Personal Property vs. Real Property

A bill of sale would be the document to convey which the following?

A refrigerator

What are the physical characteristics of land?

All land is immobile, all land is indestructible, all land is unique.

What do you call the rights, privileges and improvements that pass with the property?

Appurtenances

Personal property is transferred by a

Bill of sale

Personal property

Chattel Personalty

Which of the following groups of items would normally transfer to a new owner in a sale?

Customer made mini-blinds, built in dishwasher, and oven/range.

A farmer sold his farm. Several months later the farmer was able to go back and harvest the crops that he planted. The crops are called:

Emblements

Personal Property

Items that do not fit into the definition of real property; moveable objects.

Which of the following is considered personal property?

Lease on an apartment for six months.

Which is not an appurtenance that belongs to and passes with the land?

Reversion

Real property can become personal property through a process known as:

Severnce

Real property is:

The land, down to the center of the earth and above the air. All improvements to the land, Your bundle of rights which includes you right to sell, rent, enjoy, control, etc.

Which of the following is not considered real property?

Trade Fixtures

Which is the best definition of a trade fixture?

Trade fixtures can be removed, where non trade fixtures cannot.

Which would be a physical characteristic of land?

Uniqueness

By definition, a fixture is an article that was...?

once personal property.

A lease is the personal property of the

tenant

Do fixtures transfer when it is sold?

yes.

The owner of the house wants the yard to be fenced in. When the fence is errected, the fencing material become real estate through:

Annexation

All are chattels except?

Antique chandeliers

Real estate includes the land, improvements, and ...

Appurtenances

Real property

Fixed property, principally land and buildings, the interests, benefits, and rights inherent in real estate ownership.

Emblements

Growing crops that are produced annually through labor and industry. Emblements are considered to be the personal property of the one who did the planting. Emblements are crops which require annual planting and/ or care. Corn is an example.

Which is not a test to determine whether something is a fixture or personal property?

Homogeneity of the article

Which is true about personal property?

It is not attached to the real property or the land.

Which of the following is an example of personal property?

The rented water softer in the basement at the time of sale on the house.

A commercial tenant's lease is about to expire. The tenant wanted to remove some shelving that he had installed. Could he do this?

Yes, if he revives the shelves before the lease expires.

If the owner of a rental house that is being sold tells the listing broker that the microwave stays even though the microwave belongs to the tenant, does the buyer get the microwave at closing?

no, because the microwave is the property of the lessee.

Personal Property is

not attached to the land, it is moveable, it does NOT pass with the land when bought/sold. Example: a portable gas grill.

All of the following items would transfer to the new owner in the sale of a home except:

refrigerator

Trade Fixtures

removable personal property that a tenant attaches to leased land for business purposes. Trade fixtures are considered to be the personal property of the tenant in a commercial lease. Trade fixtures are considered to be the personal property of the tenant on a commercial lease. Trade fixtures are any attached. installed equipment the tenant used to conduct his/her or business. Example: The stove or diswasher in a restaurant.

An artist had a stained glass window in the hallway. Upon selling the property the artist wanted to take the window. Can he do this?

yes, as long as it is made clear before he signs the contact and got agreement.

Can real property become personal property through the act of "severance"?

yes.

Can you acquire or convey real property rights bundled together or separated?

yes.