Property Ownership
Which of the following is a characteristic of real property (as distinguished from personal property) in Alaska?
AIt is movable and transferable by delivery
BIt is immovable and transferred by deed✓ Correct
CIt depreciates according to IRS schedules only
DIt can be converted to personal property only by court order
Explanation
Real property is immovable (land and its permanent attachments) and is transferred by deed and recording. Personal property (chattel) is movable and transferred by delivery or bill of sale.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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