Real Property Vs. Personal Property

Question 1

Real estate, plus the interest, benefits, and rights included with ownership
Is this real property or personal property?

Answer 1

Real property
Example real property can be segmented into a bundle of rights, with each right, sold separately, to different owners.

Question 2

Property that is movable, may be owned by a person, and is not real property. Is this personal property or real property?

Answer 2

Personal property
Example me, it was surprised to learn that the sellers took the freestanding fountain with them. She hadn’t realized that it was personal property.

Question 3

What is another word for personal property as opposed to real property?

Answer 3

Chattel
Example you might confuse your buyers if you ask them, “was there any chattel of the sellers you wanted to write into the sales contract? “. It’s better to use the term “ personal property”.

Question 4

A piece of equipment or other item that is on or attached to the real estate and is used in a trade or business.

Answer 4

Trade fixture
Example when she moved her business location, Candy took the neon business sign, flashing candies chocolates. Even though it was permanently attached to the building, it was a personal item as a trade fixture I could be removed legally.

Question 5

Growing crops, such as decorative trees, or corn, which are produced annually, usually not considered fixtures, but our the personal property of the person who planted them

Answer 5

Emblements
Example the Swanson’s grew wine, grapes on their property, and when it was time to sell their vineyard, their latest plantings were considered emblems and were not part of the property price, these were sold separately to the buyer

Question 6

What are two common exceptions with real property versus personal property?

Answer 6

Trade fixtures and emblements

Question 7

Altering the characteristic of an item from real property to personal property by removing it from the land

Answer 7

Severance
Example on this Goldman, dock of her rosebushes, this was an act of severance. They were no longer part of the land and we’re now personal property.

Question 8

An attachment of personal property to the real property, thereby making it a fixture also known as an attachment

Answer 8

Annexation
Example when Miss Coleman planted the rose bushes in her yard, the resultant annexation meant that the rosebushes are now made part of the property.

Question 9

Cultivated crops, a.k.a. Emblements , are considered personal opportunity, even though they are part of the soil.
True or false

Answer 9

True

Question 10

Severance occurs when an item that was real property becomes personal property by attaching it, severing it from the land.
True or false

Answer 10

True

Question 11

If a plant or shrub his under certain size, it is acceptable for the seller to remove it from the property without the buyers agreement
True or false

Answer 11

False

Question 12

Occurs when personal property is attached to real property, which makes it a fixture
Emblements
Severance
Annexation

Answer 12

Annexation is when it personal property is attached to real property, which makes it a fixture

Question 13

Anna’s going to sell her house, but first, she takes up several of her irises and flowers to take when she moves
Severance
Annexation

Answer 13

Severance

Question 14

Jack decides to cut down a few trees on his property and use them as firewood.

Severance
Annexation

Answer 14

Severance

Question 15

Tim is thinking about selling his house, so he cuts down a dime pine tree in the backyard.
Severance
Annexation

Answer 15

Severance

Question 16

Jessica and her elderly sister plan a not too small, flowering shrubs in the backyard.
Severance
Annexation

Answer 16

Annexation

Question 17

Sam wants a walkway from the house to the detached garage, so he constructs a path for the loose stones on his
Severance
Annexation

Answer 17

Annexation

Question 18

What are the two classes of plants?

Answer 18

Emblements and severance

The opposite of severance is annexation

Question 19

What is the opposite of severance?

Answer 19

Annexation

Question 20

What is the opposite of annexation?

Answer 20

Severance, removing a plant that is permanent, such as a rose, bush, or tree.

Question 21

If an item is permanently attached to a property, a court would most likely consider it a fixture if it passes which of the following tests?

Adaptability of the item to the land use
Agreement of the parties
Method of annexation
Relationship of the parties

Answer 21

Method of annexation

Question 22

What is the best way for a seller and buyer to demonstrate their agreement that the homes existing refrigerator and a dishwasher are included in the property?

My shaking hands on it on the day of the sale
My verbal agreement after the sale
My verbal agreement before
By including a bill of sale or agreement in the purchase contract

Answer 22

By including a bill of sale or agreement in the purchase contract

Question 23

Which of the following is NOT one of the five basic tests that Kohrdt used to determine whether an item is a fixture or personal property?

Agreement of parties
Legally permissible use
Method of annexation
Relationship of the parties

Answer 23

Legally permissible use

Question 24

Of the following, which is most likely to be considered a fixture

A fence around the field
Pasture
Stream
Tractor

Answer 24

A fence around a field

Question 25

What is UCC?

Answer 25

Uniform commercial code created in the 1950s that regulates financial contracts dealing with personal property not real estate itself. Used as collateral to be documented through a security agreement signed by borrower. This describes personal property used as collateral pledged as collateral includes any removable fixtures allows the lender to confiscate the personal property pledged in the event of borrower default.

Question 26

What are five test to determine property type?

Answer 26

Method of annexation
Adaptability of item to land-use
Relationship of the parties
Intention and placing item on land
Agreement of the parties

Question 27

Severance

Answer 27

Altering the characteristic of an item from real property to personal property by removing it from land

Example when Miss Goldman dug up her rosebushes, this was an active severance. They were no longer part of the land and we’re now personal property.

Question 28

Fixture

Answer 28

An item that is permanently attached to real property

Example, the bookshelf in the dining room was a built-in. They were a fixture and could not be removed by the seller.

Question 29

Method of annexation

Answer 29

Known as attachment, refers to whether the item is attached on the property, and how permanent the attachment is.

Question 30

Adaptation

Answer 30

Related to have the item is situated or adapted to the real property

Question 31

Relationship of the parties

Answer 31

Weather in item is real or personal property

Question 32

Trade fixtures

Answer 32

A removable personal property that a tenant attaches to lease commercial premises in order to conduct business

Question 33

Intention

Answer 33

A persons, original intentions may change over time about an item that was intended to be temporary may end up physically attached to the property which can change the item from temporary to permanent

Question 34

Agreement of the parties

Answer 34

Simplest and first test disagreement should be in writing called a “ bill of sale”

Question 35

Emblements

Answer 35

Growing crops, such as decorative trees are corn, which are produced annually, usually not considered fixtures, but our personal property of the person who planted them

Example the Swanson group wine, grapes on their property, and when it is time to sell their Vineyard, their latest plantings were considered emblements and we’re not part of the property price. These were sold separately to the buyer.

Question 36

Annexation

Answer 36

An attachment, a personal property to real property, thereby making at a fixture also known as an attachment.

When Mr. Goldman planted the rose bushes in her yard, the resultant annexation meant that the rosebushes were now made part of the property.