Property Ownership
Personal property differs from real property in that personal property is:
APermanently attached to the land
BMovable and not permanently attached to real estate✓ Correct
CAlways more valuable than real property
DSubject to property taxes only
Explanation
Personal property (also called chattel) is movable and not permanently affixed to land, distinguishing it from real property which is immovable.
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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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