Real Property vs Personal Property

Question 1

Definition of Real Property

Answer 1

Land and anything attached to it, as well as the bundle of rights that comes with property ownership.

Question 2

What does the word “estate” mean in reference to the word “Real Estate License”

Answer 2

The duration of ownership

Question 3

What is real property?

Answer 3

Items that are immovable. (Ex. homes, buildings, curtains, pool covers, window blinds, ect.)

Question 4

What is personal property?

Answer 4

Items that are movable (Ex. Furniture, jewelry, clothing, art, other household goods.)

Question 5

What are others words for “Personal Property”?

Answer 5

Chattels or Personalty

Question 6

5 Ways to tell if an item is a fixture?

Answer 6

Method, Adaptability, Relationship of the parties, Intention of party, agreement between the parties.

Question 7

What are Trade Fixtures

Answer 7

Items that are immovable based on their attachment to real property. (Ex. Dentist Chair)