Prep Material: (Latest 2025/2026
Update) Complete Q-Bank | 163
Comprehensive Questions & Answers |
Certified Solutions | 100% Correct | Graded
A
Quiz_________________?
Real Property -
Answer☑️
land, Improvements attached to the land, and the rights to use them
Quiz_________________?
Personal Property -
Answer☑️
right or interest in things of a temporary or movable nature chattel personalty. Ownership transferred
by a BILL OF SALE
Quiz_________________?
Fixture -
Answer☑️
Personal Property attached in such a way to make it real property.
Quiz_________________?
Annexation -
1
, Answer☑️
Process of attaching personal property to real property making it a fixture
Quiz_________________?
Severed or Severance -
Answer☑️
Real property being removed becoming personal property
Quiz_________________?
Trade Fixtures -
Answer☑️
required to carry out a business example would be commercial cooking equipment in a restaurant
Quiz_________________?
Accesion -
Answer☑️
Acquiring trade fixtures by non removal prior to termination of lease
Quiz_________________?
Land 3 physical characteristics -
Answer☑️
nonhomogeneity, immobility, indestructibility
Quiz_________________?
Nonhomogeneity -
Answer☑️
no to pieces are exactly alike
Quiz_________________?
2
, immobility -
Answer☑️
land cannot be moved - a person must go to the land
Quiz_________________?
indestructibility -
Answer☑️
durability - it will always be there
Quiz_________________?
Land 4 economic characteristics -
Answer☑️
scarcity, modification, fixity, situs
Quiz_________________?
scarcity -
Answer☑️
short supply where demand is great example lot in Manhattan v. a lot in upstate NY
Quiz_________________?
modification -
Answer☑️
land use and value are greatly influenced by improvements made by man to land and to surrounding
parcels of land
Quiz_________________?
fixity -
Answer☑️
land and buildings and other improvements to land are consideration fixed or permanent investments-
they are not liquid assets
3