Determine the proper classification(s)of a house owned and used by Rhonda as her insurance agency office.
I. Personal use property. $ \quad $$ \quad $$ \quad $IV. Intangible property.
II. Business use property. $ \quad $$ \quad $$ \quad $V. Real estate.
III. Tangible property. $ \quad $$ \quad $$ \quad $$ \quad $VI. Personal property.
A)Statements I, III, and V are correct.
B)Statements II, III, and V are correct.
C)Only statements I and V are correct.
D)Only statement V is correct.
E)Only statement II is correct.

Question

Quizplus · Accepted Answer

The house owned and used by Rhonda as her insurance agency office is a business use property (II) and a type of real estate (V), which is tangible property (III). It is not personal use property (I) or intangible property (IV) or personal property (VI). Therefore, statements II, III, and V are correct.

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