PSI General Portion Content Outline – Property Ownership

I. Property ownership (Salesperson 8%; Broker 10%)

A. Real versus personal property; conveyances

B. Land characteristics and legal descriptions

1. Types of legal descriptions; Metes and bounds, Lot and block, government survey
2. Measuring structures
3. Livable, rentable, and usable area
4. Land Measurement
5. Mineral, air, and water rights

C. Encumbrances and effects on property ownership

1. Liens
2. Easements and licenses
3. Encroachments
4. Other potential encumbrances of title

D. Types of ownership

1. Tenants in common
2. Joint tenancy
3. Common- interest ownership Timeshares
4. Condominiums Co-ops
5. Ownership in severalty/sole ownership Life Estate ownership
6. Property ownership held in trust (BROKER ONLY)