Legal description methods, fee simple ownership, easements, and other property rights concepts tested on appraisal licensing exams.
30 cards · basic cards · AI-written, checked twice. Edit anything.
- What is the metes and bounds method of legal description?
- Method using boundary measurements, directions (bearings, distances), and monuments to describe property boundaries
- What property right does fee simple represent?
- Absolute ownership of real property; the owner has complete control and can sell, lease, or pass on to heirs
- What is an easement?
- Right to use another person's property for a specific purpose; does not give ownership of the land
- How does a life estate differ from fee simple ownership?
- Life estate ends when the person dies; fee simple passes to heirs or can be sold freely and continues indefinitely
- What does bundle of rights mean in real estate?
- Concept that property ownership includes all rights to use, possess, control, and transfer the property
- What is an appurtenant easement?
- Easement that benefits a neighboring parcel of land and transfers with that land when it is sold
- What is an easement in gross?
- Easement that belongs to a specific person rather than to a particular piece of land; does not pass to the next owner
- What is a restrictive covenant?
- Limitation on how a property can be used; runs with the land and binds future owners
- What is the dominant tenement?
- Parcel of land that benefits from an easement; the land to which the easement is appurtenant
- What is the servient tenement?
- Parcel of land burdened by an easement; the land over which the easement runs
- What is a lien?
- Legal claim against a property as security for payment of a debt or obligation
- Describe the Government Rectangular Survey system.
- Method dividing land into a grid using townships, ranges, and sections; also called the Public Land Survey System
- What is the lot and block system of description?
- Method using a plat map showing numbered lots within a recorded subdivision
- What does encumbrance mean?
- Any right, lien, or interest that reduces the value or use of a property
- What is a right of way?
- Easement allowing a person or vehicle to pass over another person's land
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