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Questions and Answers
What are the two different bodies of law that property ownership is governed by?
What are the two different bodies of law that property ownership is governed by?
Personal property and real property.
What is personal property also known as?
What is personal property also known as?
Chattel
How do you distinguish personal property from real property?
How do you distinguish personal property from real property?
By its mobility.
What are chattels personal?
What are chattels personal?
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What are chattels real?
What are chattels real?
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What is real estate?
What is real estate?
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What are examples of real estate?
What are examples of real estate?
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What is real property?
What is real property?
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How is land defined?
How is land defined?
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What are tenements?
What are tenements?
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What constitutes a permanent attachment?
What constitutes a permanent attachment?
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What are the two types of attachments?
What are the two types of attachments?
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What are perennial plants?
What are perennial plants?
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What are emblements?
What are emblements?
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What is an artificial attachment?
What is an artificial attachment?
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What are appurtenances?
What are appurtenances?
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How is ownership of personal property handled?
How is ownership of personal property handled?
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What is a deed?
What is a deed?
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What are fixtures?
What are fixtures?
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When is personal property considered a fixture regardless of its original intended purpose?
When is personal property considered a fixture regardless of its original intended purpose?
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What is severance (removal)?
What is severance (removal)?
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What are trade fixtures?
What are trade fixtures?
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What is a replacement fixture?
What is a replacement fixture?
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Study Notes
Classification of Property
- Property ownership is governed by two bodies of law: personal property and real property.
Personal Property
- Also referred to as chattel, personal property items are movable and transfer with the owner.
- Examples include cars, boats, furniture, clothes, stocks, money, and tools.
Real Property
- Real estate refers to immovable objects tied to specific locations, such as land, products of nature, and man-made improvements.
- Real property encompasses the right to own land and anything that is permanently attached to it.
Distinction Between Property Types
- Personal property (chattel) is characterized by its mobility, whereas real property consists of immovable assets.
- Chattels can be divided into two categories:
- Chattels personal: movable items like furniture and vehicles.
- Chattels real: interests in real property, including mortgages and leases.
Land and Attachments
- Land includes everything from the center of the Earth to the air rights above it.
- Tenements refer to items permanently attached to land, like buildings or trees.
- Permanent attachments can be natural (e.g., trees) or artificial (e.g., structures).
Types of Attachments
- Natural attachments are products occurring in nature, while artificial attachments are human-made improvements.
- Perennial plants are natural attachments considered real property due to their permanence.
- Emblements, such as crops (corn, wheat), are classified as personal property since they are cultivated annually.
Ownership and Transfer
- Ownership of personal property requires a bill of sale for transfer.
- The deed is the document used to transfer ownership of real property.
Fixtures and Trade Fixtures
- A fixture is personal property attached to real estate and considered part of it upon attachment.
- Fixtures are conveyed with the property to the buyer unless removal would cause damage.
- Trade fixtures are items a tenant installs in leased property for business purposes, which can be removed by the tenant at the lease's end.
Replacement Fixtures
- A replacement fixture occurs when a tenant substitutes one fixture for another without permission, rendering it the landlord's property by accession.
Key Terms
- Appurtenances: improvements and rights that are included with the land ownership and transferred with ownership.
- Severance refers to the removal of a fixture, which can impact property classification and ownership considerations.
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Description
This quiz covers key concepts related to the classification of property, including personal and real property. Understand the definitions and distinctions between these terms through flashcard-based questions. Ideal for students of property law or related fields.
