Match each test to its description.Is the item being used as

Real Estate, Real Property, and Personal Property Flashcards Match each test to its description.Is the item being used as personal property or real property-has it been adapted or customized?Adaptability of use Match each test to its description.When a dispute occurs, courts tend to favor tenants and buyers over landlords and sellers.Relationship of the parties

Decide if it is an example of severance or annexation:Tim

is thinking about selling his house, so he cuts down a dying pine tree in the back yard.Severance Match each test to its description.Can the item be removed without damaging what it's attached to?Method of annexation Match each test to its description.Was the item intended to be temporary or permanent?Intention in placement

T/F: The complete UCC security agreement must be filed

with the recorder of deeds.False

T/F: The UCC requires security instruments to be

documented through a security agreement the borrower signs.True

T/F: The UCC-1 is called a security statement. False

Decide if it is an example of severance or annexation:Ann

is going to sell her house, but first she digs up several of her irises and bags the rhizomes to take when she moves.Severance

T/F: Annexation occurs when personal property is attached

to real property, which makes it a fixture.True

Decide if it is an example of severance or annexation:Jack

decides to cut down a few trees on his property and use them for firewood.Severance Decide if it is an example of severance or

annexation:Jessica and Harriet, two elderly sisters, plant

two small flowering shrubs in their backyard.Annexation

Decide if it is an example of severance or annexation:Sam

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

T/F: The UCC security agreement must include a complete

description of the personal property used as collateral.True Match each test to its description.Have the parties agreed (in writing) on whether an item will stay or go?Agreement of the parties

T/F: Because a UCC-1 identifies the real estate involved in

a transaction, it shows up in a title report.True

What is the Uniform Commercial Code?A set of business laws created in the 1950s that regulates financial contracts dealing with personal property What are the five tests to determine if an item is a fixture and part of the real estate?Method of annexationIntention of the person placing the itemRelationship of the partiesAdaptability of item for land's useAgreement of the parties

T/F: Severance occurs when an item that was real property

becomes personal property by detaching it (severing it) from the land.True

T/F: Having a UCC security agreement and financing

statement on file allows lenders to confiscate personal property pledged as collateral in the event of borrower default.True

T/F: If a plant or shrub is under a certain size, it is

acceptable for the seller to remove it from the property without the buyer's agreement.False

T/F: Cultivated crops, aka emblements, are considered

personal property even though they are part of the soil.True