What is the correct distinction between personalty and fixtures?

The distinction between personalty and fixtures is correct in stating that personalty refers to items that are moveable, while fixtures are considered to be permanently installed in a property. This definition is essential to understanding the classification of property in real estate.

Personalty, also known as personal property, includes items like furniture, appliances, and artwork that are not affixed to the property and can be relocated without causing any damage. These items can easily be taken from one place to another, emphasizing their moveability.

On the other hand, fixtures are items that have been attached or installed to a property in such a way that they are considered a permanent part of the real estate. For example, lighting fixtures, built-in cabinetry, and plumbing fixtures are typically classified as fixtures. Their permanence and attachment to the property mean that they are legally considered a part of the real estate rather than personal property.

Understanding this distinction is crucial for appraisers and real estate professionals, especially when evaluating property value and determining what items remain with a property during a sale. The other options presented do not accurately capture this critical difference, thus reinforcing why the correct answer highlights the moveable nature of personalty versus the permanent nature of fixtures.