VA Real Estate – MOSELEY exM WITH
CORRECT ANSWERS
Personal Property - CORRECT ANSWERS ✔✔Moveable & unattached to land
Trade Fixtures - CORRECT ANSWERS ✔✔(Special type of Personal Property)
Tangible personal property necessary for trade or business. Must be removed
by or before expiration of the lease. Any damage to the premises caused by
moving or installing is paid by the tenant.
Fructus Industriales - CORRECT ANSWERS ✔✔(Latin for "Fruits of
Industry")
Growing crops that are produced annually through labor & industry. Created to
protect farmers. Once growing, tenant has the right to remove crops even after
lease expires.
Rights in Personal Property - CORRECT ANSWERS ✔✔1- Intellectual
(protected by patent or copyrights)
2- Business Reputations (good will)
3- Leases (transfers possession & use without ownership)
4- Partnership Interests (business association of 2 or more persons)
,Real Property - CORRECT ANSWERS ✔✔Land, includes the surface of the
earth and the spaces above and below. Also includes any improvements or
fixtures such as infrastructure, developments and houses. Not moveable.
Fructus Naturales - CORRECT ANSWERS ✔✔Type of Real Property
(Latin for "Fruits of Nature")
Permanent plantings such as flowers, grasses, trees and bushes.
Can't be removed without an agreement.
Fixtures - CORRECT ANSWERS ✔✔Type of Real Property
Items that were once moveable but have been affixed to real estate (fences,
buildings, a wall, trees).
Severance - CORRECT ANSWERS ✔✔The act of removing a fixture.
Through severance a fixture can become personal property. Not all fixtures can
be severed.
Bundle of Legal Rights - CORRECT ANSWERS ✔✔6 distinct principal
intangible legal rights of property ownership.
#1- right to POSSESS property
#2- right to CONTROL property with in legal limits
#3- right to ENJOY property and to use it legally
,#4- right to EXCLUDE others from property
#5- right to ENCUMBER property by lessening ones rights of owners in any
way
#6- right to DISPOSE of property by sale, will, or other transfer
Appurtenant - CORRECT ANSWERS ✔✔Adjoining land
Fixture Dispute - CORRECT ANSWERS ✔✔In event of a dispute courts apply
a 4 part test to determine if a fixture may be severed.
Relationship of Parties - CORRECT ANSWERS ✔✔One of a 4 part test used in
a Fixture Dispute.
Residential renters less likely than commercial renters to be able to sever.
Method of Attachment - CORRECT ANSWERS ✔✔One of a 4 part test used in
a Fixture Dispute.
The permanence with which an object is attached to real property. The more
permanent the less likely to be severed.
Adaptation - CORRECT ANSWERS ✔✔One of a 4 part test used in a Fixture
Dispute.
, If an object was made specially adapted or made to suit a particular or unique
feature of a building, then its classified as a fixture.
Agreement - CORRECT ANSWERS ✔✔One of a 4 part test used in a Fixture
Dispute.
An agreement between the parties may permit removal of a fixture or prevent a
dispute whether an item is a fixture.
Rights in Real Property - CORRECT ANSWERS ✔✔Includes ownership rights
in the surface of land, airspace above land, and space below the surface, any
easements and use of appurtenant land.
Water Rights - CORRECT ANSWERS ✔✔the legal rights to use and maintain
the water in a river, stream, or other body of water for agricultural, recreational
or personal use.
(significant in states where water is in limited supply)
3 legal doctrines used to determine who has intangible rights to use or divert
water & how much - CORRECT ANSWERS ✔✔#1- Riparian
#2- Littoral
#3- Prior Appropriation
Riparian - CORRECT ANSWERS ✔✔(1 of the 3 legal doctrines used to
determine who has intangible rights to use or divert water & how much)
CORRECT ANSWERS
Personal Property - CORRECT ANSWERS ✔✔Moveable & unattached to land
Trade Fixtures - CORRECT ANSWERS ✔✔(Special type of Personal Property)
Tangible personal property necessary for trade or business. Must be removed
by or before expiration of the lease. Any damage to the premises caused by
moving or installing is paid by the tenant.
Fructus Industriales - CORRECT ANSWERS ✔✔(Latin for "Fruits of
Industry")
Growing crops that are produced annually through labor & industry. Created to
protect farmers. Once growing, tenant has the right to remove crops even after
lease expires.
Rights in Personal Property - CORRECT ANSWERS ✔✔1- Intellectual
(protected by patent or copyrights)
2- Business Reputations (good will)
3- Leases (transfers possession & use without ownership)
4- Partnership Interests (business association of 2 or more persons)
,Real Property - CORRECT ANSWERS ✔✔Land, includes the surface of the
earth and the spaces above and below. Also includes any improvements or
fixtures such as infrastructure, developments and houses. Not moveable.
Fructus Naturales - CORRECT ANSWERS ✔✔Type of Real Property
(Latin for "Fruits of Nature")
Permanent plantings such as flowers, grasses, trees and bushes.
Can't be removed without an agreement.
Fixtures - CORRECT ANSWERS ✔✔Type of Real Property
Items that were once moveable but have been affixed to real estate (fences,
buildings, a wall, trees).
Severance - CORRECT ANSWERS ✔✔The act of removing a fixture.
Through severance a fixture can become personal property. Not all fixtures can
be severed.
Bundle of Legal Rights - CORRECT ANSWERS ✔✔6 distinct principal
intangible legal rights of property ownership.
#1- right to POSSESS property
#2- right to CONTROL property with in legal limits
#3- right to ENJOY property and to use it legally
,#4- right to EXCLUDE others from property
#5- right to ENCUMBER property by lessening ones rights of owners in any
way
#6- right to DISPOSE of property by sale, will, or other transfer
Appurtenant - CORRECT ANSWERS ✔✔Adjoining land
Fixture Dispute - CORRECT ANSWERS ✔✔In event of a dispute courts apply
a 4 part test to determine if a fixture may be severed.
Relationship of Parties - CORRECT ANSWERS ✔✔One of a 4 part test used in
a Fixture Dispute.
Residential renters less likely than commercial renters to be able to sever.
Method of Attachment - CORRECT ANSWERS ✔✔One of a 4 part test used in
a Fixture Dispute.
The permanence with which an object is attached to real property. The more
permanent the less likely to be severed.
Adaptation - CORRECT ANSWERS ✔✔One of a 4 part test used in a Fixture
Dispute.
, If an object was made specially adapted or made to suit a particular or unique
feature of a building, then its classified as a fixture.
Agreement - CORRECT ANSWERS ✔✔One of a 4 part test used in a Fixture
Dispute.
An agreement between the parties may permit removal of a fixture or prevent a
dispute whether an item is a fixture.
Rights in Real Property - CORRECT ANSWERS ✔✔Includes ownership rights
in the surface of land, airspace above land, and space below the surface, any
easements and use of appurtenant land.
Water Rights - CORRECT ANSWERS ✔✔the legal rights to use and maintain
the water in a river, stream, or other body of water for agricultural, recreational
or personal use.
(significant in states where water is in limited supply)
3 legal doctrines used to determine who has intangible rights to use or divert
water & how much - CORRECT ANSWERS ✔✔#1- Riparian
#2- Littoral
#3- Prior Appropriation
Riparian - CORRECT ANSWERS ✔✔(1 of the 3 legal doctrines used to
determine who has intangible rights to use or divert water & how much)
