Determine the proper classification(s) of a house owned and used by Rhonda as her insurance agency office.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.

A)Statements I, III, and V are correct.
B)Statements II, III, and V are correct.
C)Only statements I and V are correct.
D)Only statement V is correct.
E)Only statement II is correct.

Question

Determine the proper classification(s) of a house owned and used by Rhonda as her insurance agency office.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.
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A)Statements I, III, and V are correct.
B)Statements II, III, and V are correct.
C)Only statements I and V are correct.
D)Only statement V is correct.
E)Only statement II is correct.

Quizplus · Accepted Answer

The house is being used as Rhonda's insurance agency office, which makes it a business use property (II). It is also real estate (V) and tangible property (III). It is not personal use property (I), intangible property (IV), or personal property (VI). Therefore, statements II, III, and V are correct, making choice B the best answer.

Determine the Proper Classification(s) of a House Owned and Used