Real Estate Appraisal Practice Exam

Personal property is defined as everything that is not real property. Real property refers specifically to land and anything permanently attached to it, such as buildings or trees. In contrast, personal property includes movable items that are not affixed to land, such as furniture, vehicles, and equipment. Recognizing this distinction is crucial in real estate appraisal, as personal property can impact the valuation of a property but is distinctly separate from real estate transactions.

Real estate encompasses the physical land and structures on it, making it clear why this choice is not correct. Property rights involve the legal rights associated with ownership, which do not specifically pertain to the physical items themselves. Improved property refers to real property that has enhancements or buildings constructed on it, which again fits under the category of real property, not personal property. Thus, personal property is indeed the correct term to describe all items that do not fall into the category of real property.