FRECI_8-3 - Personal Property(Personalty(Chattel Land...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 8 – Lecture 3 Property Rights: Estates and Tenancies; Condos, Co-ops, and Time-Shares Copyright, 2004 2 Lecture Preview What will you learn from this lecture? Distinguish between real property and personal property Distinguish between personal property, fixtures, and trade fixtures Identify the four tests for a fixture Copyright, 2004 3 Vocabulary Terms Fixtures Personal property Copyright, 2004 What’s What? Copyright, 2004 5 Personal Property Personalty Chattel Items not permanently attached What about a ceiling fan? A/C unit? Copyright, 2004 6 The Act of Severance Real Property By act of severance Personal Property
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2 Copyright, 2004 7 Attachment Personal property becomes real property by attachment Personalty Realty Copyright, 2004 8 Real v. Personal Property Real Property (Realty) Improvements Timber
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Unformatted text preview: Personal Property (Personalty) (Chattel) Land “Bundle of Rights” Copyright, 2004 9 Fixtures Once personal property items… now, permanently attached Microwave? Refrigerator? Copyright, 2004 10 Trade Fixture Personal property attached to real estate by a business tenant specifically for use in that business Display cases Refrigeration units Sinks in a salon 11 Tests for a Fixture Annexation of item (Damaging to remove?) Adaptation of the item (Custom fit?) Intent of the parties (Customary practice?) Relationship of the parties (Trade or farming fixtures of a tenant?) Copyright, 2004 12 4 Tests for a Fixture n Intent of the parties o Relationship of the parties p Annexation of the item q Adaptation of the item I R A A 3 Copyright, 2004 13 End of Lecture At the conclusion of this lecture, complete Quiz 8-3 in the course....
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FRECI_8-3 - Personal Property(Personalty(Chattel Land...

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