R E Ch 22

The principle that says one property will sell quickly if only a few properties in a particular area are on the market is known as:

Scarcity.

Which of the following is not considered a way to correctly give the legal description of a property?

Through the full street address and 10-digit ZIP code.

Which of the following is a radioactive gas produced by the natural decay of radioactive substances?

Radon.

Any building constructed before 1978 has a high probability of containing

asbestos

Which of the following is not a physical characteristic of land?

Situs.

What is the name of the environmental legislation that established a fund called the Superfund, to clean up uncontrolled hazardous waste sites and to respond to spills?

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).

The sealing off of disintegrating asbestos is known as:

Encapsulation.

What is the minimum number of vacant lots in a speculative subdivision development, if those lots are located in a rural area that has fewer than 1500 registered voters within two miles, that make up a "land project"?

50 or more vacant lots.

A township is an area of a specific size that is formed by the intersection of a township and range lines. Which of the following is the correct size of a township?

36 square miles.

Which of the following is not an economic characteristic of land?

Immobility.

Land has how many PHYSICAL CHARACTERISTICS?

3

Because it cannot be consumed, used up, or significantly changed, land is considered to be

indestructible

indestructibility gives land

permanence, which in turn gives land value.

Because it cannot be moved, land is considered to be

immobile

This immobility also gives land

permanence

Because no two pieces of land are quite the same, each individual piece of land is

considered to be non-homogenous

Land has how many ECONOMIC CHARACTERISTICS?

4 Scarcity, Location, Improvements, Permanence of Investment

The economic characteristics of LAND should not be confused with

the economic characteristics of PROPERTY.

Property has how many economic characteristics?

5 Demand, Utility, Scarcity, Transferability, Situs

Lot and block system, also known as the

recorded plat system

The metes and bounds system is a series of

linear measurements of boundary lines connected by varying angles to form the complete boundary around the outside of a tract of land.

The fixed objects used to locate the POB are called

monuments.

Principal Meridians are the lines running

north and south

Base Lines are the lines running

east and west

Guide meridians are the lines running

parallel to the principal meridian

Standard parallels are the lines running

parallel to the base line

Guide meridians and standard parallels are spaced

24 miles either side of the principal meridian and base line to create a square block of 24 miles per side.

Each 24-mile block is divided by range lines running parallel to the guide meridians at

6 mile intervals parallel to the guide meridians and township lines at 6 mile intervals running parallel to the standard parallels.

This divides the block into 16 smaller square blocks of 6 miles per side called a

township

Townships are subdivided north-south and east-west to create 36 blocks of 1 square mile each, called

sections.

Each section is 1 square mile in size, which is

640 acres.

The Interstate Land Sales Full Disclosure Act of 1968 regulates

the sale of land across state lines in order to protect the public from fraud or misrepresentation when buying land in another state.

The National Environmental Policy Act, or NEPA, requires

all federal agencies to produce environmental impact statements and environmental assessments regarding potential effects on the environment by any projects that use federal funding.

The Clean Air Act was enacted as a measure to

control air pollution nationwide

The US Environmental Protection Agency (EPA) also has a Wetland Program Plan that aims to

control wetlands management and protection.

The Residential Lead-Based Paint Hazard Reduction Act requires affirmative action on the part of property owners, landlords, and real estate agents and renovators when disturbing more than

two square feet of old paint in houses built before 1978

Electromagnetic fields (EMFs) are caused by the

movement of electrical currents and can be emitted by overhead power lines and underground electrical cables

Underground storage tanks (USTs) are tanks that are designed to hold

hazardous materials