description of a partial section start with?
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To simplify complex area calculations, one can break it down into components of:
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Study Notes
Property Description and Appraisal Math
- Exact property boundaries identified through a legal description.
- Metes and bounds are crucial in describing property; they rely on measurements and directions.
- A metes and bounds description concludes at the true point of beginning.
- Directions in metes and bounds can be expressed in cardinal directions or as angles relative to north or south.
- The lot and block method, also known as the subdivision method, organizes properties into defined sections.
- All dimensions in area calculations must use the same unit of measurement for consistency.
- Property area can be calculated by dividing the space into rectangles and triangles for easier computation.
- Understanding percentages is essential for calculating average comparable prices and property areas.
- Discounting computes the present value of future payments, determining how much future sums are worth today.
- Investment growth accelerates when interest is compounded more frequently, enhancing overall returns.
- A legal property description must clearly define an enclosed parcel, utilizing reference points and boundaries effectively.
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Description
Test your knowledge on property description and appraisal math with this quiz focusing on Chapter 4. It covers legal descriptions, survey methods, and identifying property boundaries. Perfect for real estate students and professionals alike.
