What Are the 6 Types of Property?

Laura Haber

July 25, 2022

types

Real property is the right to own something, whether physical or intellectual. Although most people think of physical goods as property, it also applies to intellectual property, which involves ownership rights to something in theory. This article will address the six types of property and some common misconceptions about them. You’ll also learn about intangible and personal property and their differences.

Associative property

The associative property is the idea that two numbers are related. In mathematics, the sum or product of two numbers cannot change if they are grouped differently. It also applies to addition and multiplication. In addition, if two numbers are in the same order, they will add up to the same value. For example, the sum of two numbers is 13686, while the sum of three is 13. The associative property is a mathematical concept similar to the commutative or additive property. However, it differs from the commutative property. The associative property can be remembered by using the word ‘associate.’

Actual property

In the law context, actual property is the ownership of an item or piece of land. However, it is different from personal property, which is intangible. Unlike tangible property, intangibles cannot be touched or seen. Intangibles are legal property rights and may include intellectual property, patents, licenses, investment portfolios, and insurance policies. As the definition of property changes over time, it is important to understand the historical context of each type of property and how it developed.

Real property includes land and things attached to that land. Local laws do not regulate the term “real” but generally apply to land, air space, and any natural products or deposits attached to the land. However, once removed from the land, these items no longer qualify as real property. If, for example, you decide to move, your creditor may want to take your personal property. Therefore, you should be aware that property classifications impact taxation.

Personal property

Personal property is movable property.  Therefore, these movables may be a good example of personal property. This can include personal belongings such as clothes, jewelry, and appliances. It may also include investments or bank accounts. In addition to tangible personal property, intangible property also includes intangibles. These assets increase a borrower’s worth, making them valuable to the lender. Intangible property. Here are some types of intangible properties: Intellectual property – is an idea, brand, or service unique to the owner. For example, patents and trademarks are examples of intangible property. In addition to patents and trademarks, intangible property can be business furniture and equipment. Similarly, ideas and brand recognition are also examples of intangible property. However, these concepts may not be tangible at all. In this case, the owner of the intangible property would be the one to transfer it.

Public property

What exactly is public property? Public property includes public libraries, post offices, bridges, waterworks, museums, and school property. It is important to note that government-owned property does not necessarily mean it is available to the public. Public property recognizes that it was purchased with tax-payer dollars. Marx viewed public property as a replacement for private property.