A fixture is personal property that has become real property. Which factor is LEAST important in determining whether an item is a fixture in California?
Why The original purchase price of the item Is Correct
Answer D: The original purchase price of the item
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
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Key Terms to Know
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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