Acquisition
If this negotiator calls you, update your life insurance
Who is Erin
There are this many square feet in an acre
43,560
This is the oldest system of land surveying in the United States, based on natural landmarks and artificial markers, leading to often irregular and overlapping property lines.
What is the metes and bounds system?
In the olden days before document numbers, title was organized in this manner
RIDES
Respect, Integrity, Dedication, Excellence, Safety
What is just compensation?
This is the four-part test an appraiser uses to determine the most probable and profitable use of a vacant parcel, considering if it's legally permissible, physically possible, financially feasible, and maximally productive.
What is highest and best use?
Indicates continuous ownership across boundaries
What is a land hook
This type of deed offers no warranties of title but is commonly used to clear up minor defects or to transfer property between family members.
What is a quitclaim deed?
STIP
No idea
In a partial acquisition, this is the term for the compensation a property owner receives for the decrease in value to their remaining land, caused by the right-of-way project.
What are severance damages?
An increase in value over time resulting from improved economic conditions and increasing price levels
What is Appreciation
Parallel lines, Metes and Bounds and ___________ are the 3 general types of descriptions
What is description by reference
A cloud on a title that is not a lien or encumbrance, could indicate a potential legal issue with ownership
What is a title defect
CFR
Code of Federal Regulations
This is the program that provides financial assistance and advisory services to individuals and businesses who are displaced and must move as a result of a right-of-way project.
What is relocation assistance?
This principle states that land and its improvements must be valued on the same basis
What is the consistent use principle
In surveying, what is the term for a fixed reference point or system of points from which elevations and depths are measured?
What is a datum?
This is a legal action to resolve a dispute over a property's ownership, especially when there's a competing claim or a break in the chain of title
What is quiet title action
USPAP
Uniform Standards for Professional Appraisal Practice
This method of compensating for damages involves using quotes from local contractors to repair or replace the damaged item
What is cost to cure
Fill in the blank:
Value = Income/( )
What is Capitalization Rate?
This the term for the error in a traverse survey where the measured distance and direction don't perfectly return to the starting point
What is a closure error?
This is the name for the type of ownership where two or more people own a property, but if one owner dies, their share automatically passes to the other owner(s), bypassing probate?
What is joint tenancy with right of survivorship?
PCS
Also no idea