Exam (elaborations)
PSI Exam: Property Ownership QUESTIONS & ANSWERS 2024 ( A+ GRADED 100% VERIFIED)
- Course
- Institution
PSI Exam: Property Ownership QUESTIONS & ANSWERS 2024 ( A+ GRADED 100% VERIFIED)
[Show more]
Content preview
FLYINGHIGHERPSI
Exam:
Property
Ownership
Real
Property
(realty)
-
ANS
land
along
with
improvements,
things
attached
to
it,
and
the
benefits,
rights,
and
interests
included
in
its
ownership.
Real
Estate
-
ANS
synonymously
used
with
real
property;
but
includes
real
and
personal
property .
Land
-
ANS
earth's
surface,
subsurface
to
the
center
of
the
earth,
the
space
overhead,
and
the
rights
to
each.
Rights:
common
rights
in
land;
surface
rights,
subsurface
rights,
mineral
rights,
water
rights,
air
rights.
Personal
property
-
ANS
also
known
as
personalty
or
chattel.
Considered
anything
unattached
and
moveable,
such
as
furniture,
housewares,
lawn
mowers,
throw
rugs.
Also
intangible
assets.
Intangible
assets
-
ANS
bank
accounts,
stocks,
securities,
financial
instruments.
Fixtures
-
ANS
once-moveable
items
that
have
been
attached
to
real
property .
Such
as
a
sink,
ceiling
fan,
coat
screw .
1 / 3
FLYINGHIGHER
Trade
fixtures
-
ANS
used
by
business
tenant.
Display
cases,
supermarker
freezers;
the
tenant's
removeable
personal
property .
Annexation
(accession)
-
ANS
Also
includes
additions
to
the
property
from
natural
causes,
such
as
riverfront.
Legal
tests
for
fixtures
-
ANS
(1)
Intention
of
person
who
attached
the
item
to
make
it
permanent
(2)
Method
of
attachment,
annexation,
degree
of
permanence
(3)
Adaptation
of
item
to
use
of
property ,
custom-made
bookshelf
(4)
Relationship
and
general
understanding
between
parties,
Appurtenances
-
ANS
things
that
"belong"
to
something
else,
generally
by
attachment,
includes
a
number
of
rights
that
"run
with
the
land",
which
means
rights
that
do
not
end
when
new
owner
takes
title.
Ex:
gardens,
buildings,
certain
easements
(deeds
of
right
of
way).
Emblements
-
ANS
crops
that
a
tenant
generally
owns
as
personal
property ,
may
return
to
harvest
even
after
lease
expires.
fructus
industriales
vs
fructus
naturales.
Tangible
(corporeal)
property
-
ANS
physically
touchable,
material
property ,
most
notably
land
and
its
improvements
2 / 3
FLYINGHIGHER
Intangible
(incorporeal)
property
-
ANS
abstract,
"untouchable",
yet
very
real
elements,
such
as
mortgages,
rights,
and
other
encumbrances,
like
stocks
and
retirement
accounts.
Three
commonly
recognized
physical
characteristics
of
land
-
ANS
immobility ,
permanence
(indestructibility),
and
uniqueness.
Three
economic
characteristics
of
land
-
ANS
scarcity ,
improvements,
permanence
of
investment,
and
area
preference.
Property
descriptions
-
ANS
may
be
legal;
such
as
metes
and
bounds,
lot
and
block,
or
rectangular
survey
or
street
address.
Full
legal
description
is
required
for
a
deed
to
be
valid.
Metes
and
bounds
-
ANS
"walks"
the
property .
Begins
at
a
POB,
then
describing
the
distance
and
directions
along
the
property
line,
follows
a
clockwise
direction
back
to
the
POB.
Monument
-
ANS
number
of
landmarks
that
provides
a
stable
point
of
reference
for
surveys.
They
can
be
natural
or
artificial.Powered by TCPDF (www.tcpdf.org)
3 / 3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FLYINGHIGHER. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80202 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
