Michigan Real Estate Salesperson Licensing 3-Hour PSI Practice Exam 2025 - Free Real Estate Salesperson Practice Questions and Study Guide

The concept of personal property encompasses items that are not permanently attached to land or buildings and can be easily moved from one location to another. Personal property is characterized by its temporary and movable nature, distinguishing it from real property, which is land and anything permanently affixed to it.

In contrast, commercial property refers to real estate that is used for business purposes, such as retail spaces or office buildings. This type of property is also not temporary or movable. Industrial property encompasses buildings and land used for manufacturing and production, which, like commercial properties, are fixed in place.

By identifying personal property, you acknowledge that it includes physical items such as furniture, vehicles, and equipment. These items are not bound to a specific location and can be relocated without significant alterations or loss of value. Thus, recognizing personal property as the correct answer highlights its inherent qualities of being temporary and movable.