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Exam (elaborations)

Barney Fletcher Ch.1 Questions with 100% Correct Answers

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Barney Fletcher Ch.1 Questions with 100% Correct Answers

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Barney Fletcher Ch.1 Questions with 100%
Correct Answers
real property consist of

1) land

2) anything permanently attached to the land

3) the bundle of rights

Bundle of rights

Posses, Occupy, Dispose(sell), Enjoy, Do nothing (exclude others)

Real Property

Cannot be moved

Example of real property

House, Garage, Fence

Personal property

Can be moved

Examples of personal property

Couch, refrigerator, tv, washer and dryer

Fixtures

starts as personal property and becomes real property because it is attached to the land (

ceiling fan)

Method of identifying if its personal, real or a fixture

, 1. method of attachment

2. adaptability

3. intention of parties

4. agreement of PARTIES

Physical Characteristics of land

immobile, indestructible, Unique

Economic Characteristics ofd land

scarcity, Improvements, permanence of investment, area preference (situs)

Immobile

cannot be moved

Indestructible

land itself cannot be destroyed

Unique (Nonhomogeneneous)

No two parcels are exactly alike

Scarcity

land supply is limited

Improvements

Buildings and roads add value

Permanence of Investments

Improvements last a long time

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