Questions and Answers
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?
Chattel
How do you distinguish personal property from real property?
By its mobility.
What are chattels personal?
Signup and view all the answers
What are chattels real?
Signup and view all the answers
What is real estate?
Signup and view all the answers
What are examples of real estate?
Signup and view all the answers
What is real property?
Signup and view all the answers
How is land defined?
Signup and view all the answers
What are tenements?
Signup and view all the answers
What constitutes a permanent attachment?
Signup and view all the answers
What are the two types of attachments?
Signup and view all the answers
What are perennial plants?
Signup and view all the answers
What are emblements?
Signup and view all the answers
What is an artificial attachment?
Signup and view all the answers
What are appurtenances?
Signup and view all the answers
How is ownership of personal property handled?
Signup and view all the answers
What is a deed?
Signup and view all the answers
What are fixtures?
Signup and view all the answers
When is personal property considered a fixture regardless of its original intended purpose?
Signup and view all the answers
What is severance (removal)?
Signup and view all the answers
What are trade fixtures?
Signup and view all the answers
What is a replacement fixture?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
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.
