Door Bell Transformer Identified

This funky and worrying thing with wires hanging out of it is often found in the oddest of places. They can be found on the wall in a closet, in the basement or in the ceiling joists, beside the breaker panel, just about anywhere in a home.
Nervous buyers often stare at those wires with anxious looks, not knowing if they could be electrocuted or even what it does, all of which adds to the puzzle.
The answer is simple, it’s the transformer that reduces the house electrical voltage down from the standard 120 volts that operates all the lights and receptacles in the home to 12 volts to power the door bell.
Those exposed wires are low voltage and not a safety issue.