Question

In: Operations Management

What is the difference between real property and personal property? Why does the law make a...

What is the difference between real property and personal property? Why does the law make a distinction between real property and personal property?

Solutions

Expert Solution

Those properties which are immovable are called real property. For an example any piece of land and anything which is attached to that land for an example crop, infrastructure etc. If we understand the term property then it means anything which has been earned legally is called property. We cannot move the real property as well hide. Personal property are those which immovable property and also legally acquired except land.

Anything which is attached to land is called the real property for an example the crop, the swimming pool, infrastructure on the land, a well etc. Personal property for example if it is furniture, electronic motor etc which are movable and its ownership can be transferred there it is personal property. We can hide or move the personal properties

The distinction has been made by the government to cover those terms under the separate laws. The importance of both types of the properties is different hence the cost of acquiring those properties is distinct. That is why separation is needed.

Further if the distinction is not there then the cases will be more complicated due to its properties such as make it hide, move.


Related Solutions

1) What is the difference between Real Property and Personal Property?
Please Answer the following questions, USA based1) What is the difference between Real Property and Personal Property?2) Name and Explain one Classification of Estates?3) What is a Mechanics Lien?
Explain the difference between real property and personal property. What is a fee simple?
 Explain the difference between real property and personal property. What is a fee simple? List and define the other ways in which ownership rights in property can be held.
What is the difference between real property and intellectual property?
What is the difference between real property and intellectual property?
What are the similarities and differences between personal property, real property, intangible property, and natural resources?
What are the similarities and differences between personal property, real property, intangible property, and natural resources? Provide one example of each. Describe the cost recovery method used for each type of asset. The Modified Accelerated Cost Recovery System (MACRS) uses a recovery period method and a convention to depreciate tangible personal property. Why are a recovery period and a convention important in calculating depreciation?
Distinguish between real property, personal property and fixtures. What are the tests of fixture? Explain.
Distinguish between real property, personal property and fixtures. What are the tests of fixture? Explain.
What is the difference between Real Property and PersonalProperty? Define each and compare and contrast.
What is the difference between Real Property and Personal Property? Define each and compare and contrast.
What is the difference between private and public law? What is the difference between secular law...
What is the difference between private and public law? What is the difference between secular law and sacred law? Explain and give examples for each question. How far back can law be traced and what documents were used as legal examples?
What conditions must a property satisfy to be considered depreciable? Explain the difference between real and...
What conditions must a property satisfy to be considered depreciable? Explain the difference between real and personal property? Explain how the cost basis of depreciable property is determined?
Make a list of 25 pieces of real or personal property which you or someone you...
Make a list of 25 pieces of real or personal property which you or someone you know owns or possesses. By each piece of property indicate what type of property it is, what interest is held in the property, and how the property was acquired. In addition, note whether there has ever been a trespass to the property. Try to include as many pieces of property as possible, including property owned by others such as parents or other relatives, and...
Explain why there are differences between the UCC and Common Law. What is the difference in...
Explain why there are differences between the UCC and Common Law. What is the difference in each of contract formation? This should be 3-4 pages, but that is just a guideline. Besides the two videos, read the textbook chapters as well.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT