Key Terms Real Property vs Personal Property Flashcards
1
Q
Personal Property
A
unattached
moveable assets
NOT considered real estate, aka personalty
2
Q
Chattel
A
Term for personal property in real estate
3
Q
Fractus industriales
A
Plants & crops
Intended for harvest
treated as personal property aka emblements
4
Q
Trade fixture
A
Personal property owned by and needed for a tenants business
5
Q
Fixture
A
An object that was once personal property
but is now attached to the land in a way thats considered real property
6
Q
Fractus naturales
A
Trees, perennial plants & uncultivated plants usually treated as real property b/c of their permanence
7
Q
Severance
A
The act of converting real property into personal property
