PSI TN National exam latest update with 100% correct answers

Real Property Land and everything permanently attached to it (Includes that someone can own it) Chattle an item of personal, movable property. fixture An item of personal property that has been converted to real property by being permanently affixed to the realty. Trade Fixture 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 at tree on a persons land Serverance Turning personal property into real property Annexation townships are how many miles long and how many miles wide 6 miles When You purchase real estate you are getting the right to what three things? surface rights, air right and subsurface/mineral rights When you buy property that borders flowing water then they are called? Riparian Rights When a property that has Riparian Rights has flowing water that is SHALLOW it is called? 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? 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? Littoral Rights Where does property lines stop when it has Littoral Rights to water? 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? Doctrine of Prior Appropriation What is an Incumbrance? Anything that effects the title to the property What is a Right of Ownership called? Title What is a lien? 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? NO, Liens can also be put on the title of a property if a service that was provided on the