### What is a key characteristic of personal property? - [x] It is movable. - [ ] It is attached to the home. - [ ] It includes real estate lots. - [ ] It cannot be covered by insurance. > **Explanation:** Personal property is defined by its mobility, encompassing items within the home like appliances, furniture, and art. This distinguishes it from real property, which includes immovable parts of the home and the land it sits on. ### Which of the following is considered real property? - [ ] Refrigerator - [ ] Washing machine - [x] Lighting fixtures - [ ] Artwork > **Explanation:** Real property includes items that are permanently attached to the home, such as lighting fixtures. By contrast, personal property consists of movable items like refrigerators, washing machines, and artwork. ### Why is the distinction between personal and real property important in real estate? - [ ] Personal property is always included in home sales. - [ ] Real property does not need insurance. - [x] Personal property is typically not included in real estate sales. - [ ] Real property is less expensive to insure. > **Explanation:** In real estate, personal property is usually not included in sales, which is why distinguishing it from real property is crucial. Real property typically includes the land and any permanent structures or fixtures, while personal property refers to movable items. ### Which of the following would likely be considered personal property? - [ ] Doors - [x] Furniture - [ ] Windows - [ ] Central air conditioning units > **Explanation:** Furniture qualifies as personal property because it is movable. Items like doors, windows, and central air conditioning units are considered real property due to their permanent attachment to the structure of the home. ### Which term refers to land and any structures attached to it? - [ ] Personal Property - [x] Real Property - [ ] Intangible Property - [ ] Investment Property > **Explanation:** Real property refers to land and any structures or fixtures permanently attached to it, distinguishing it from personal property, which includes movable items within the home. ### In the context of home insurance, which type of property might not be covered? - [x] Personal Property - [ ] Real Property - [ ] Land - [ ] Real Estate > **Explanation:** Personal property might not be covered under all home insurance policies. Policies vary, and some may require additional coverage for personal property items. ### Which of the following is NOT an example of personal property? - [ ] Refrigerator - [x] Land - [ ] Washing machine - [ ] Artwork > **Explanation:** Land is not an example of personal property; it is considered part of real property. Personal property includes movable items such as refrigerators, washing machines, and artwork. ### How might personal property be distinguished in a real estate sale? - [ ] It is always included in the sale. - [x] It is typically listed separately from the home. - [ ] It is never insured. - [ ] It includes both movable and immovable items. > **Explanation:** In a real estate sale, personal property is typically listed separately from the home, due to its movable nature, unlike real property, which includes the land and permanent structures. ### Are lighting fixtures considered part of personal property? - [ ] Yes, because they can be moved. - [x] No, because they are attached to the home. - [ ] Yes, if they are not in use. - [ ] No, but only if they are new. > **Explanation:** Lighting fixtures are considered real property because they are attached to the home. Personal property includes items that can be easily moved. ### In a home sale, who typically negotiates the inclusion of personal property? - [x] Both the buyer and the seller - [ ] The insurance company - [ ] The real estate inspector - [ ] The local government > **Explanation:** The inclusion of personal property in a home sale is typically negotiated between the buyer and the seller, as it is not automatically included in the sale of real property.