Determine the proper classification(s) of a house owned and used by John as his principal residence.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.

A)Statements I, III, and V are correct.
B)Statements I, III, and VI are correct.
C)Only statement I and V are correct.
D)Only statement V is correct.
E)Only statement I is correct.

Question

Determine the proper classification(s) of a house owned and used by John as his principal residence.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.
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A)Statements I, III, and V are correct.
B)Statements I, III, and VI are correct.
C)Only statement I and V are correct.
D)Only statement V is correct.
E)Only statement I is correct.

Quizplus · Accepted Answer

A house owned and used by John as his principal residence is classified as personal use property (I), tangible property (III), and real estate (V). Intangible property (IV) refers to non-physical assets, business use property (II) applies if the property is used for business purposes, and personal property (VI) typically refers to movable items, not real estate.

Determine the Proper Classification(s) of a House Owned and Used