Exam (elaborations)
REE 3433 Ch.2 (1).p
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Exam of 2 pages for the course REE 3433 CH 4 & 5 at REE 3433 CH 4 & 5 (REE 3433 Ch.2 (1).p)
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REE 3433 Ch.2Property - ANS-The free use, enjoyment, and disposal of acquisitions
Real Property - ANS-Land and anything attached to it
Personal Property - ANS-Property that is moveable
Intangible Personal Property - ANS-Things that have little or no value in and of
themselves but represent something of value (e.g. stocks)
Tangible Personal Property - ANS-Things that can be touched (e.g. books, automobiles,
laptops)
Uniform Commercial Code ( UCC) - ANS-A code of law (adopted in its entirety in all of
the states except Louisiana) which governs commercial transactions
Statute of Frauds - ANS-A law that disallows certain contracts unless they are in writing
Bill of Sale - ANS-A written agreement in which one transfers his interest in personal
property to another
A Deed - ANS-A document which evidences the transfer of real property from one
person to another
Personal Property - ANS-Generally, the possession of this type of property is not taxed
A Fixture - ANS-A legal hybrid: a piece of personal property that has become affixed to
real property
Severance - ANS-The legal principle tat defines the mechanical process required to
convert an item of real property to an item of personal property
Constructive Annexation - ANS-Personal property that is so closely related to real
property that is considered to be annexed even though it is not attached
Adaptation - ANS-In addition to annexation and intention, the third of the three tests for
determining if something is a fixture
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