PSI Exam Property Ownership
Questions and Answers12
Real Property (realty) - ANSWERS-land along with improvements, things attached to it, and the
benefits, rights, and interests included in its ownership.
Real Estate - ANSWERS-synonymously used with real property; but includes real and personal
property.
Land - ANSWERS-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 - ANSWERS-also known as personalty or chattel. Considered anything
unattached and moveable, such as furniture, housewares, lawn mowers, throw rugs. Also
intangible assets.
Intangible assets - ANSWERS-bank accounts, stocks, securities, financial instruments.
Fixtures - ANSWERS-once-moveable items that have been attached to real property. Such as a
sink, ceiling fan, coat screw.
Trade fixtures - ANSWERS-used by business tenant. Display cases, supermarker freezers; the
tenant's removeable personal property.
Annexation (accession) - ANSWERS-Also includes additions to the property from natural causes,
such as riverfront.
, Legal tests for fixtures - ANSWERS-(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 - ANSWERS-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 - ANSWERS-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 - ANSWERS-physically touchable, material property, most notably
land and its improvements
Intangible (incorporeal) property - ANSWERS-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 - ANSWERS-immobility, permanence
(indestructibility), and uniqueness.
Three economic characteristics of land - ANSWERS-scarcity, improvements, permanence of
investment, and area preference.
Property descriptions - ANSWERS-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.
Questions and Answers12
Real Property (realty) - ANSWERS-land along with improvements, things attached to it, and the
benefits, rights, and interests included in its ownership.
Real Estate - ANSWERS-synonymously used with real property; but includes real and personal
property.
Land - ANSWERS-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 - ANSWERS-also known as personalty or chattel. Considered anything
unattached and moveable, such as furniture, housewares, lawn mowers, throw rugs. Also
intangible assets.
Intangible assets - ANSWERS-bank accounts, stocks, securities, financial instruments.
Fixtures - ANSWERS-once-moveable items that have been attached to real property. Such as a
sink, ceiling fan, coat screw.
Trade fixtures - ANSWERS-used by business tenant. Display cases, supermarker freezers; the
tenant's removeable personal property.
Annexation (accession) - ANSWERS-Also includes additions to the property from natural causes,
such as riverfront.
, Legal tests for fixtures - ANSWERS-(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 - ANSWERS-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 - ANSWERS-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 - ANSWERS-physically touchable, material property, most notably
land and its improvements
Intangible (incorporeal) property - ANSWERS-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 - ANSWERS-immobility, permanence
(indestructibility), and uniqueness.
Three economic characteristics of land - ANSWERS-scarcity, improvements, permanence of
investment, and area preference.
Property descriptions - ANSWERS-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.
