Personal Property and Real Estate Concepts

Joe from Prep Agent explains the difference between real and personal property, emphasizing that real property is generally immovable while personal property is movable. He introduces the concept of fixtures, which are personal property that become real property when attached to land, and trade fixtures, which remain personal property for business purposes. The acronym MARIA is used to determine if an item is a fixture. The video aims to help viewers understand these concepts for real estate exams.

What is generally considered immovable in real estate terminology?

• Real property

• Jewelry

• Chattels

• Personal property

Which of the following is an example of personal property?

• Furniture

• Buildings

• Land

• Pool coverings

What term is used to refer to personal property in real estate exams?

• Chattels

• Fixtures

• Real property

• Estates

What is a fixture in real estate?

• A type of personal property

• A type of real property

• Personal property that has become real property

• Real property that has become personal property

Which of the following is NOT a criterion in the acronym MARIA?

• Market value

• Method of attachment

• Adaptability

• Relationship of the parties

What does the 'A' in MARIA stand for?

• Association

• Agreement

• Adaptability

• Attachment

In a buyer-seller relationship, what factor can influence whether an item is considered a fixture?

• Color of the item

• Market value

• Relationship of the parties

• Size of the item

What is a trade fixture?

• A fixture that is part of the real property

• A fixture used for a trade or business

• A fixture that is always immovable

• A fixture that cannot be moved

Which of the following is an example of a trade fixture?

• Pool cover

• Dentist's chair

• Built-in bookcase

• Chandelier

What is the main difference between personal property and real property?

• Personal property is immovable, real property is movable

• Personal property is always more valuable than real property

• Personal property is movable, real property is immovable

• Personal property is always attached, real property is not