Final answer:
Personal property, also known as chattels, refers to movable properties that are not fixed to one location and can include items like vehicles, artwork, and electronics, as opposed to real estate which covers land and buildings.
Step-by-step explanation:
The property that is of temporary and movable nature is commonly referred to as personal property or chattels. Unlike real property, such as a house or land, personal property can include a wide array of items that are not permanently fixed to one location and can be easily moved. This can encompass things like vehicles, furniture, electronics, clothing, artwork, rare coins, and stamps. These items are often bought and sold, making them part of the buying and selling market.
It's important to distinguish between personal property and real property (real estate) when discussing ownership and transactions. Real estate consists of land and anything permanently attached to it, such as buildings or trees, and is typically considered a more permanent fixture. In contrast, personal property is far more flexible in terms of mobility and is considered non-permanent.