Race, priesthood, nation, and people are all collective nouns, referring to the believers corporately. As a race, we, the believers, are chosen; as a priesthood, a body of priests, we are royal, kingly; as a nation, we are holy; as a people, we are God's possession, a possession particularly acquired and owned by God as His treasure (Titus 2:14 and note Titus 2:143). Chosen race denotes our descent from God; royal priesthood, our service to God; holy nation, our being a community for God; and people acquired for a possession, our preciousness to God. These are all in a corporate sense. Hence, we need to be built together (v. 5).