Certified Residential Appraiser Practice Exam

Disable ads (and more) with a membership for a one time $4.99 payment

Study for the Certified Residential Appraiser Exam. Use flashcards and multiple choice questions with hints and explanations. Ensure you're ready for your certification!

Practice this question and more.

Which term refers to moveable and tangible property?

Fixture
Real Estate
Personal Property
Real Property

The correct answer is: Personal Property

The term that refers to moveable and tangible property is personal property. Personal property encompasses items that can be physically moved and are not permanently attached to or associated with real estate. This includes objects like furniture, vehicles, and equipment—essentially, any physical item that is not classified as real estate. Real estate refers to land and any permanent structures on it, such as buildings and landscaping. Real property is similar to real estate but also includes the rights and interests associated with owning that real estate. Fixtures are items that were once personal property but have been attached to real property in such a way that they are now considered part of the real estate. This distinction is crucial in property law and valuation, as personal property is typically subject to different regulations, taxes, and appraisal methods compared to real estate or real property. Understanding these classifications is essential for anyone involved in property appraisal and real estate transactions.