Which two categories of Personal property are identified?

Personal property is categorized primarily into two distinct types: tangible and intangible. Tangible personal property refers to items that have a physical presence and can be touched or physically occupied, such as furniture, vehicles, and equipment. This category encompasses all items that can be seen and measured.

On the other hand, intangible personal property includes items that do not have a physical form but still hold value. Examples are stocks, bonds, intellectual property, and bank accounts. This type of property cannot be physically manipulated but is essential for personal or business transactions and rights.

Understanding this distinction is crucial in appraisal and valuation contexts, as the approach to assessing value will differ significantly between tangible and intangible items. The other options, while they encompass various classifications relevant to property, do not accurately represent the primary categories specific to personal property.