Listing Property
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Material Facts | Have a direct effect on value. Roof,pollution,bad furnace
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| Non-Material facts | Have no effect on value. Reason for sale.
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| Sellers Disclosure Statement | Seller of residential property must be completed,signed and delivered to buyer before singing.
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| Ad Valorem | According to value.
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| Special Assessment | Improvement by local government. Roads and utilities
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| Tax Calculation | Taxes paid = value x mileage rate%
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| Personal Property Tax | Paid on personal property , i e trade fixtures
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| Mileage Rate | One mill= one tenth of a cent
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| Assessment Rate | The ratio between the assessed value and its appraised value
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| Deed Restrictions | A provision in the deed aimed at controlling the present and the future of the land.
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| Leagal Description | A description of real property that gives exact location.
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| Metes and Bounds | Measure boundaries. Proper is described through a series of distance and angular measures.
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| Lot Block - Subdivision Method | Regulated under the Michigan land division Act.
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| Base Lines | Imaginary lines running East and West every 24 miles ( latitude Lines)
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| Meridian Lines | Imaginary lines running North and South every 24 miles
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| Range Lines | Imaginary lines running every 6 miles parallel to the Principal Meridian.
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| Township Lines | Imaginary lines running every 6 mi parallel to the Principal Base line.
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| Township | A parcel of land, 6 mi. X 6 mi. In size
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| Section | 640 acres
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| Acre | 43,560 square ft.
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| Range | A line of townships running North and South
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| Tier | A line of townships running East and West
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| Setback Ordinance | Distance from lot edge where building is erected
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Or sort by any of the columns using the down arrow next to any column heading.
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