Exam (elaborations)
PSI Exam: Property Ownership QUESTIONS & ANSWERS 2024 ( A+ GRADED 100% VERIFIED)
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PSI Exam: Property Ownership QUESTIONS & ANSWERS 2024 ( A+ GRADED 100% VERIFIED)
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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 .
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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
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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)
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