Item of personal property (7)
I believe the answer is:
chattel
'item of personal property' is the definition.
(I've seen this before)
This is the entire clue.
(Other definitions for chattel that I've seen before include "Item of non-freehold property" , "Personal effect" , "something one owns" , "Piece of portable property" , "Latchet (anag) - possession" .)