PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test with flashcards and multiple choice questions, all equipped with hints and explanations. Master the material and pass your exam confidently!

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When a retailer moves out of a leased property and leaves the display counters, how are the counters classified?

Trade fixtures since they were used for display
Personal property because they were not sold
Real property since the trade fixtures were abandoned
Decorative items that have no legal standing

The correct answer is: Real property since the trade fixtures were abandoned

When a retailer vacates a leased property and leaves behind display counters, these counters are classified as real property. This classification occurs because, despite initially being considered trade fixtures (items brought in by the tenant for their business), once they are abandoned, they no longer serve their intended purpose and thus revert to the property owner's control. Additionally, if the counters were left behind with no intention of retrieval or sale, their status shifts to that of real property as they become part of the estate of the lessor. While the initial classification could lead one to consider them personal property or trade fixtures, the act of abandonment conveys a legal standing that effectively integrates these items into the real property. Hence, the correct classification becomes clear based on the legal implications of abandonment and property rights.