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Real Property - Answer - land, Improvements attached to the land, and the rights to use
them
Personal Property - Answer - right or interest in things of a temporary or movable nature
chattel personalty. Ownership transferred by a BILL OF SALE
Fixture - Answer - Personal Property attached in such a way to make it real property.
Annexation - Answer - Process of attaching personal property to real property making it
a fixture
Severed or Severance - Answer - Real property being removed becoming personal
property
Trade Fixtures - Answer - required to carry out a business example would be
commercial cooking equipment in a restaurant
Accesion - Answer - Acquiring trade fixtures by non removal prior to termination of lease
Land 3 physical characteristics - Answer - nonhomogeneity, immobility, indestructibility
Nonhomogeneity - Answer - no to pieces are exactly alike
immobility - Answer - land cannot be moved - a person must go to the land
indestructibility - Answer - durability - it will always be there
Land 4 economic characteristics - Answer - scarcity, modification, fixity, situs
scarcity - Answer - short supply where demand is great example lot in Manhattan v. a lot
in upstate NY
modification - Answer - land use and value are greatly influenced by improvements
made by man to land and to surrounding parcels of land
fixity - Answer - land and buildings and other improvements to land are consideration
fixed or permanent investments- they are not liquid assets
Situs - Answer - location preference location,location,location
Metes and Bounds - Answer - legal description of land that always has a point of
beginning that is also the end. The oldest used in 13 original colonies
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