Property is anything tangible that a person possesses. Property can be classified as real property or personal property, and many have to figure out between tangible and intangible properties. Real property can’t be moved. It also included the land it sits on. The exception to this is mobile homes. They are movable, but considered real property.
There are two types of personal property, tangible property and intangible property. Tangible property includes stereos, televisions, vehicles, clothes, and animals. Intangible properties, also known as abstract properties, are financial items such as stocks and bonds. Patents, copyrights, and trademarks are also considered intangible property.
In the United States, a person can‘t be owned by law. This is not the case in some cultures. It is customary that the male of the home has ownership and possession of everything tangible and his wife and children. Depending on the culture, if the husband dies, everything he owns goes either to his first born son or his brother. It stays in the family. The wife never gains control over anything. She is simply property.
Some things aren’t considered anyone’s property. However, the government is allowed to make rules and regulations about how that area can be used and maintained. For example, the water in the ocean is not owned by any person or entity. The government has established pollution laws regarding what can be dumped into the ocean. Certain parts of the seafloor are under restrictions set by the United Nations Convention of the Law of the Sea act. Another example is many animals in the wild are not owned by anyone, but the government has set restrictions certain animals.
The term ‘private property’ refers to land belonging to certain individuals. They are able to use this land for any purpose as long as it does not violate government regulations. Private property means it is not to be accessed by individuals hiking or hunting as well. Those who violate that can be prosecuted if the land owner decides to press charges.
