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