Don’t like where your Craftsman bungalow is situated? No problem. Yank it off its foundation, put it on a flatbed, carry it to a new location, re-secure it to the ground. While it was off its mooring your real property (the house) was miraculously transformed into personal property.
Personal property is any tangible asset that can be moved, like antiques, art, cars, yachts, aircraft, wine, jewelry, tables & chairs, etc.
Real property is the ground on which you stand and anything secured to it, like houses, buildings, bridges, spaceports, towers, volcanoes, geysers, ponds, etc.
You would be surprised know that most people do not know what personal property is; they confuse the term with real property, perhaps thinking private property. When I tell someone that I am a personal property appraiser, almost without fail they begin to ask questions about the condition of the real estate market, or the prime rate, etc. Even accountants, doctors, lawyers, wealth managers don’t know. It’s always a duhhh moment for them when I clarify.
Want to become informed so you actually sound like you know more than you do? Check out this site from time to time: http://www.appraiserspost.blogspot.com.