Exam (elaborations)
PSI Exam Property Ownership QUESTIONS & ANSWERS
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PSI Exam Property Ownership QUESTIONS & ANSWERS
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PSI Exam: Property Ownership1. Real Property (realty): land along with improvements, things
attached to it, and the benefits, rights, and interests included in its
ownership.
2. Real Estate: synonymously used with real property; but
includes real and person- al property.
3. Land: 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.
4. Personal property: also known as personalty or chattel.
Considered anything unattached and moveable, such as furniture,
housewares, lawn mowers, throw rugs. Also intangible assets.
5. Intangible assets: bank accounts, stocks, securities, financial
instruments.
6. Fixtures: once-moveable items that have been attached to
real property. Such as a sink, ceiling fan, coat screw.
7. Trade fixtures: used by business tenant. Display cases,
supermarker freezers; the tenant's removeable personal property.
8. Annexation (accession): Also includes additions to the
property from natural causes, such as riverfront.
9. Legal tests for fixtures: (1) Intention of person who
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, 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,
10.Appurtenances: things that "belong" to something else, generally
by attach- ment, 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).
11.Emblements: crops that a tenant generally owns as personal
property, may return to harvest even after lease expires. fructus
industriales vs fructus naturales.
12.Tangible (corporeal) property: physically touchable, material
property, most notably land and its improvements
13.Intangible (incorporeal) property: abstract, "untouchable", yet
very real ele- ments, such as mortgages, rights, and other
encumbrances, like stocks and retire- ment accounts.
14.Three commonly recognized physical characteristics of
land: immobility, permanence (indestructibility), and uniqueness.
15.Three economic characteristics of land: scarcity, improvements,
permanence of investment, and area preference.
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