2026-2027 (SCORED 100%)
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
Lot,Block, and Subdivision - ANSWER-recorded map or plat, it is the most common
description in residential listing agreements
Monuments - ANSWER-permanent surveyors markers often starting point for metes
and bounds example Iron pipe, oak tree
Rectangular/ Government Survey - ANSWER-takes into consideration base lines,
meridians, townships and sections.Townships and Sections are located in Ranges.
Example S7T3R2 means Section 7 Townships 3 Range 2
Township - ANSWER-36 Sections
Section - ANSWER-640 Acres 1 square mile
Acre - ANSWER-43,560 square feet
Plat - ANSWER-map of a town, section, or subdivision
Plot - ANSWER-map or layout of improvements on a property site. The property site
is also called a lot or parcel
Encumbrance - ANSWER-limitation on your rights. It may also called cloud on a title.
Voluntary lein - ANSWER-created by the borrowers actions such as taking out a
mortgage
Involuntary lein - ANSWER-created by law ie. ad valorem tax lein
Specific lein - ANSWER-attaches to one or more specific properties ex mortgage
General lein - ANSWER-attaches to all property of the debtor example tax lien
Lein - ANSWER-created by recording a judgement
writ of execution - ANSWER-party wins and is unable to collect,he can secure a writ
of execution from the courts to enforce payment.
reservation - ANSWER-withholds title of part of the land Ex. easement or mineral
rights
encroachment - ANSWER-structure or improvements overlaps onto another's
property
easement - ANSWER-limited use or enjoyment of another's land written or verbal or
implied