Leasing License Practice Exam

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Personal property is also known as:

Real estate
Chattel
Fixture
Adjustable property

The correct answer is: Chattel

The term "personal property" refers to movable items that are not permanently affixed to or associated with land. This category includes tangible items like furniture, vehicles, and equipment, as well as intangible assets such as stocks and bonds. The correct answer, "Chattel," is a legal term used specifically to describe personal property, particularly movable items. Chattel distinguishes personal property from real property, which is land and anything permanently attached to it (such as buildings or structures). Understanding this distinction is important in real estate and leasing, as personal property is subject to different rules and considerations than real property. The other options do not accurately describe personal property. "Real estate" refers to land and anything attached to it, while "fixture" denotes an item that was once personal property but has become attached to real property in such a way that it is now classified as real estate. "Adjustable property" is not a recognized legal term in this context. Therefore, "Chattel" accurately encapsulates the concept of personal property in both legal and practical terms.