Oklahoma Real Estate Exam PSI

Real Property or "Realty - answer-land along with its improvements Real property and what are generally synonymous? - answer-Real Estate (Real Property is the preferred term when distinguishing between Personal Property.) Estate - answer-generally, everything one owns Land - answer-earths surface, subsurface to the center of the earth, the space overhead, and the rights to each Improvements - answer-Additions to property that increase its value or enhance its appearance. It can include buildings, fixtures, and landscaping. Waste - answer-opposite of improvements, legal term for deterioration, abuse, or destruction Personal Property or "Personalty" or "Chattel" - answer-generally considered anything unattached & moveable, can include intangible assets like bank accounts, stocks, & many other securities & financial instruments Annexation - answer-term for how, by attachment something that was formerly personal property becomes real property Annexation is also referred to as... - answer-accession, which includes additions to property from natural causes, such as riverfront property that benefits from a shift in river's path Fixtures - answer-once-moveable items that have been attached to real property ex: