PSI Exam: Property Ownership Final Exam 2023.
PSI Exam: Property Ownership Final Exam 2023. Real Property (realty) - ANSWER land along with improvements, things attached to it, and the benefits, rights, and interests included in its ownership. Real Estate - ANSWER synonymously used with real property; but includes real and personal property. Land - ANSWER 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 - ANSWER also known as personalty or chattel. Considered anything unattached and moveable, such as furniture, housewares, lawn mowers, throw rugs. Also intangible assets. Intangible assets - ANSWER bank accounts, stocks, securities, financial instruments. Fixtures - ANSWER once-moveable items that have been attached to real property. Such as a sink, ceiling fan, coat screw. Trade fixtures - ANSWER used by business tenant. Display cases, supermarker freezers; the tenant's removeable personal property. Annexation (accession) - ANSWER Also includes additions to the property from natural causes, such as riverfront. Legal tests for fixtures - ANSWER (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 - ANSWER 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 - ANSWER 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 - ANSWER physically touchable, material property, most notably land and its improvements
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