Beyond Property Lines

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Beyond Property Lines

Instructor: Sam Kain

Thursday, September 27

• You will receive one hour of continuing

education for this session.

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1 Beyond Property Lines: What Real Estate People Need to Know about Land – Part 1

The REALTORS®_{Land Institute}

www.rliland.com 1.800.441.LAND

(This course is currently undergoing additional development by RLI)

I. Welcome

Words to live by:

“Buy land. They’re not making it

anymore.” --Mark Twain

"Don't wait to buy land, buy land and

wait."--Keith Morris

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II. Introduction: Instructor

Sam Kain, ALC, GRI, ABRM Farmers National Company

Phone: 515-221-9950

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REALTORS

®

_{Land Institute}

• The REALTORS

®

_{Land Institute}

(RLI) is dedicated to building

knowledge

,

relationships

,

and

business

for land professionals.

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Members specialize in land brokerage:

farms, ranches, recreational, and other specialty land properties

undevelopedtracts

transitionaland development

subdivisionand lot wholesaling

site selectionand assemblageof land parcels

The REALTORS®_{Land Institute offers}

programs and services designed to:

provide superior land educationand professional development programs

encourage open knowledge sharingand interaction among members

develop networking and referralopportunities

serve as a voice in Washingtonon land-related issues through its affiliation with the National of Association of REALTORS®_(NAR).

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Accredited Land Consultant

(ALC) Designation

Members of the REALTORS®_{Land Institute may earn} the prestigious Accredited Land Consultant (ALC) Designation—conferred to only those land specialists who achieve the highest level of education, experience, and professionalism.

To learn more about the designation visit

www.rliland.com/Designation Requirements.

*

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LAND

U

Real estate professionals become land experts and Accredited Land Consultants (ALCs) through LANDU®_{of the}

REALTORS®_{Land Institute.}

*

LAND

U

offers:

Face-to-facecourses

Onlinecourses

Hybridcourses (Independent study with instructor interaction)

Web seminars

CDs

On-Location-EducationPrograms

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NAR Code of Ethics

• Code Of Ethics-Article 11

– “Realtors® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth.”

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REALTORS

®

_{Land Institute}

_(RLI) To learn more about RLI course offerings, visit

www.rliland.com/CourseDescriptions.

For more information visit www.rliland.com

or call 1.800.441.LAND

Objectives of Course:

1.Jumpstart/refresh land knowledge 2.Anticipate and solve problems 3.Determine use and value

4.Recognize terms and issues common to land transactions

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III. Location, Location, Location

“The two most important requirements for major success are: first, being in the right place at the right time, and second, doing something about it." --Ray Kroc

Note: This is not about price. It is about where the property is and how to describe that location.

III. Location, Location, Location Continued

• Legal Descriptions:

• Definition: A description of a tract of land in legally accepted terms, so as to show exactly where it is

located and it’s size.

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• Types of Legal descriptions:

• Metes and Bounds • Rectangular Survey

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III. Location, Location, Location continued

• Metes and Bounds

Oldest means of describing real estate in the U.S. The system of metes and bounds uses measurements of distance between points (metes) along with physical features and landmarks (bounds).

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• Rectangular survey

Institutionalized by 1785 Land Ordinance Act, Public Land Survey System (PLSS) is symmetrical and orderly in defining units of land and establishing standard measures.

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Within in the rectangular survey system, the principal meridian is a true north-south line. An east-west baseline is drawn through the Meridian and the junction of these two lines

defines the starting point.

There are a total 37 principal meridians, which do not correspond to the earth’s longitudes.

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III. Location, Location, Location

Continued

• Lot and Block

• The lot and block system is used to describe parcels, usually city lots, within a large tract. The system is based on a plat map, which is created by a subdivision developer or city planner and placed on file with the recorder of deeds or an other official recordkeeping office.

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• Lot and Block Description

• Individual lot number • Block

• Reference to the platted subdivision or phase of subdivision

• Book, volume number and page number that contains the plat map

• The map’s place of official recording

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• GPS – GIS

• Global Positioning System (GPS)

» A space-based global navigation satellite system that provides location and time information at all times and anywhere on or near the Earth when and where there is an unobstructed line of sight to four or more GPS satellites.

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• GPS-GIS

• Geographic Information System (GIS) » Integrates hardware, software, and data for

capturing, managing, analyzing, and displaying all forms of geographically referenced information.

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III. Location, Location, Location Continued

• Maps

• Tax plat • Aerial photo • Topography • Flood Plain • Soil • Survey • Department of Transportation 25

• Land Types

• Agricultural – Crop production – Timber – Recreational 26

• Land Types

• Rural

– Homes and acreages – Businesses

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• Land Types

• Urban – Commercial – Industrial – Residential 28

• Land Types

• Transitional – Highest and best use – Jurisdictional rights

» Local » State » Federal

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Highest and Best Use

• “Property is a central economic

institution of any society, and private

property is the central institution of a

free society.” --David Friedman

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Highest and Best Use

• Definition:

– The most probable use of land or improved property that is legally possible, physically possible and financially feasible from the market, and which results in maximum profitability.