Chapter One - Personal Property vs. Real Property

A bill of Sale would be the document used to convey which of the following? Pasture land that was inherited years ago A house with fixtures A Refrigerator A shared driveway easement leading to the garage

A refrigerator

What are the physical characteristics of land?

All land is immobile All land is indestructible All is unique (non-homogeneous)

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

An Appurtenance Examples: Water rights, a driveway easement

All are chattels except a free standing wood burning stove portable heater antique chandelier movable shed

Antique Chandelier

What are Trade Fixtures?

Considered to be personal property of the tenant in a commercial lease. Any attached or installed equipment the tenant uses to conduct his or her trade or business. exp: the stove or dishwasher in a restaurant

A commercial tenants lease was about to expire. The tenant wanted to remove some shelving that he had installed. Could he do this? Yes, if he removes the shelves before the lease expires Yes, if he removes the shelves after the lease expires Yes, he can remove the shelving anytime either before the lease expires or after the lease expires No, because the shelves were permanently installed

Yes, if he removes the shelves before the lease expires

Which is not an appurtenance that belongs to and passes with the land? right privilege improvement reversion

reversion

What is Real Property?

the land or surface, down to the center of the earth or subsurface, above to infinity or Air RIghts All improvements to the land (house, fence, barn) your bundle of rights which include - right to sell, rent, enjoy, control, etc

Which is the best definition of a trade fixture versus a non-trade fixture? trade fixtures can be removed, where non trade fixtures cannot trade fixtures are installed, where non-trade fixtures are not non trade fixtures can be removed, where trade fixtures cannot non trade fixtures are installed, where trade fixtures are not

trade fixtures can be removed, where non trade fixtures cannot

What are other words for personal property

Chattel Personalty

What are emblements?

Crops which require annual planting and or care exp: Corn

A farmer sold his farm. Several months later the farmer was able to go back and harvest the crops that he had planted. The crops are called Trade Fixtures Crop Fixtures Emblements First Fruits

Emblements

All of the following items would transfer to the new owner in the sale of a home except attached butlers pantry dining room chandelier garage door remote refrigerator

Refrigerator

An artist had a stained glass window in a hallway. Upon selling the property the artist wanted to take the window. Can he do this? yes, it is an art object and can be taken yes, as long as he made it clear before he signed the contract and got agreement no, it is part of the real estate and cannot be taken under any circumstances no, as on cannot contract to remove real estate

Ye, as long as he made it clear before he signed the contract and got agreement

Which is true about personal property? it is attached to the land it is considered appurtenant to the land it is immovable it is not attached to the real property or the land

it is not attached to the real property or the land

What is personal property

not attached to land it is movable it does not pass with the land when bought or sold

By definition, a fixture is an article that was once personal property installed as ordered buy a lender installed by a lessee transferred from grantee to grantor

once personal property

What would be a physical characteristic of land? mobility destructibility scarcity uniqueness

uniqueness

Which would not be considered real property? A house Mineral rights Air Rights Trade fixtures

Trade Fixtures

Which of the following is considered personal property? barn lease on an apartment for 6 months garage shed on a brick foundation

Lease on an apartment for 6 months

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 no, because the broker has no legal rights to the microwave yes, because the microwave is a fixture Yes, because the broker mentioned it in the MLS information

No because the microwave is the property of the lessee

Which of the following groups of items would normally transfer to a new owner in a sale? custom made mini blinds, built in dishwasher, and over/range patio furniture, portable gas grill, and built in dishwasher area rugs, oven/range, and antique dining room tables and chairs refrigerator, umbrella with patio furniture, and oven/range

custom made mini blinds, built in dishwasher, and over/range

Which is not a test to determine whether something is a fixture or personal property? intention of the parties method of annexation adaptation of the article or made for the house homogeneity of the article

homogeneity of the article