Real Estate Notes: PSI Exam Prep: Property Ownership Part 3
This comprehensive flashcard set covers essential real estate concepts related to land measurement, water rights, and legal claims on property. It includes unit conversions, easement terms, types of liens, natural land changes, and ownership rights tied to land and water, serving as a valuable resource for students and professionals in real estate.
One hectare =
approximately 2.47 acres
Key Terms
One hectare =
approximately 2.47 acres
Front foot (frontage) =
length of the property along a street, highway, or waterway
Perimeter =
length and width of all sides added together
One square mile =
640 acres
Example
| A parcel of land is three-quarters of a mile by 2,800 feet. The price is $2,500 per acre. How much is the land worth?
5,280 × .75 (3/4 of a mile) = 3,960 feet
3,960 x 2,800 feet, or 11,088,000 square feet
11,088,000 ÷ 43,560 (square feet in an acre) = 254.55 ...
Example
| A land parcel is 7,500 s.f. It’s 75 feet deep. What is the frontage?
7,500 ÷ 75 = 100. The property is 75 feet deep by 100 feet long (frontage).
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| Term | Definition |
|---|---|
One hectare = | approximately 2.47 acres |
Front foot (frontage) = | length of the property along a street, highway, or waterway |
Perimeter = | length and width of all sides added together |
One square mile = | 640 acres |
Example | A parcel of land is three-quarters of a mile by 2,800 feet. The price is $2,500 per acre. How much is the land worth? | 5,280 × .75 (3/4 of a mile) = 3,960 feet |
Example | A land parcel is 7,500 s.f. It’s 75 feet deep. What is the frontage? | 7,500 ÷ 75 = 100. The property is 75 feet deep by 100 feet long (frontage). |
Example | Trinity owns a land parcel that is a half-mile square. How many acres is it? | Each side of the parcel is 2,640 linear feet (5,280 feet in a mile). |
Air lot heights are established by | the city or other governing authority that has jurisdiction. |
is a horizontal point of reference from which surveyors measure the depth and height of various land elevations. | A datum |
is a point where the exact elevation is known and marked with a brass or aluminum plate. Surveyors can use this as a starting point to measure other elevations. | A benchmark |
The three categories of water rights include | riparian rights, littoral rights, and the doctrine of prior appropriation. |
it address water that moves through a property, such a river or stream. these rights are classified into one of two categories based on the type of water: navigable or non-navigable. | Riparian rights |
address static water, such as a pond, lake, or ocean. Owners have the right to use and enjoy the static water but not divert or contain it. | Littoral rights |
it says that the first party to physically take water from a source and put it to beneficial household, agricultural, or industrial use will continue to have a claim to the water. | Prior appropriation |
Process by which water carries rock, sand, and soil and causes land build-up | Accretion |
New deposits of land that are the result of accretion | Alluvion |
Gradual loss of land due to a natural force | Erosion |
A sudden loss of land by a swift, large-scale change in water flow | Avulsion |
When water gradually recedes and uncovers new land | Reliction |
it is a claim against a property by a party that is not the owner. | Encumbrances |
affect real and personal property and include judgment liens, federal and state tax liens, and decedent’s debts. | General liens |
affect the specific real property/properties to which they’re attached by agreement or law and include mortgage liens, real property tax liens, mechanic’s liens, special assessment liens, vendor and vendee liens, and HOA liens. | Specific liens |
is one a vendor of goods or services places on the property and creates a cloud on the property's title. | A mechanic’s lien |
is when the courts place an encumbrance on the property of a defendant in a lawsuit for monetary damages (also known as a judgment). | An attachment lien |
The typical priority of liens is | property tax lien, mechanic’s liens (if work began before the mortgage lien was recorded), first mortgage lien, and all other liens by date of recording. |
super lien status | liens take priority over all other types. |
is a non-possessory right acquired by one party to use another party’s land for a special use. These are often acquired through a written agreement. Because it affects the use of a property, they have the potential to diminish the property's value. | An easement |
it suffers the easement | the servient estate |
it enjoys the easement. | the dominant estate |
What should you consult when there is an encroachement? | the Survey |
it is when the dominant estate owner takes action that shows a clear intent to stop using the easement. | Easement abandonment |
How many acres are in a parcel described as, "The S 1/2 NW 1/4 Section 3, Township 4N, Range 2W of the 6th PM"? | This legal description defines half of a quarter section. A quarter section is 160 acres. Half of that is 80 acres. Alternatively, multiply the two fractions’ denominators (2 × 4) and divide into 640 (640 ÷ 8 = 80). |
Which of the following would be a description used for real property? | In-ground |
these are granted for the lifetime of the grantee. When the life estate holder dies, remaining interest is either returned to the original owner (reversion) or is granted to a third party (the remainderman). | Ordinary life estates |
At the end of a life estate, the reversionary owner or remainderman hold a | Fee simple |
these are artificial attachments to land that include items such as fencing, buildings, and walkways. | Improvements |
What does the lot and block system use to develop a property’s legal description? | Plat references |
In which form of co-ownership is a person's ownership inheritable? | Tenancy in common |
Attached to a specific parcel of land, transfers (“runs”) with the land, and gives the “dominant tenement” rights to use adjoining property/servient tenement | Easement appurtenant |
Granted to a specific individual or business rather than attached to the property itself | Easement in gross |