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Exam (elaborations)

Ree 3433 Ch.2

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Exam of 2 pages for the course TAX 4001 at TAX 4001 (REE 3433 Ch.2)

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REE 3433 Ch.2
A Deed - ANS-A document which evidences the transfer of real property from one
person to another

A Fixture - ANS-A legal hybrid: a piece of personal property that has become affixed to
real property

Adaptation - ANS-In addition to annexation and intention, the third of the three tests for
determining if something is a fixture

Attachment - ANS-The process by which a secured party acquires a security interest in
personal property or a fixture

Bill of Sale - ANS-A written agreement in which one transfers his interest in personal
property to another

Collateral - ANS-Personal property that is pledged as security for a debt

Constructive Annexation - ANS-Personal property that is so closely related to real
property that is considered to be annexed even though it is not attached

Intangible Personal Property - ANS-Things that have little or no value in and of
themselves but represent something of value (e.g. stocks)

Perfection - ANS-The process by which a security interest is protected

Personal Property - ANS-Generally, the possession of this type of property is not taxed

Personal Property - ANS-Property that is moveable

Property - ANS-The free use, enjoyment, and disposal of acquisitions

Purchase Money Security Interest (PMSI) - ANS-A security interest taken by a lender to
secure all or part of the purchase of goods

Real Property - ANS-Land and anything attached to it

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