Chapter 1 - Personal Property vs. Real Flashcards
Personal Property
Not real property, moveable (detachable) items
Doesn’t pass with land unless under a Bill of Sale
What is the instrument used to pass personal property
Bill of sale
What are two other words for Personal Property
Chattel
Personalty
What are crops called
Emblements
What are the rules with Emblements
Growing crops that are produced annually through labor are PERSONAL PROPERTY of the one who planted and cares for them.
Belongs to original owner even if land is sold.
What are removable personal property items used for business purposes?
Trade Fixtures
What are rules with trade fixtures
Removable personal property the tenant attaches to leased property for commercial / business purposes.
Personal property of the tenant.
What is real property?
FIXED property
Principally land and buildings
— with the INTEREST, BENEFITS AND RIGHTS inherent to the ownership
Real Property includes 3 things:
1) The Land (down to center of earth and up to sky)
2) All improvements to the land (appurtenance)
3) Bundle of rights - right to sell, enjoy, control
In what act does real property become personal property?
Severance
In what act does personal property become real property?
Annexation
What do you call rights, privleges and improvements that pass with the property?
Appurtenance
What does Appurtenance mean =
Runs with the land
What is Severance
when real property becomes personal property
What is appurtenance
any improvements, rights, privileges that pass with property (run with land)
