Property Ownership
Which of the following tests is used in Alaska to determine if an item is a fixture?
AThe manufacturer's classification
BThe method of attachment, adaptation to the property, and intention of the parties✓ Correct
CThe cost of the item relative to the property value
DWhether the item is listed on the tax assessment
Explanation
Courts apply the MAI test: Method of attachment (how firmly attached), Adaptation (how specifically tailored to the property), and Intent of the parties at the time of attachment.
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Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
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