ASREB Exam Prep (Arizona School of Real Estate &
Business A1-A9 Study) Questions & Answers Solved 100%
Correct!!
What is included in a "Bundle of Rights"?
(allodial system of ownership)
1. Possession
2. Use
3. Encumbrance (loan against)
4. Expulsion (exclude others)
5. Transfer
Corporeal
Land and Tenements (buildings)
Incorporeal
Rights and Relationships
Hereditaments
Any property that can be inherited
Fixtures
Item of personal property that because of it's attachment becomes real property
MARIA
Legal test to determine what is or isn't a fixture
1. Method of a attachment (How permanent is the fixture
2. Agreement (agreed to verbally/written by both parties)
3. Relationship (what is the relationship of the item to a party...do they need it for health
reasons, etc.?)
4. Intent (what was the intent of the annexors (installers))
5. Adaptability (how does the fixture fit into the purpose)
How do you change a fixture back into personal property?
Detachment or Severance
Personal Property is also called...
Chattel or Personalty
Transfer of Title (via Deed): Will
In testate succession ... person died with a will
Transfer of Title (via Deed): Interstate Succession
Person died without a will but has heirs
Two types of Personal Property
Tangible: objects
Intangible: (rights and relationships - trademarks, logo, slogan, patent, royalties, etc.)
If its not Realty, its...
Personalty (personal property or chattel)
Trade Fixtures
Item affiliated with trade/business is always the personal property of the trade/business
even if it is attached
Business A1-A9 Study) Questions & Answers Solved 100%
Correct!!
What is included in a "Bundle of Rights"?
(allodial system of ownership)
1. Possession
2. Use
3. Encumbrance (loan against)
4. Expulsion (exclude others)
5. Transfer
Corporeal
Land and Tenements (buildings)
Incorporeal
Rights and Relationships
Hereditaments
Any property that can be inherited
Fixtures
Item of personal property that because of it's attachment becomes real property
MARIA
Legal test to determine what is or isn't a fixture
1. Method of a attachment (How permanent is the fixture
2. Agreement (agreed to verbally/written by both parties)
3. Relationship (what is the relationship of the item to a party...do they need it for health
reasons, etc.?)
4. Intent (what was the intent of the annexors (installers))
5. Adaptability (how does the fixture fit into the purpose)
How do you change a fixture back into personal property?
Detachment or Severance
Personal Property is also called...
Chattel or Personalty
Transfer of Title (via Deed): Will
In testate succession ... person died with a will
Transfer of Title (via Deed): Interstate Succession
Person died without a will but has heirs
Two types of Personal Property
Tangible: objects
Intangible: (rights and relationships - trademarks, logo, slogan, patent, royalties, etc.)
If its not Realty, its...
Personalty (personal property or chattel)
Trade Fixtures
Item affiliated with trade/business is always the personal property of the trade/business
even if it is attached
