Humber/Ontario Real Estate Course 1 Exam Practice

Personal property in a real estate context is best described as:

1. Land and anything permanently attached to it

2. Tangible assets like machinery affixed to a property

3. Moveable items like furniture

4. Natural resources like minerals

5. Buildings constructed on leased land

6. Chattels that are part of property sale

The correct answer is: Moveable items like furniture

In real estate, personal property is defined as items that are not fixed to the land or buildings and can be easily moved. This includes things like furniture, appliances, and décor. These items are considered personal property because they can be taken with the owner if they decide to relocate or sell the property. The other choices relate to real estate or types of property that are not classified as personal. For example, the first choice pertains to real property, which includes land and anything permanently attached to it, such as buildings and other structures. The second choice describes tangible assets that may be considered fixtures or part of the real estate if they are fixed to the property. Natural resources mentioned in the fourth choice, like minerals, are also part of the land. The fifth option describes a specific scenario of property ownership where buildings are on leased land, which reflects the nature of real property. Lastly, the sixth choice involves chattels in the context of a property sale, which may refer to personal property but does not capture the broader definition as effectively as your selected option. Therefore, the choice identifying personal property as movable items like furniture accurately describes the category of items that are not affixed to real estate.