PSI TN National Exam Questions with 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
house/property was not paid for.
(not paying a roofer)
What is Specific Lien?
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?
Specific Lien
(Only put on property #3 with the new roof)
What is a General Lien?
A Lien put on all property whether it be Real or Personal
_____________ effects ALL of a person's property
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
house/property was not paid for.
(not paying a roofer)
What is Specific Lien?
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?
Specific Lien
(Only put on property #3 with the new roof)
What is a General Lien?
A Lien put on all property whether it be Real or Personal
_____________ effects ALL of a person's property
