Property OwnershipIntermediateNorth Carolina Exam

In NC, a 'fixture' is personal property that has become:

AScheduled for removal before closing

BPermanently attached to real property and treated as real propertyCorrect

CListed separately in the purchase contract, under standard practice

DInsured under the homeowner's policy

Why Permanently attached to real property and treated as real property Is Correct

Answer B: Permanently attached to real property and treated as real property

A fixture is personal property that has been attached to or incorporated into real property in a manner that makes it part of the real estate. Fixtures are conveyed with the real property unless specifically excluded in the contract.

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

Title Insurance

Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.

Earnest Money

A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.

Contingency

A condition in a purchase contract that must be satisfied before the sale can proceed to closing.

Purchase Agreement

A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.

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