Certified Manager of Community Associations (CMCA) Practice Exam 2025 - Free CMCA Practice Questions and Study Guide

Personal property for insurance purposes generally includes movable items that are not permanently affixed to a structure or land. This typically encompasses a wide range of possessions that individuals or businesses may own. The correct answer identifies inventory, fine arts, and machinery as items that fall under personal property.

Inventory represents goods available for sale or use in a business, fine arts covers valuable artworks and collectibles, and machinery includes equipment used for production or operations. All of these items can be subject to insurance claims in case of loss or damage.

In contrast, the other options presented do not align with the definition of personal property. Electronic devices, while they are personal property, are not the only items considered; thus, the first option is too narrow. Buildings and land are categorized as real property rather than personal property, making the second option incorrect. Lastly, contractual agreements and legal documents fall into the realm of intangible assets; they do not classify as personal property and are not covered for the same reasons as tangible items. Thus, the focus on inventory, fine arts, and machinery in the correct answer adequately captures the essence of personal property for insurance.