Property Ownership (Psi Exam)

Chattels {Ans: Moveable objects of personal property.}Severance (Classes of Property) {Ans: A fixture that is permitted to be and is detached from the land or the building and is reverted to personal property.}Personal Property (Classes of Property) {Ans: movable objects (chattels) that do not fit into the definition of real property; conveyed by bill of sale.}Easements {Ans: a right acquired by one party to use the land of another party for a specific purpose.}Subdivision Plats (Type of Legal Prop Descriptions) {Ans: ( 1 ) Location of an individual parcel is indicated on a map of the subdivision, which is divided into numbered blocks and lots. ( 2 ) Each parcel is referred to a lot, block, subdivision name, city, and state. ( 3 ) Street Address: an informal reference too unreliable for a legal description because you cannot walk the boundaries.}Fixtures (Classes of Property) {Ans: an item of personal property that has been converted to real property by being permanently affixed to the land or building. (can be either attached or annexed.)}