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REE3433 Chp. 2 Terms Questions with 100% correct answers | verified | latest update 2024
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REE3433 Chp. 2 Terms Questions with 100% correct answers | verified | latest update 2024
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REE3433 Chp. 2 Termsadaptation test - ANS-a test for determining whether personal property has become
united with real property by its adaptation to the use and purpose of the real property.
Agricultural fixture - ANS-articles placed in or attached to farm buildings and land for
purpose of farming.
Annexation Test - ANS-a key fixture test that is met when personal property is in fact
annexed, fixed, or fastened onto the real property
attachment of the security interest - ANS-the process by which a secured party acquires
a security interest in personal property or a fixture
Bill of Sale - ANS-A written agreement in which one person transfers his interest in
personal property to another
collateral - ANS-property that is pledged as security for the satisfaction of a debt.
security for performance or principal obligation.
construction mortgage - ANS-a mortgage used to finance the construction or
improvement of real property
constructive annexation - ANS-Personal property that is so closely related to the real
property that it is consider to be annexed even through it has not actually been
annexed, fixed or fasten to the real property
domestic fixture - ANS-articles that tents attached to a dwelling to render their
occupation of the premises more comfortable or convenient.
emblements - ANS-Crops produced by a tenant's labor to which the tenant is entitled.
Those crops are grown annually, not spontaneously, by labor and industry.
financing statement - ANS-a document filed in the public record to give notice to third
parties of the secured party's security interest
Fixture - ANS-a legal hybrid; a piece of personal property that has become affixed to
real estate in such a way that it becomes part of the real property.
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