A 'fixture' in NC real estate is personal property that has become real property by being permanently attached to the land or building. To determine if an item is a fixture, courts look at all EXCEPT:
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 non-possessory right to use another person's land for a specific purpose.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
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