Personal property and real property are key real estate terms you will need to know for your real estate exam. Often, students misapply these concepts. Here are the key terms you will learn upon completion of this real estate exam prep video:

(1) Personal Property – (a.k.a. chattel) moveable items not affixed to real property
(2) Real Property – The land and all improvements, plus all the rights and privileges of ownership. The “bundle of rights.”
(3) Fixtures – Personal property that become fixtures when permanently affixed to real property
(4) Trade Fixtures – Personal property affixed to leased property by tenant to conduct his business.
(5) Leasehold Improvements – a fixture istalled by the landlord
(6) Emblements – (a.k.a. fructus industriales) Crops that are produced annually

Best of luck with your studies…

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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.

Paul Vojchehoske

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