Humber/Ontario Real Estate Course 3 Exam Practice

How is a chattel best defined in real estate?

1. An immoveable item permanently attached to the home.

2. A moveable item in the home that was acquired on a rent-to-own or rental contract basis.

3. A moveable item, not permanently attached to the home.

4. An item that is excluded in an Agreement of Purchase and Sale.

5. An item that must be included in the sale of the property.

6. An accessory that enhances the property value.

The correct answer is: A moveable item, not permanently attached to the home.

In real estate, a chattel is best defined as a moveable item that is not permanently attached to the property. This understanding differentiates chattels from fixtures, which are items that have been affixed to the property and, as such, are considered part of the real estate itself. The definition of chattel is crucial in property transactions, as it helps clarify which items may or may not be included in the sale. Chattels can encompass a wide range of moveable items found within a home, such as furniture, appliances, or decorative items. Understanding this distinction is important for both buyers and sellers in negotiations and agreements, particularly when determining which items will remain with the property and which will not. Knowing that chattels can be taken by the seller enhances buyers' clarity during the purchasing process. The other options do not accurately capture the essence of a chattel, as they either imply a level of attachment, restrict the definition to specific contractual agreements, or address the inclusion/exclusion of items in transactions rather than defining what a chattel is. This highlights the importance of accurate terminology in the real estate field to ensure clear communication and understanding among all parties involved in property transactions.