Oregon 30-Hour Real Estate Law Practice Test

What kind of property is typically involved in real estate transactions?

1. Movable personal property

2. Real property

3. Intellectual property

4. Financial securities

The correct answer is: Real property

Real property is the correct answer because it encompasses land and anything permanently affixed to it, such as buildings and other structures. In the context of real estate transactions, the main focus is on the transfer of ownership rights in these physical assets. When individuals engage in buying, selling, or leasing property, they are typically dealing with real estate, which is defined by its permanence and immobility. Movable personal property refers to items that are not fixed to land—like furniture, vehicles, and equipment—and does not fall under real estate transactions. Intellectual property involves creations of the mind, like patents and trademarks, which are unrelated to physical property transactions. Financial securities pertain to investments like stocks and bonds, again not relevant to the real estate market. Therefore, real property is central to real estate transactions, making it the correct choice in this context.