PSI EXAM: PROPERTY OWNERSHIP EXAM QUESTIONS WITH
COMPLETE SOLUTIONS VERIFIED
Real Property (realty)
land along with improvements, things attached to it, and the benefits, rights, and
interests included in its ownership.
Real Estate
synonymously used with real property; but includes real and personal property.
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.
Personal property
also known as personalty or chattel. Considered anything unattached and moveable,
such as furniture, housewares, lawn mowers, throw rugs. Also intangible assets.
Intangible assets
bank accounts, stocks, securities, financial instruments.
Fixtures
once-moveable items that have been attached to real property. Such as a sink, ceiling
fan, coat screw.
Trade fixtures
used by business tenant. Display cases, supermarker freezers; the tenant's removeable
personal property.
Annexation (accession)
Also includes additions to the property from natural causes, such as riverfront.
Legal tests for fixtures
(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
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
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
physically touchable, material property, most notably land and its improvements
Intangible (incorporeal) property
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
immobility, permanence (indestructibility), and uniqueness.
Three economic characteristics of land
scarcity, improvements, permanence of investment, and area preference.
Property descriptions
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
"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
number of landmarks that provides a stable point of reference for surveys. They can be
natural or artificial.
Lot and block
generally used for subdivisions, also called recorded plat system, that identifies
according to a plat map. Or assessor's map (has disclaimer that is only used for taxes)
Rectangular survey
grid system that measures from the axis where a baseline, an east-west line, and a
principle meridian, or north-south line, intersect.
COMPLETE SOLUTIONS VERIFIED
Real Property (realty)
land along with improvements, things attached to it, and the benefits, rights, and
interests included in its ownership.
Real Estate
synonymously used with real property; but includes real and personal property.
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.
Personal property
also known as personalty or chattel. Considered anything unattached and moveable,
such as furniture, housewares, lawn mowers, throw rugs. Also intangible assets.
Intangible assets
bank accounts, stocks, securities, financial instruments.
Fixtures
once-moveable items that have been attached to real property. Such as a sink, ceiling
fan, coat screw.
Trade fixtures
used by business tenant. Display cases, supermarker freezers; the tenant's removeable
personal property.
Annexation (accession)
Also includes additions to the property from natural causes, such as riverfront.
Legal tests for fixtures
(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
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
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
physically touchable, material property, most notably land and its improvements
Intangible (incorporeal) property
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
immobility, permanence (indestructibility), and uniqueness.
Three economic characteristics of land
scarcity, improvements, permanence of investment, and area preference.
Property descriptions
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
"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
number of landmarks that provides a stable point of reference for surveys. They can be
natural or artificial.
Lot and block
generally used for subdivisions, also called recorded plat system, that identifies
according to a plat map. Or assessor's map (has disclaimer that is only used for taxes)
Rectangular survey
grid system that measures from the axis where a baseline, an east-west line, and a
principle meridian, or north-south line, intersect.
