PSI Exam: Property Ownership 90 Questions with 100% Correct Answers | Verified | Latest Update

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