Property Characteristics

Property Characteristics: Real Property, Fixtures & Legal Descriptions Understanding property characteristics is tested at roughly 7% of the IL broker exam (~10 questions), making it one of the foundational building blocks for nearly every other topic — from contracts to disclosures to appraisal. Getting these definitions crisp and clean will save you from tricky "which item stays with the property?" questions. --- ## What Is Real Property vs. Personal Property? Real property is land and everything permanently attached to it. Personal property (also called personalty or chattel) is movable, not attached to land. The distinction matters enormously in real estate transactions because real property transfers with the deed, while personal property does not — unless the contract specifically says otherwise. --- ## Fixtures: The Gray Zone A fixture is personal property that has been attached to real estate in such a way that it legally becomes part of the real property. Whether something is a fixture is one of the most-tested concepts in this chapter. ### The Four-Part Fixture Test (MAIRI) Courts and exam writers use these factors to decide fixture status: | Factor | Question to Ask | Example | |---|---|---| | Manner of attachment | How is it attached? Permanent = more likely fixture | Built-in dishwasher bolted to cabinetry | | Adaptation | Is it custom-made for this property? | Custom storm windows cut to fit odd frames | | Intent | Did the party intend it to be permanent? | Decorative shelf vs. built-in bookcase | | Relationship of parties | Buyer/seller? Landlord/tenant? | Trade fixtures treated differently for tenants | When these factors conflict, intent is generally given the most weight. ### Trade Fixtures…