Property Ownership
Real property is distinguished from personal property primarily by:
AIts monetary value
BBeing permanently attached to land or being land itself✓ Correct
CWhether it is owned by an individual or a corporation
DBeing subject to property taxes
Explanation
Real property includes land and anything permanently attached to it (improvements), while personal property (personalty) is movable and not permanently affixed to the land.
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Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
DeedA 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.
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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