Abstract: The present invention is a novel removable wallboard system. It includes a plurality of receiver strips [1] which are attached to framing members [8] of a structure to be paneled. Each receiver strip has a receiving channel [4]. Wall panels 7 are placed snugly between the receiver strips [1]. Trim units [2] are elongated strips having insertion strips [10] which are designed to fit into and be retained by receiving channels [4] of the receiver strips [1]. Since the trim units [2] are designed to have a low profile, and they cover the seams between the wall panels [7], there is no need for further finishing or caulking. Therefore, these wall panels [7] may be removed and replaced with minimal effort or cleanup. The system also includes easily installable, removable and replaceable base molding [16], crown molding [19], and chair rail molding [29]. These may be designed to create chase ways [18, 74] allowing hidden routing of electrical, utility cables, pipes and hoses.