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What Is Real Property - Assignment Example

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Summary

From the paper "What Is Real Property" it is clear that intellectual property is mainly not tangible and takes the form of knowledge about something or different technology. As opposed to personal and real property, intellectual property is not easily valued…

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Subject: Law
Type: Assignment
Level: College
Pages: 1 (250 words)
Downloads: 2
Author: noel26

Extract of sample "What Is Real Property"

Real property refers to any form of property that is directly attached to the land and the land itself (Harpum, Megarry, & Wade, 2011). The real property covers assets such as buildings and other structures made on land and also their rights and interests. Real property is easily valued and has a characteristic of appreciating in cost over time. Under the law, real property covers both rental and residential property (Harpum, Megarry, & Wade, 2011). For a property to be considered as real property, it must not be movable and must be attached to the land. Minerals such as oil, gas, and timber are also classified as real property since they exist in/on land.
Personal Property
Personal property refers to any other asset apart from those assets classified as real property (Worthington, 2000). Personal property is distinguished from real property by the movability of the item in question. All belongings that can easily be moved from one point to another are classified as personal property, and they include items such as vehicles and collectibles (Worthington, 2000). Read More

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