Short answer questions.
I’m working on a Management question and need guidance to help me study.
1. Henry recently sold his movie theater to Helma. Which of the following terms are fixtures (real property) that now belong to Helma?
Give reasons for your answers.
- Seats in the auditorium
- Computers in the office
- Carpeting in the theater
- Popcorn machine
- Movie projector
- Movie film
- Furnace in the building
- Telephones in the building
- Mirrors in the restrooms
2. How does real property differ from personal property?
3. What is a trade fixture? List three examples…
4. After reading the following article: New Price Music Is Coming Soon, Says Artist’s Estate Advisor (Links to an external site.).
Please identify which type of property the follow are:
- Prince’s unreleased music hidden in the singer’s Paisley Park vault;
- The actual vault at Paisley Park, which contains the songs; and
- The Paisley Park Estate (Prince’s $10 million mansion), located in Chanhassen, Minnesota.
Your answer should identify whether each of the above listed items are Real Property, Tangible Personal Property; or Intangible Personal Property; and explain your answer.