Texas Real Estate State Practice Exam

What is Personal Property?

1. Right or interest in things of a temporary or movable nature chattel personalty.

2. Rights to use Real Property

3. Land, Improvements attached to the land, and the rights to use them

4. Ownership transferred by a BILL OF SALE

The correct answer is: Right or interest in things of a temporary or movable nature chattel personalty.

Personal property refers to items that are movable and not affixed to the land. This includes tangible assets like furniture, equipment, and vehicles, as well as intangible assets such as stocks and bonds. The definition specifically mentions "things of a temporary or movable nature" which aligns with the concept of chattel personalty, highlighting that personal property is distinct from real property, which involves land and structures attached to it. In the context of the other options, while they describe various aspects of property ownership or usage, they do not accurately capture the definition of personal property. For instance, rights to use real property pertains to real estate interests and does not involve movable items. Similarly, land, improvements, and rights related to them refer to real property rather than personal property. Lastly, ownership transferred by a bill of sale pertains to the process of transferring personal property but does not define what personal property itself is. Therefore, the correct answer is an accurate reflection of the definition of personal property in real estate terms.