Question

All of the following are personal property except:

Selections

A. Trade fixtures

B. Easements

C. Mortgages

D. Trust deeds

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Answer: B

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5 Keys Summary

1. Easements are defined as a right to use another person’s land for a specific, limited purpose, and are fundamentally considered an interest in real property rather than personal property.

2. An easement is classified as a non-possessory encumbrance on the property that typically runs with the land as an appurtenance and burdens the title.

3. Trade fixtures are considered personal property because they are movable articles attached by a commercial tenant for business use and are intended to be removed at the end of the lease term.

4. Mortgages and Trust Deeds are security instruments that secure a loan (the promissory note), and the financial obligation or asset they represent is classified as a form of personal property.

5. All property is categorized as either real property (fixed and immovable) or personal property (chattel or movable), and any rights relating to the long-term use of the land itself, like an easement, are part of the real property rights bundle.

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