PSI TN National Exam
Real Property - ANS- Land and everything permanently attached to it (Includes that
someone can own it)
Chattel - ANS- an item of personal, movable property.
fixture - ANS- An item of personal property that has been converted to real property by
being permanently affixed to the realty.
Trade Fixture - ANS- Fixtures and equipment that may be attached to a building during a
tenant's occupancy, with the intention that they be removed when the tenant leaves
Turning real property into personal property for instance picking off an apple from a tree
on a person's land - ANS- Severance
Turning personal property into real property - ANS- Annexation
townships are how many miles long and how many miles wide - ANS- 6 miles
When You purchase real estate you are getting the right to what three things? - ANS-
surface rights, air right and subsurface/mineral rights
When you buy property that borders flowing water then they are called? - ANS- Riparian
Rights
When a property that has Riparian Rights has flowing water that is SHALLOW it is
called? - ANS- Non Navigable (the water is owned by the government, but the ownership
of the land under the water is split down the middle and is owned by the property
owners)
When a property that has Riparian Rights has flowing water that is DEEP it is called? -
ANS- Navigable (a boat could freely move up and down it makes the property line stop at
the WATERS EDGE; the government owns the water and the land under it.)
Ezra owns property that borders Old Hickory Lake. Flowing water flows into the water but
the lake itself is not a flowing body of water. What are Ezra's property rights called to this
body of water? - ANS- Littoral Rights
, Where does property lines stop when it has Littoral Rights to water? - ANS- The property
stops at the Average High Water Mark
In states where water is scarce and a property owner has to buy water rights from the
government fall under what legal doctrine? - ANS- Doctrine of Prior Appropriation
What is an Incumbrance? - ANS- Anything that effects the title to the property
What is a Right of Ownership called? - ANS- Title
What is a lien? - ANS- a charge against property that provides security for a debt or
obligation of the property owner.
(Lender may put a lien on loans money to a Buyer so that if the buyer fails to pay the
money back the Lender will recover that money/property back.)
Are liens always for borrowed money? - ANS- NO, Liens can also be put on the title of a
property if a service that was provided on the house/property was not paid for.
(not paying a roofer)
What is Specific Lien? - ANS- A lien that ONLY effects one "specific" piece of real estate
Abigail has ten investment properties, she puts a new roof on property #3 but fails to pay
the roofer for his services, What type if Lien could the roofer get a court order for his
pay? - ANS- Specific Lien
(Only put on property #3 with the new roof)
What is a General Lien? - ANS- A Lien put on all property whether it be Real or Personal
_____________ effects ALL of a person's property - ANS- Judgement
If a bank has to take Darnell's property back and sell it as a Foreclosure Sale, and the
property sells for under the asking price needed by the bank to meet the debt owed, the
bank can personally record a what against Darnell personally? - ANS- Judgement,
(thereby placing a General Lien on ALL possessions Darnell owns taking back as much
Real & Personal Property he has until the judgment is satisfied)
What is an Internal Revenue Service (IRS) Lien? - ANS- General Lien
(In the event of someone failing to pay Uncle Sam federal taxes, Uncle Sam would put an
IRS/General Lien on ALL the persons Real & Personal property until it was paid back)
Real Property - ANS- Land and everything permanently attached to it (Includes that
someone can own it)
Chattel - ANS- an item of personal, movable property.
fixture - ANS- An item of personal property that has been converted to real property by
being permanently affixed to the realty.
Trade Fixture - ANS- Fixtures and equipment that may be attached to a building during a
tenant's occupancy, with the intention that they be removed when the tenant leaves
Turning real property into personal property for instance picking off an apple from a tree
on a person's land - ANS- Severance
Turning personal property into real property - ANS- Annexation
townships are how many miles long and how many miles wide - ANS- 6 miles
When You purchase real estate you are getting the right to what three things? - ANS-
surface rights, air right and subsurface/mineral rights
When you buy property that borders flowing water then they are called? - ANS- Riparian
Rights
When a property that has Riparian Rights has flowing water that is SHALLOW it is
called? - ANS- Non Navigable (the water is owned by the government, but the ownership
of the land under the water is split down the middle and is owned by the property
owners)
When a property that has Riparian Rights has flowing water that is DEEP it is called? -
ANS- Navigable (a boat could freely move up and down it makes the property line stop at
the WATERS EDGE; the government owns the water and the land under it.)
Ezra owns property that borders Old Hickory Lake. Flowing water flows into the water but
the lake itself is not a flowing body of water. What are Ezra's property rights called to this
body of water? - ANS- Littoral Rights
, Where does property lines stop when it has Littoral Rights to water? - ANS- The property
stops at the Average High Water Mark
In states where water is scarce and a property owner has to buy water rights from the
government fall under what legal doctrine? - ANS- Doctrine of Prior Appropriation
What is an Incumbrance? - ANS- Anything that effects the title to the property
What is a Right of Ownership called? - ANS- Title
What is a lien? - ANS- a charge against property that provides security for a debt or
obligation of the property owner.
(Lender may put a lien on loans money to a Buyer so that if the buyer fails to pay the
money back the Lender will recover that money/property back.)
Are liens always for borrowed money? - ANS- NO, Liens can also be put on the title of a
property if a service that was provided on the house/property was not paid for.
(not paying a roofer)
What is Specific Lien? - ANS- A lien that ONLY effects one "specific" piece of real estate
Abigail has ten investment properties, she puts a new roof on property #3 but fails to pay
the roofer for his services, What type if Lien could the roofer get a court order for his
pay? - ANS- Specific Lien
(Only put on property #3 with the new roof)
What is a General Lien? - ANS- A Lien put on all property whether it be Real or Personal
_____________ effects ALL of a person's property - ANS- Judgement
If a bank has to take Darnell's property back and sell it as a Foreclosure Sale, and the
property sells for under the asking price needed by the bank to meet the debt owed, the
bank can personally record a what against Darnell personally? - ANS- Judgement,
(thereby placing a General Lien on ALL possessions Darnell owns taking back as much
Real & Personal Property he has until the judgment is satisfied)
What is an Internal Revenue Service (IRS) Lien? - ANS- General Lien
(In the event of someone failing to pay Uncle Sam federal taxes, Uncle Sam would put an
IRS/General Lien on ALL the persons Real & Personal property until it was paid back)
