![]() Absentee bids are usually handled under an established set of guidelines by the auctioneer or his representative. Generally, a bidder submits an offer on an item prior to the auction. (2) An official reduction or elimination of one’s tax liability after completion of the tax roll.Ī procedure which allows a bidder to participate in the bidding process without being physically present. (1) An official reduction or elimination of one’s assessed valuation after completion of the original assessment. The relinquishing of all rights and interests in real property, including any fixtures, with no intention to reuse or reclaim. to qualified real estate auctioneers who meet the educational and experiential requirements of the Institute and who adhere to a strict code of ethics and standards of practice. The professional designation awarded by the Auction Marketing Institute, Inc. Otherwise known as "As Is, Where Is" and "In its Present Condition."ĪARE (Accredited Auctioneer, Real Estate) Buyers are solely responsible for examining and judging the property for their own protection. To learn more about these land descriptions, view our Real Estate Principles course, which provides information on ethics of practice, titles to and conveyance of real estate, deeds encumbrances and liens, distinctions between personal and real property, appraisal, finance and regulations, and more.Selling the property without warranties as to the condition and/or the fitness of the property for a particular use. The three legal real estate land descriptions are important information that all real estate agents and brokers must understand to pass their real estate exam and receive their license. Lot _ Block _ of Subdivision _ in the County of _, State of _. The Lot and Block (or Recorded Plat) System has a map showing lot dimensions approved by the Board of County Commissioners. It is sometimes referred to as the recorded plat survey system, or the recorded map survey system. The lot and block survey system is a method used in the United States and Canada to locate and identify land, particularly for lots in densely populated metropolitan areas, suburban areas, and exurbs. ![]() Recorded Plat Survey System (Lot and Block Survey System) For example, an object to the East would have an absolute bearing of 90 degrees. The Bearing System uses degrees, minutes, and seconds for measurement and describes the angle between true north and an onjecy. Additonally, Metes and Bounds uses the Bearing System. Metes are a measure of length and bounds are boundaries. Metes and Bounds are a legal real estate land system used to describe irregular parcels and plated subdivisions. Quadrangles → Townships → Sections → Parts 2. Parts Sections can be broken down into parts.Sections: Townships are broken down into 36, 1-mile square sections (640 acres).Townships: Quadrangles are broken down into 16 townships, which are created by intersecting range lines and tier lines.Note, however, that quadrangle is not a legal term. Uses a "check " which corrects for curvature of earth. Quadrangles: Quadrangles are 24 miles on a side.(37 principal meridians in US) as starting points. The creation of the legal description for the Governmental Survey System is based on special longitude and latitude lines called principal meridians and base lines. This system created a checkerboard of identical squares using longitude lines (north/south) and latitude lines (east/west). The system was created by Thomas Jefferson in 1785. ![]() Government Survey System (Rectangular Survey System) Public Land Survey System (PLSS)Īfter the Revolutionary War ended, the United States Government needed a way to describe lands in the West to insure locating and selling. Recorded Plat Survey System (Lot and Block Survey System)ġ.Government Survey System (Rectangular Survey System or Public Land Survey System). ![]() There are three (3) major types of legal land descriptions used throughout the United States. In order to buy and sell real estate, there must be in place a method whereby the property being sold can be accurately identified.
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