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Flashcards in Propety Deck (7)
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Property ownership forms

the foundation of our economic system.


A _________________________ has developed to protect property rights.

comprehensive body of law


The law protects the right of property owners to ____________________________________________________________________.

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


What are the two broad categories of property?

1. Real Property
2. Personal Property


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.


What is personal property?

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


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.