Property Ownership
Property ownership covers what constitutes real versus personal property and how title may be held. These concepts underlie every transaction a licensee handles.
Real vs. Personal Property
Real property includes land and things permanently attached to it, while personal property (chattel) is movable. A fixture is personal property that has become part of the real estate through permanent attachment, judged by method, adaptation, and intent. Trade fixtures installed by a business tenant generally remain personal property.
Forms of Ownership
Property may be owned in severalty by one person or concurrently by several. Joint tenants hold equal shares with the right of survivorship, while tenants in common may hold unequal shares without survivorship. Georgia also recognizes ownership by legal entities such as corporations and LLCs.