MS Real Estate PSI Exam Study Guide Accurate 100%

Property Ownership - ANSWER An item that has a legal owner, along with the attendant rights to legal ownership. Real Property - ANSWER Ownership of real estate and the bundle of rights associated with owning real estate. Personal Property - ANSWER Ownership of anything which is not real estate, and the rights associated with owning the personal property item. Chattel or Personalty - ANSWER Also known as Personal Property. Real Estate - ANSWER Air, water, land, and everything affixed to the land. Conveyance - ANSWER A voluntary transfer of real property interests. Land Characteristics - ANSWER Immobility, homogeneity, and indestructibility. Legal Descriptions - ANSWER Accurately locates and identifies the boundaries of the subject parcel to a degree acceptable by courts of law in the state where the real property is located. Legal Description - ANSWER A description of a parcel of property which accurately locates and identifies the boundaries of the subject parcel to a degree acceptable by local courts of law. Metes and Bounds - ANSWER Identifies the boundaries of a parcel of land by using reference points, distances, and angles. This descriptio