CPA-REGULATION practice question 3 of 15
Which of the following statements is the best definition of real property?
Full set: 69 questionsCorrect Answer:
D. Real property is land and everything permanently attached to it.
Explanation
Choice "d" is correct. Real property includes land and all items permanently affixed to the land (e.g., buildings, paving, etc.) Choice "a" is incorrect. Real property includes more than just the land (as per the explanation above); it includes all items permanently affixed to land. Choice "b" is incorrect. "All" tangible property could include moveable personal property and is therefore, incorrect. Choice "c" is incorrect. "Intangible property in realized form" is a distracter and a contradiction in terms.
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