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
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