What does the term "chattels" refer to?

The term "chattels" specifically refers to movable personal property, which encompasses tangible items that can be physically moved. This includes items such as furniture, vehicles, equipment, and other personal belongings that are not fixed to a particular location.

In the context of property law and auctions, understanding the distinction between chattels and real estate is crucial. Real estate and land are classified as immovable property, while chattels are items that one can transport. This understanding is fundamental for auctioneers and others in the real estate and personal property sectors, as the nature of the property being auctioned greatly influences the legal and financial implications of the sale.

Other options such as immovable property, investment properties, and real estate do not fit the specific definition of chattels, as they pertain to assets that cannot be easily moved or are characterized differently in property law. Recognizing these distinctions helps clarify the nature of various assets encountered in the auctioneering profession.