When a fixture of real property is physically detached from the real property, it is known as ________.
1.
fee simple property
2.
a fixture
3.
property accession
4.
personal property
5.
a gift
ANS- When a fixture of real property is physically detached from the real property, it is known as personal property
When a fixture of real property is physically detached from the real property, it is known...
Match the definitions: An object that formerly was personal property but has become real property: Interests in real property that include possession of the property: The most complete and traditional ownership interest in real estate: Legal provision that protects a residence from creditors, reduces property taxes, and limits the increase in assessed value: Relationship between two parcels of land, one dominant and the other servient: The right to use land for a specific, limited purpose unrelated to any adjacent...
Discuss the differences between real and personal property. What are the fundamental distinctions? How does tangible property differ from intangible? Can real property become personal property and vice versa? If so, give examples. And, what characterizes a fixture?
After real estate fees of 6% had been deducted from the proceeds of a property sale, the vendor ofthe property received $80,511. What was the amount of the real estate fee? The amount was $ Round to the nearest integer.)
Zora, Heathcliff, Manuel, and Mohammad own a large commercial building as joint tenants. If Heathcliff executes a will that leaves all of his property to his alma mater university, who owns the property when Heathcliff dies? A. Zora, Manuel, and Mohammad each own a one-third interest in the building. B. Zora, Manuel, and Mohammad each own a life estate in the building that will go to the university upon their deaths. C. Zora, Manuel, Mohammad, and the university each own...
1. Which of the following is not considered personal property in legal terms? A) Intangible property or chose in action B) A claim against someone that has value C) Intellectual property (ideas and creative work) D) Chattels E) A good affixed to real property Answer: : An option agreement is A) a contract transferring the fee simple to a new owner. B) a contract by which the offeror of property promises to hold his offer open for a period of...
The property manager works under a management agreement between the property owner and the property management firm. As compensation for his duties, the property manager will receive a management fee. Given the following information, calculate the dollar compensation to the property manager in year 1: potential gross income of the property: $250,000; vacancy and collection losses: 15%; miscellaneous income: $50,000; management fee: 3%. Answer in 4-5 sentences
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ack contributes the following to ABC corporation in a §351 exchange: (1) real property with a basis of 400,000 and a fair market value of $800,000, with a $200,000 mortgage attached to it and (2) a personal loan for $20,000. How much income does Jack recognize on the transaction? A. $0 B. $20,000 C. $220,000 D. $400,000
Sally owns real property for which the annual property taxes are $13,030. She sells the property to Kate on April 2, 2017, for $651,500. Kate pays the real property taxes for the entire year on October 1, 2017. Assume a 365-day year. Round any division to four decimal places. Round your final answers to the nearest dollar. a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $ ------------- and...