Property Ownership
A 'leasehold estate' in Georgia is considered real property or personal property?
AA. Real property — the same as fee simple ownership
BB. Historically classified as personal property (chattel real), though modern practice treats it similarly to real property✓ Correct
CC. Neither — it is a purely contractual right
DD. Real property only if the term exceeds 3 years
Explanation
Leasehold estates have historically been classified as personal property (chattels real) under common law, even though they involve rights in real estate. Modern practice and some states treat them as real property interests for many purposes.
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