Real and Personal Property

Question 1

Affidavit of Affixture

Answer 1

In Arizona, the document on file with the county recorder that shows a manufactured home is permanently affixed to the land. Owner required to have this to have the home considered real property

Question 2

Asset

Answer 2

Something of value; a useful item of property owned by a person

Question 3

Bill of Sale

Answer 3

A document recording the details of a transaction normally involving personal property

Question 4

Fixture

Answer 4

An item that was once tangible, personal property that has become attached to and made part of the land or improvements

Question 5

Fructus Industriales (Emblements)

Answer 5

Annual crops; they are considered personal property

Question 6

Fructus Naturales

Answer 6

Perennial crops; they are considered real property

Question 7

Hereditament

Answer 7

Anything capable of being inherited, both real and personal property

Question 8

Intangible assets

Answer 8

Incorporeal or invisible assets; without a body

Question 9

Manufactured or Mobile home

Answer 9

Considered personal property even though its mobility is limited

Question 10

Personal property

Answer 10

Any property that is not real property

Question 11

Real property

Answer 11

Ownership rights in land and its improvements

Question 12

Severance

Answer 12

The act of moving something attached to land

Question 13

Tangible assets

Answer 13

Corporeal and visible assets that have a body

Question 14

Trade fixtures

Answer 14

Items that are the personal property of a tenant or owner and used to carry on his or her business

Question 15

Uniform Commercial Code (UCC)

Answer 15

The code that requires the sale of personal property with the value in excess of $500 be in writing