care.Example: When a farm is sold, the corn belongs to the

Chapter 1: Personal Property vs. Real Property Flashcards

EmblementsGrowing 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 planting and/or

care.Example: When a farm is sold, the corn belongs to the

seller who planted the corn, not the buyer.If the owner of a rental house that is being sold tell 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 a lease.Which is not an appurtenance that belongs to and passes with the land?Reversion A Bill of Sale would be used to convey which of the following?A Refrigerator Which is the best definition or a trade fixture versus a non-trade fixture?A trade fixture can be moved, where non-trade fixtures cannot An artist had a stained glass window in a hallway. Upon selling the property the artist wanted to take down the window. Can he do this?Yes, al long as he made it clear before he signed the contract and got agreement.Personal Property is transferred by a bill of sale.A lease is the personal property of a tenant.What do you call rights, privileges, and improvements that pass with the property?An appurtenance Which is not a test to determine whether something is a fixture or personal property?Homogeneity of the article Real PropertyFixed property, principally land and buildings; the interests, benefits, and rights inherent in the real estate ownership.All of the following would transfer to the new owner in the sale of a home except?Refrigerator Real property is...-The land(surface), down to the center of the earth(subsurface), above to infinity(air rights)-All improvements to the land (house, fence, barn)-Your "bundle of rights", which includes your right to sell, rent, enjoy, control, etc.Which would not be considered real property? Trade Fixtures 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 softener in the basement at the time of sale of the house By definition, a fixture is an article that was...Once personal property What would be physical characteristics of land? Uniqueness 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 oven/range

A commercial tenant's lease was about to expire. The tenant wanted to move some shelving that he had installed.Could he do this?Yes, if he removes the shelves before the lease expires.All are chattels except aAntique Candelier What are the physical characteristics of land? All land is immobileAll land is indestructibleAll land is unique (non-homogeneous) You can acquire or convey real property rights bundled together or separated.Real property can become personal property through the act of severance.Personal PropertyItems that do not fit into the definition of real property; moveable objects-Not attached to the land-It is movable-It

does not pass with the land when bought/soldExamples:

Free standing shed, portable gas grillOther words: Chattel,

Personalty Which of the following is considered personal property?Lease on an apartment for 6 months A Farmre 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:

Emblements Personal property can become real property by being attached the the existing improvement.Fixtures transfer when the property is sold.The owner if a house wants to fence the yard for a family pet. When the fence is erected, the fencing materials become real estate through...Annexation Real property can become personal property known as...Severance Trade FixturesRemovable personal property that the tenant attaches to a leased property for business purposes. Take fixtures are considered to be the personal property of the tenant in a commercial lease. Trade fixtures are any attached/installed equipment the tenant uses to conduct his/her

trade/business.Example: The stove or dishwasher in a

restaurant.All are chattels exceptAntique chandelier