Definition: Something capable of ownership, together with the legal rights or interests associated with it. Property can be real or personal, tangible or intangible.
Example
Land, movable equipment, and an enforceable financial interest can be different types of property.
Keep the distinction clear
In real estate questions, distinguish the physical land and improvements from the ownership rights attached to them. A particular owner may hold only some rights in the property.
Related terms
Real Property · Personal Property · Bundle of Legal Rights
Keep studying
DEEP C: The Bundle of Property Rights Explained
References: California DRE: real estate glossary
Pronunciation (US): PRAH-per-tee (capitals show stress)
Pronunciation reference: Merriam-Webster
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