Property Characteristics

Property Characteristics — Florida Real Estate ## Real vs. Personal Property Real property consists of land and everything permanently attached to it — structures, fixtures, and natural resources below the surface and air rights above. Personal property (personalty) is everything else: movable items not permanently affixed. The distinction matters in transactions because real property transfers via deed, while personal property transfers via bill of sale. Disputes arise over fixtures — items that began as personal property but became real property through attachment. --- ## The MARIA Test for Fixtures Florida courts use the MARIA test to determine if an item is a fixture: | Factor | Question | |---|---| | Method of attachment | Is it permanently attached (bolted, cemented, built-in)? | | Adaptation | Is it specially adapted for the property? | | Relationship of parties | Buyer/tenant favors fixture; seller/landlord favors personalty | | Intention | Did the owner intend it to be permanent? | | Agreement | Is it addressed in the contract? | Exam tip: A built-in dishwasher = fixture (stays). A freestanding refrigerator = personalty (goes). Always check the contract — written agreement controls over MARIA. --- ## Land Characteristics ### Physical Characteristics - Immobility: Land cannot be moved — its location is permanent. This makes each parcel unique. - Indestructibility: Land itself cannot be destroyed (improvements can be). - Non-homogeneity (Uniqueness): No two parcels are identical in location. ### Economic Characteristics - Scarcity: Land supply is finite, especially in desirable locations. - Improvements: Changes to land or nearby land affect value (on-site vs. off-site improvements). - Permanence of investment: Real estate improvements have long economic lives. - Area preference (Situs): Location is the…