(Answered) PSI Real Estate Exam - Property Ownership Real Property (realty) land along with improvements, things attached to it, and the benefits,
... [Show More] 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 personality 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, Appurtenances 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 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 physically touchable, material property, most notably land and its improvements Intangible (incorporeal) property 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 immobility, permanence (indestructibility), and uniqueness. Three economic characteristics of land scarcity, improvements, permanence of investment, and area preference. Property descriptions 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 "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 number of landmarks that provides a stable point of reference for surveys. They can be natural or artificial. Lot and block 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 grid system that measures from the axis where a baseline, an east-west line, and a principle meridian, or north-south line, intersect. Township 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 each township contains 36 one-mile squares or sections. Each of which is ordered and numbered. Four townships add up to a quadrant. [Show Less]