Tom and Barbara Smith own a home in a residential neighborhood. In addition to furniture, clothing, and other personal belongings, the Smith's home also contains an art collection that they have purchased over the years. Their only jewelry item of substantial value is Barbara's diamond engagement ring, which is worth about $5,000.00. The Smiths own two cars. They also own a snowmobile they use during winter vacations at a mountain cottage they purchased three years ago.

1. Identify the reall property the Smiths own

2. Identify the categories of personal property they own

3. Identify one item in the description above that belongs in each category