Paralegal Advanced Competency Exam (PACE) Practice Exam

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What does the term "chattel" refer to?

  1. Immovable properties like land

  2. Investment properties like stocks

  3. Movable items that are not real property

  4. Fixed assets in a business

The correct answer is: Movable items that are not real property

The term "chattel" specifically refers to movable items or personal property that are not classified as real property, which generally includes land and buildings. This distinction is important in various legal contexts, as chattels can be bought, sold, and transferred independently of real estate. Examples of chattel include furniture, vehicles, equipment, and various other tangible items that can be transported. The context provided by the other options helps clarify this definition. Immovable properties, such as land, fall under the category of real property and thus do not qualify as chattels. Investment properties like stocks are considered intangible assets rather than tangible personal property, which also separates them from the definition of chattel. Fixed assets in a business can include both real property and equipment; however, the key focus of chattel is on movable personal property. Therefore, the distinction made with option C aligns precisely with legal terminology used in property law.

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