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Flashcards in Propety Deck (7)
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1

Property ownership forms

the foundation of our economic system.

2

A _________________________ has developed to protect property rights.

comprehensive body of law

3

The law protects the right of property owners to ____________________________________________________________________.

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

4

What are the two broad categories of property?

1. Real Property
2. Personal Property

5

What is real property?

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

6

What is personal property?

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

7

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

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