Chapter 1 Review Questions and Case Problem.pdf - Jessica...

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Jessica GarciaPalegal 01302/24/2021Chapter 1 - Review Questions and Case Problem #21.Real property is property that is immovable, fixed, or permanent. Some examplesinclude land, structures affixed to land, and objects attached to land. Personal Propertyis movable property. It is everything subject to ownership that is not real estate andincludes such items as clothing, household furnishings, stocks, money, contract rights,digital assets, and life insurance.2.State law vests title to a decedent’s real property to the beneficiaries on their will or tothe heirs. Unlike real property, personal property passes to the personal representativeappointed to handle the administration of the decedent’s estate.3.State courts apply three tests annexation, adaptation, and intention to determine ifpersonal property has been converted into a fixture. Annexation means that the personalproperty has been or affixed or annexed to the real property. Adaptation means that thepersonal property has been adapted to the use or purpose of real estate. The third test isto examine the intention of the person who annexed the personal property to the realproperty. In most states this has been the controlling test for determining the existence ofa fixture.4.Trade fixtures are property that has been placed on the land or in a building to help thetenant carry on a trailer business. Examples of trade fixtures are a smokehouse,machinery, barber chairs, a greenhouse, and a pipe organ.5.Definitions6.Tangible personal property is property that has a physical existence. It can be touchedand moved. Intangible personal property is property that has no physical existence. Itcannot be touched, rather it represents the right to receive something of value.7.Probate property is owned by the decedent that can be passed by a will. It includes allreal or personal property that the decedent Owned individually as a single sole owner,and severalty, or as a co-owner with another person. Non-probate property is any real or

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Term
Fall
Professor
GUSTAVO DEMONGER
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