Propety

Question 1

Property ownership forms

Answer 1

the foundation of our economic system.

Question 2

A _________________________ has developed to protect property rights.

Answer 2

comprehensive body of law

Question 3

The law protects the right of property owners to ____________________________________________________________________.

Answer 3

use, sell, dispose of, control, and prevent others from trespassing on their property rights.

Question 4

What are the two broad categories of property?

Answer 4

1. Real Property

2. Personal Property

Question 5

What is real property?

Answer 5

land and property that is permanently attached to it. (minerals, crops, timber, and buildings that are attached to land are generally considered real property.

Question 6

What is personal property?

Answer 6

everything is not real property. Sometimes referred to as goods or chattel.

Question 7

Real property can become personal property if it is removed from the land.

Answer 7

A tree that is part of a forest is real property, but if it is cut down, it becomes personal property.