Property Ownership
A fixture is an item that was once personal property and has been:
APlaced temporarily on the property
BPermanently attached to real property and is now considered part of it✓ Correct
CPurchased by the current owner
DListed in the purchase agreement as excluded
Explanation
A fixture is personal property that has been permanently attached to real property in such a way that it becomes part of the real estate. Tests for fixtures include method of attachment, adaptation, and intent.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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