PSI Property Ownership Exam Questions & Answers Solved 100%

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 Intangible (incorporeal) property - Answer 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 - Answer immobility, permanence (indestructibility), and uniqueness. Three economic characteristics of land - Answer scarcity, improvements, permanence of investment, and area preference. Property descriptions - Answer 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 - Answer "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 - Answer number of landmarks that provides a stable point of reference for surveys. They can be natural or artificial. Lot and block - Answer 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 - Answer grid system that measures from the axis where a baseline, an east-west line, and a principle meridian, or north-south line, intersect. Township - Answer 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 - Answer 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 - Answer 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 - Answer US Coast and Geodectic Survey System, which establishes a series of markers that serve as reference points for orienting accurate surveys. Benchmarks - Answer name for permanent markers, brass disks set in concrete or stone that identify marker's latitude, longitude, and elevation. Datum - Answer point, line, or surface from which elevations are measured; there are local and national datum for reference in establishing local and national benchmarks for surverys. Encumbrances - Answer monetary and non-monetary, represent a restriction on the use/transfer of real property. Three types: liens, easements, encroachments. Lien - Answer monetary encumbrance that asserts the lienholder has a creditor's claim to a specific monetary interest in the properties value. May be satisfied by the property owner through paying the debt. Can be voluntary (approved by and accepted by the owner) or involuntary (placed against owner's will; tax lien, judgement, claims for equity interest). General lien - Answer affects all of a debtor's property and assets, as in bankruptcy proceeding or IRS tax lien Specific lien - Answer "special", limited to a specific item controlled by the debtor, such as a mortgage on a house or loan or car.