Real Estate Exam 2
Terms
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- Land
- includes what is on the surface, attached by nature, and eveything that is below the surface
- Real Estate
- land and whatever is permanently attached by man or nature
- Improvement
- any addition to the land intended to increase the value
- Real Property
- the rights and interests an owner has in the real estate
- Personal Property
- everything that is not attached to the land or building
- Chattles
- a term that means personal prperty
- Bill of Sale
- written evidence of the transfer of title of personal property
- fixture
- an item of personal property that has been changed to real property as a result of permanent attchment
- The four guidlines of defining a fixture
- Contract,Intention,Annexation,Adapation
- Trade Fixture
- a special fixture owned and installed by a business tennat into a rental unit as a necessary part of business