Property Ownership & Land Characteristics

What’s the difference between real property and personal

property?

Real property includes land and everything permanently

attached to it; personal property consists of movable items

not attached to the land.

What are the three physical characteristics of land?

Immobility, Indestructibility, Uniqueness

What are the four economic characteristics of land?

Scarcity, Improvements, Permanence of investment, Situs

(location preference).

What are the bundle of rights in real property?

Possession, Control, Enjoyment, Exclusion, Disposition.

What is a fixture?

Personal property that has been permanently attached to

real property, becoming part of it.

What is a trade fixture?

A fixture installed by a commercial tenant for business

use; it remains personal property and can be removed by

the tenant.

What legal tests help determine whether something is a

fixture?

Intent, Method of attachment, Adaptation to property, and

Agreement between parties.

Which bundle of rights allows the owner to build a fence or

make changes?

Control.

Why is land considered indestructible?

Because while improvements can be destroyed, the land

itself remains — it cannot be physically destroyed.