Exam (elaborations)
REE 3433 Ch.2
Exam of 2 pages for the course TAX 4001 at TAX 4001 (REE 3433 Ch.2)
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REE 3433 Ch.2A Deed - ANS-A document which evidences the transfer of real property from one
person to another
A Fixture - ANS-A legal hybrid: a piece of personal property that has become affixed to
real property
Adaptation - ANS-In addition to annexation and intention, the third of the three tests for
determining if something is a fixture
Attachment - 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 transfers his interest in personal
property to another
Collateral - ANS-Personal property that is pledged as security for a debt
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
Intangible Personal Property - ANS-Things that have little or no value in and of
themselves but represent something of value (e.g. stocks)
Perfection - ANS-The process by which a security interest is protected
Personal Property - ANS-Generally, the possession of this type of property is not taxed
Personal Property - ANS-Property that is moveable
Property - ANS-The free use, enjoyment, and disposal of acquisitions
Purchase Money Security Interest (PMSI) - ANS-A security interest taken by a lender to
secure all or part of the purchase of goods
Real Property - ANS-Land and anything attached to it
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