Check Your Understanding - Answers
- What is the definition of a fixture?
A personal property item that has been converted to real property by attachment to real estate
- How is a trade fixture different from a fixture?
A trade fixture has been temporarily affixed to a landlord's real property in order to conduct business and may be detached and removed before, or upon surrender, of the leased premises.
- Growing plants may be either real or personal property. How are they differentiated?
Plants and crops that grow naturally, without requiring anyone's labor or machinery, are considered real property.
Plants and crops requiring human intervention and labor are called emblements which, despite their attachment to land, are considered personal property.
- Which government entity is the primary regulatory entity of the real estate business?
State government
-
