UNIT 2: Real Estate, Real Property and Personal Property Flashcards

UNIT 2: Real Estate, Real Property and Personal Property Flashcards

Growing crops, such as decorative trees or corn, which are produced annually; usually not considered fixtures, but are the personal property of the person who planted them emblements Mrs. Blanchard cut down a tree growing on her property.Which of the following has occurred?Real property has become personal property.Was the item intended to be temporary or permanent?Intention in placement A piece of equipment or other item that is on or attached to the real estate and is used in a trade or business trade fixture Method of annexationTim and Tina Wells bought a home with absolutely beautiful perennial gardens in the back. The plantings were designed to bring birds, bees, and butterflies and to provide color for most of the year. When they did the final walkthrough, they were dismayed to see that many of the shrubs and flowering plants had been removed. They expected these plantings to be considered part of the real property because of the ______.a fence around a fieldOf the following, which is most likely to be considered a fixture?Method of annexationIf an item is permanently attached to a property, a court would most likely consider it a fixture if it passes which of the following tests?An item that is permanently attached to real property.Ex.The bookshelves in the dining room were built-in; they were a fixture and could not be removed by the seller.fixture Adaptability UseIs the item being used as personal property or real property-has it been adapted or customized?An item that would most likely be considered a fixture because of agreement between buyer and seller is _____.draperies Licensee Dionne pointed out to her buyer client the items that would be considered real property. What is one of the key characteristics of an item that is real property (also known as a fixture)?Permanently affixed to the property Have the parties agreed (in writing) on whether an item will stay or go?Agreement of the parties ChattelOther word for personal property What is the best way for a seller and buyer to demonstrate their agreement that the home's existing refrigerator and a dishwasher are included in the property sale?By including a bill of sale or agreement in the purchase contract An attachment of personal property to real property, thereby making it a fixture (also known as an attachment)Ex. When Mrs. Goldman planted the

rosebushes in her yard, the resultant annexation meant that the rosebushes were now made part of the property.annexation A set of business laws created in the 1950s that regulates financial contracts dealing with personal property What is the Uniform Commercial Code?

Altering the characteristic of an item from real property to personal property by removing it from the landEx. When Mrs. Goldman dug up her rose bushes, this was an act of severance. They were no longer part of the land, and were now personal property.severance Relationship of the PartiesWhen a dispute occurs, courts tend to favor tenants and buyers over landlords and sellers.Method of AnnexationCan the item be removed without damaging what it's attached to?