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
- Types of legal descriptions; Metes and bounds, Lot and block, government survey
- Measuring structures
- Livable, rentable, and usable area
- Land Measurement
- Mineral, air, and water rights
C. Encumbrances and effects on property ownership
- Liens
- Easements and licenses
- Encroachments
- Other potential encumbrances of title
D. Types of ownership
- Tenants in common
- Joint tenancy
- Common- interest ownership Timeshares
- Condominiums Co-ops
- Ownership in severalty/sole ownership Life Estate ownership
- Property ownership held in trust (BROKER ONLY)