PSI 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.
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
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.
Lot and block - ANS- 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 - ANS- grid system that measures from the axis where a baseline, an
east-west line, and a principle meridian, or north-south line, intersect.
Township - ANS- six mile by six mile squares, are identified by the township
(north-south) and range (east-west) lines. Four townships add up to a quadrant.
Sections - ANS- each township contains 36 one-mile squares or sections. Each of which
is ordered and numbered. Four townships add up to a quadrant.
Vertical land descriptions - ANS- define air rights, specify floor-to-ceiling sale of air lots
in multistory condominiums or cooperatives (governed by horizontal property act), as
well as subsurface rights for mining and drilling.
Geodetic survey system - ANS- US Coast and Geodectic Survey System, which
establishes a series of markers that serve as reference points for orienting accurate
surveys.
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.
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
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.
Lot and block - ANS- 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 - ANS- grid system that measures from the axis where a baseline, an
east-west line, and a principle meridian, or north-south line, intersect.
Township - ANS- six mile by six mile squares, are identified by the township
(north-south) and range (east-west) lines. Four townships add up to a quadrant.
Sections - ANS- each township contains 36 one-mile squares or sections. Each of which
is ordered and numbered. Four townships add up to a quadrant.
Vertical land descriptions - ANS- define air rights, specify floor-to-ceiling sale of air lots
in multistory condominiums or cooperatives (governed by horizontal property act), as
well as subsurface rights for mining and drilling.
Geodetic survey system - ANS- US Coast and Geodectic Survey System, which
establishes a series of markers that serve as reference points for orienting accurate
surveys.
