Chapter 4 Quiz - Property Description and Appraisal Math PDF

Chapter 4: Property Description and Appraisal Math Chapter 4 Quiz 1. The way to identify the exact boundaries of a 6. A rectangular survey description of a partial property is with a: section starts with the: A. lega...

Chapter 4: Property Description and Appraisal Math Chapter 4 Quiz 1. The way to identify the exact boundaries of a 6. A rectangular survey description of a partial property is with a: section starts with the: A. legal description A. base line C. street address C. smallest division required to identify the D. map section in which the property is located D. location of the partial section in relation to the principal meridian 2. One of the basic elements of a metes and bounds description is the: A. block 7. Another name for the lot and block method of description is the: C. deed A. subdivision method D. course C. surveyor method D. plat method 3. A metes and bounds description must end at the: A. survey marker 8. Dimensions must be expressed in the same unit C. entrance to the property of measurement for: D. true point of beginning A. area calculations C. triangular area calculations 4. Directions in a metes and bounds description D. all of the above are described as: A. simple cardinal directions or angles with relation to either north or south yards long is: C. angles with relation to north, south, east, and west D. degrees, minutes, and seconds away from true north This means: it down into components of: A. the property is a triangle with an 8-yard A. triangles and circles base on the south side, combined with a rectangle 12 yards long on the east side C. rectangles and triangles D. squares and circles the base line and the 12th range east of the principal meridian C. from the previous point on the property boundary, the property line turns 8 degrees south and runs for 12 yards to the east D. the property is the east 1/2 of the 8th section in the township 7  Real Estate Appraisal Instructor Materials width times height, the space being measured must be a: A. square C. circle D. triangle 12. Which of the following types of problems is most likely to involve percentages? A. The area of a property D. The average of comparable prices 13. Discounting is used to calculate: A. the present value of a future payment amount C. the rate of interest that will be earned be- tween the present and a future date D. the future value of an investment annual interest, compounded monthly. At the be paid? A. $12 D. $1 15. The value of an account grows more quickly when interest is: A. compounded less frequently C. discounted to present value D. not compounded at all 8  Chapter 4: Property Description and Appraisal Math Answer Key 1. A. A legal description is one that identi- 2. D. The basic elements in a metes and feet. bounds description are reference points, courses, and boundaries. the area can be determined by dividing 3. D. The description of the actual property it into rectangles and triangles, then boundary both begins and ends at the computing the areas of these parts in- dividually and adding them together. a valid legal description because it does not describe an enclosed parcel of land. formula, the space must be a prism (such as a cube, or box-shaped). cardinal directions, it will simply be stated as north, east, south, or west. - Otherwise, it will be described in terms centage of the loan amount. of the angle away from north or south. Range 12 East,” meaning the 8th town- received in the present than at some ship south of the base line and the 12th point in the future. Discounting con- range east of the principal meridian. verts a future payment amount into present value. 6. C. Partial sections are described by listing the sequence of divisions, starting with the smallest division and ending with into 12 monthly installments, so the the largest one. often described by reference to an of- boundaries of the parcel, so it is often more quickly when interest is com- called the recorded map method. pounded more frequently. 8. D. To calculate any area or volume, all dimensions should be expressed in a single unit of measurement. Dimen- sions in other units or mixtures of units must be converted into this unit before calculating area or volume. 9