Oklahoma Real Estate Exam PSI Questions and Answers 100% Pass

Oklahoma Real Estate Exam PSI Questions and Answers 100% Pass Real Property or "Realty land along with its improvements Real property and what are generally synonymous? Real Estate (Real Property is the preferred term when distinguishing between Personal Property.) Estate generally, everything one owns Land earths surface, subsurface to the center of the earth, the space overhead, and the rights to each Improvements Additions to property that increase its value or enhance its appearance. It can include buildings, fixtures, and landscaping. Waste opposite of improvements, legal term for deterioration, abuse, or destruction Personal Property or "Personalty" or "Chattel" generally considered anything unattached & moveable, can include intangible assets like bank accounts, stocks, & many other securities & financial instruments Annexation term for how, by attachment something that was formerly personal property becomes real property Annexation is also referred to as... accession, which includes additions to property from natural causes, such as riverfront property that benefits from a shift in river's path Fixtures once-moveable items that have been attached to real property ex: sinks, light fixtures, ceiling fan, coat hook, etc. Trade Fixtures fixtures used by a business tenant, such as display cases or supermarket freezers Severance process of separating a fixture from the real property, thereby changing it from real to personal property Legal test for a fixture 1. intention 2. method of attachment or annexation 3. adaptation 4. relationship and general understanding Appurtenance those things that "belong" to something else something else, generally by attachment, and in real estate generally include any number of rights that "run with the land" "Run with the Land" the rights do not end when a new owner takes title, ex: gardens, buildings, and certain easements, such as deeded rights-of-way Emblements crops that a tenant generally owns as personal property and may return to harvest even after a lease expires Growing crops are technically referred to as... fructus industriales "fruits of industry" fructus naturales "fruits of nature" trees and brush, which are generally considered real property tangible or "corporeal" property, which means physically touchable, material property, most notably land and its improvements intangible or "incorporeal" property, which means such abstract, "untouchable" yet very real elements as mortgages, rights, and other encumbrances, as well as assets such as bank accounts and most financial instruments, like stocks and retirement common rights in land surface rights, subsurface rights, mineral rights, and air rights physical characteristics of land Immobility, permanence (indestructibility), and uniqueness (nonhomogeneity). Economic Characteristics of Land scarcity,