What distinguishes personal property from real property?

The distinction between personal property and real property primarily hinges on the concept of mobility. Personal property refers to items that can be easily moved from one location to another; this includes tangible items like vehicles, furniture, and equipment, as well as intangible assets such as stocks and bonds. In contrast, real property consists of fixed assets, typically land and buildings, that are permanently attached to a particular location.

Understanding this key difference in mobility is essential for property classification and assessment purposes. Real property is generally more stable and subject to different regulations and taxation compared to personal property. This distinction is crucial in various fields, including real estate, taxation, and legal matters.