About This Chapter
Property & Land Characteristics - Chapter Summary
This chapter is a convenient way to increase your knowledge of property and land characteristics. You'll find helpful lessons on why measurement errors occur in real estate and the formula used to calculate the acreage of land. Our experienced instructors also discuss different types of land surveys currently used. After completing the chapter, you should be able to:
- Distinguish between personal property and real property
- Explain how surveyors create legal descriptions of properties
- Provide an overview of voluntary property transfers
- Describe how the lot and block survey system works
- Explain where the metes and bounds survey system is used in real estate
- Discuss how living space is calculated
- Provide an example of a rentable area in real estate
- Convert the area of a piece of land to a different unit of measurement
Engaging instructors help you gain a thorough understanding of property and land characteristics. You can study all the lessons in the chapter or just focus on specific topics for a more concentrated approach. A brief quiz is available to test your comprehension of each lesson, and the quizzes can be printed so that you can study offline.
1. Real Property and Personal Property: Definition and Differences
Much of business law deals with property. There are actually two different types of property: personal property and real property. This lesson explains the differences between these two types of property.
2. Legal Description of Property: Definition, Importance & Example
The legal description of a property provides a clear and lawful definition of a property's boundaries. We will cover the importance of this document, the essential elements, and the methods surveyors use to create and confirm legal descriptions.
3. What is Voluntary Property Transfer? - Defining Title by Deed
A conveyance happens when a property owner transfers property to a new owner. This is known as a voluntary property transfer, or title by deed. This lesson explains voluntary property transfers and title by deed.
4. What is a Land Survey? - Definition & Types
Surveys are used to identify boundaries and features of land to determine ownership. They are employed in construction projects ranging from building fences to entire cities. In this lesson, you'll learn what a survey is and about the different types of surveys used today.
5. Using the Lot & Block Survey System
This lesson outlines how pieces of real estate are identified using the lot and block survey system. This system provides a means of recognizing additions, subdivisions, and addresses within a plat.
6. Metes & Bounds: Definition & Uses
This lesson will explain the history and description of the metes and bounds system in real estate surveys. By the end of the lesson, you will better understand where and how it's used.
7. Livable, Rentable & Usable Area: Definition & Examples
How can you compare different homes or apartments when the square footage is measured with different methods? Use the information in this lesson to sort out three of the most common measurements.
8. How to Calculate & Convert Acreage
Accurate calculation of acreage is an essential skill in describing the physical geography of a plot of land. In this lesson we will look at the formulas for determining the area of a piece of land, and converting that number into different units of meaurement.
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Other chapters within the Michigan Real Estate Broker Exam: Study Guide & Practice course
- Air, Mineral & Water Rights in Real Estate
- Liens & Encumbrances in Real Estate
- Types of Property Ownership
- Real Estate Land Use Controls & Regulations
- Property Valuation & Appraisal
- Basic Real Estate Financing Terms & Concepts
- Types of Real Estate Loans
- Lending & Underwriting Processes
- Agency Relationships & Agreements
- Disclosures of Property Conditions
- Real Estate Sales Contracts
- Leasing & Property Management
- Real Estate Title Transfers
- Real Estate Practices
- Common Real Estate Calculations
- Michigan Licensing & Statutory Requirements
- Michigan Real Estate Laws
- Michigan Real Estate Broker Exam Flashcards