PSI Property Ownership Real Estate Exam Solved 100%

Accretion - Answer A gradual addition to dry land by the forces of nature, as when the tide deposits water-borne sediment on shoreline property. Ad Valorem - Answer A Latin phrase meaning 'according to value'; used to refer to taxes assessed on the value of property. Air Rights - Answer The right to undisturbed use and control of the airspace over a parcel of land (within reasonable limits for air travel); may be transferred separately from the land. Appurtenance - Answer A right that goes along with ownership of real property; usually transferred with the property, but may be sold separately. Assessment - Answer 1. A government's valuation of property for tax purposes. Chattel Real - Answer Personal property that is closely associated with real property, such as a lease. Condemnation - Answer 1. Taking private property for public use, through the government's power of eminent domain. Also called appropriation. 2. A declaration that a structure is unfit for occupancy and must be closed or demolished. Condition - Answer A provision in a contract, deed, law, regulation, guideline, etc. that makes the parties' rights and obligations depend on the occurrence (or non-occurrence) of a particular event. Also called a Contingency Clause. Deed Restriction - Answer A restriction on real property use, imposed by a former owner; promise to do or not do an act relating to real property; usually owner's promise to not use property in a particular way. May or may not run with land. Defeasible Fee - Answer A fee estate in real property that may be defeated or undone if certain events occur or conditions aren't met. Dominant Tenant - Answer A person who has easement rights on another's property; or someone who has an easement in gross. Easement - Answer A right to use some part of another person's real property for a particular purpose.; irrevocable and creates an interest in the property. Easement by Express Grant - Answer An easement granted to another in a deed or other document. Easement by Express Reservation - Answer An easement created in a deed when a landowner is dividing the property, transferring the servient tenement but retaining the dominant tenement. Easement by Implication - Answer An easement created by operation of law (not express grant or reservation) when land is divided, if there is a long-standing, apparent use that is reasonably necessary for enjoyment of the dominant tenement. Easement by Necessity - Answer A special kind of easement by implication that occurs when the dominant tenement would be completely useless without an easement, even if it is not a long-standing, apparent use. Easement by Prescription - Answer An easement acquired by prescription. Also called a prescriptive easement. Easement in Gross - Answer An easement that benefits a person instead of a piece of land; there is a dominant tenant, but no dominant tenement. Encroachment - Answer A physical object intruding onto neighboring property, often due to a mistake regarding the boundary.