Biochemistry /Real Estate Notes: PSI Exam Prep: Property Ownership Part 2
Real Estate Notes: PSI Exam Prep: Property Ownership Part 2
This deck covers key concepts and calculations related to property ownership, including legal descriptions, area calculations, and measurement standards.
north-south lines are called
range lines.
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Key Terms
Term
Definition
north-south lines are called
range lines.
How many named principal meridians are in the U.S.?
37
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it is described by referencing the principal meridian and base line that is appropriate to the township in which the parcel is located.
parcel
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it is six miles square or 36 square miles
township
it is one square mile, which is also one mile squared.
section
this legal description looks like this (and is read right to left): S ½ SE ¼ NW ¼ Section 14, Township Clarkson
A rectangular government survey system
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| Term | Definition |
|---|---|
north-south lines are called | range lines. |
How many named principal meridians are in the U.S.? | 37 |
it is described by referencing the principal meridian and base line that is appropriate to the township in which the parcel is located. | parcel |
it is six miles square or 36 square miles | township |
it is one square mile, which is also one mile squared. | section |
this legal description looks like this (and is read right to left): S ½ SE ¼ NW ¼ Section 14, Township Clarkson | A rectangular government survey system |
it begin with a reference to either metes and bounds or RGSS, then divide the land into lots with numerical descriptions of each parcel. A plat with the lot descriptions is recorded in the land records. it include streets, access roads, and other important features. | Lot-and-block systems |
Lot 6 of Block 3 of the East Subdivision plat as recorded in Map Book 18, Page 11 at the Recorder of Deeds | A lot and block legal description |
Area of rectangle | length × width ei (6 × 4) |
Area of square | side × side (4 × 4) |
Area of triangle | 1/2 base length × height |
nine square feet | One square yard = |
square yards | Square feet ÷ nine = |
square feet | Square yards × nine = |
What does ANSI stands for? | American National Standards Institute |
what does the American National Standards Institute (ANSI) do? | sets standards for measuring structures. |
these can only be included if attached to the main property via stairways or hallways. | Finished spaces |
Example: The living room of Trixie’s house is 15 feet by 13 feet. The dining room is 12 feet by 13 feet. How many square feet is this entire area? | (15 × 13) + (12 × 13) = 195 + 156 = 351 square feet |
Jonathan’s 3,200 square foot home sold for $425,000. The price per square foot is | $425,000 ÷ 3,200, or $132.81. |
What does GLA means? | Ground Living Areas |
GLA may include stairways and closet and finished attic or basement square footage if ceiling height is at least | seven feet. |
Covered, enclosed exterior areas are included only if they’re heated using | the same heat system |
Additional finished buildings are usually included only if they’re attached to the main house by | a hallway or stairway. |
these include corridors, meeting rooms, lobbies, restrooms, and a proportionate share of any common areas and a typically excludes common areas, elevator shafts, stairways, and HVAC and other system equipment areas. | rentable areas |
One acre = | 43,560 square feet (memorize this one) |
Square feet ÷ 43,560 | acres |
Acres × 43,560 | square feet |
One mile = | 5,280 linear feet |
Linear feet ÷ 5,280 = | miles |
Miles × 5,280 = | linear feet (memorize this for your exam) |