Match each statement with the correct term below.
-Real property
A)Land and structures permanently attached to land.
B)Property that lacks a physical existence.
C)Property that is used by the taxpayer for purely personal purposes.
D)Any property that has form, shape, and substance.
E)Property with a physical existence that is not real estate.
F)A single property used in more than one category.

Question

Quizplus · Accepted Answer

Real property refers to land and any structures permanently attached to it.

Answer: B
 Intangible property lacks physical existence and includes things like patents, copyrights, and trademarks.

Answer: C
 Personal property refers to property that is used by the taxpayer for purely personal purposes, such as a car or a piece of jewelry.

Answer: D
 Tangible property refers to any property that has form, shape, and substance, including both real estate and personal property.

Answer: E
 Personal property includes both tangible property (like a car) and intangible property (like a patent), but it is distinct from real estate.

Answer: F
 Hybrid property refers to a single property that is used in multiple categories, such as a building that is used for both residential and commercial purposes.

Match Each Statement with the Correct Term Below