Personal Property and Fixtures

Question 1

Appurtenance

Answer 1

Something that is attached to the property or stays with the property. (e.g. swimming pool)

Question 2

Chattel

Answer 2

personal property which is tangible and moveable.

It can refer to either animate or inanimate property such as hogs, furniture, and automobiles

Question 3

Chattle Mortgage

Answer 3

a loan for a manufactured home or other movable piece of personal property, such as machinery or a vehicle

Question 4

Fixture

Answer 4

any object permanently attached to a property by way of bolts, screws, nails, glue, cement or other means

Question 5

Uniform Commercial Code (UCC)

Answer 5

laws regulate sales of personal property and various other transactions

Question 6

An example of personal property is:
(A) Household furnishings
(B) Wall-to-wall carpeting
(C) Buit in dishwasher
(D) Disposal

Answer 6

(A) Household furnishings

Question 7

Which of the following does not apply to real property?
(A) Chattel mortgage
(B) Fee simple
(C) Fixture
(D) Appurtenances

Answer 7

(A) Chattel mortgage

Question 8

Which of the following is personal property?
(A) Mineral rights
(B) Water rights
(C) The goodwill and inventory of a business opportunity
(D) Trees

Answer 8

(C) The goodwill and inventory of a business opportunity

Question 9

Which of the following best defines real property:
(A) Land and the air above it
(B) Land and all below or above the surface and all the improvements thereon;
(C) Land, buildings, thereon and anything permanently affixed on the land and/or buildings;
(D) Land and the mineral rights in the land

Answer 9

(B) Land and all below or above the surface and all the improvements thereon

Question 10

Generally, things or objects of a temporary or easily moveable nature are:
(A) Negotiated
(B) Included
(C) Personal property
(D) Appurtenances

Answer 10

(C) Personal Property

Question 11

When the contract for the sale of real property includes the case sale of certain removable fixtures, such as refrigerators and furniture, upon delivery of the deed, the seller should also deliver a:
(A) Bill of sale
(B) Estoppel certificate
(C) Chattel mortgage
(D) Satisfaction mortgage

Answer 11

(A) Bill of Sale

Question 12

Which of the following is not an appurtenance?
(A) Barn
(B) Orchard
(C) Fence
(D) Trade fixture

Answer 12

(D) Trade Fixture

Question 13

The most important factor in determining whether something is a fixture is:
(A) The method of it's attachment
(B) Description of the items
(C) Its weight
(D) The intention of the parties

Answer 13

(D) The intention of the parties

Question 14

Which of the following is not required for valid bill of sale?
(A) Signature of the seller
(B) Description of the items
(C) Date of transaction
(D) Name of buyer

Answer 14

(C) Date of transaction

Question 15

The distinguishing traits of real property differing it from personal property are that it:
(A) Can be mortgaged
(B) Is permanent, fixed, and immovable
(C) Can be freely transferred
(D) is taxed at a higher rate

Answer 15

(B) It’s permanent, fixed, and immovable