What does personal property encompass?

Personal property encompasses anything that is not classified as real property. This definition covers a wide range of items, including movable objects such as furniture, vehicles, and equipment, as well as intangible assets like stocks and bonds. Real property, on the other hand, refers specifically to land and any structures permanently attached to it, such as buildings or homes. By distinguishing personal property from real property, one can understand the different legal treatments, taxation methods, and transfer processes applicable to each category.

The other options are more restrictive or incorrect in nature. For example, stating that personal property only includes items used in business limits its scope significantly, while identifying it as only land and buildings directly contradicts the core definition. Similarly, focusing solely on intangible assets disregards a substantial portion of personal property, which includes many tangible items as well. Thus, recognizing that personal property entails everything not considered real property provides a comprehensive understanding of this category.