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Line 9: − == Real Estate == − Real property is often referred to as "real estate." This derived from the original property laws established by William the Conqueror after his conquest of England in the 11th Century. Under William's system, theoretically, the land was the property of the sovereign, but possession of the land was parcelled out to others through the grant of "estates." The idea that only the sovereign owned land was short lived, as a practical reality, but the process of its collapse left a complex system of estates in land that continues to influence property law in both Britain and the U.S. − − Estates essentially distribute ownership of a given parcel of land by time. The holder of an estate can convey all or a portion of his estate to another, but cannot convey more than he holds. The largest possible estate in a parcel of land is the "fee simple," which is permanent ownership (barring eschete or other defeasance). A "life estate" is ownership for the life of an individual (not necessarily the owner). So, for example, if Albert holds a parcel of land in fee simple, but conveys to Brecht an estate for the life of Conice, then Brecht will own the land until Conice dies, at which time Albert will again hold the land in fee simple. Estates can also be established for a period of years. To continue the example, after receiving the life estate, Brecht could give David an estate for 10 years. However, if Conice were to die during those 10 years, David's estate would end immediately, and Albert would still get the land in fee simple. Because of this limitation, David's estate would be referred to as a "defeasible estate," that is, an estate which may end prematurely upon some condition. If there are no such conditions upon a fee simple, it is called a "fee simple absolute." − − An estate in land, even an estate for a number of years, should not be confused with a lease. A lease does not convey title to the land; it is merely a contractual agreement conveying the right to enter or do certain things on that land. Conveyance of an estate confers title, including all of the rights and responsibilities attendant to ownership. − − Today, land is almost always conveyed in fee simple. The only kinds of estate that can be conveyed by will are fee simple, a life estate, or an estate for up to 99 years.
→Real Estate: removed because "real estate" is NOT PRIVATE
Property has traditionally been divided into two main types, real property and personal property, or personalty. Real property refers to ownership of land, while personalty constitutes all other types of property. In addition, the law recognizes certain kinds of analogous rights to immaterial assets that are sometimes considered property rights, as well. For example, patents, trademarks, trade secrets, and copyrights are often referred to as “intellectual property,” because they provide the right to exclude others and the right to sell (but, except for trademark, do not necessarily convey an affirmative right for the owner to use). Furthermore, certain legal theorists have posited that certain other legal rights (particularly government entitlement programs) are "new property." In general, "new property" is not property at all; rather, this is a characterization chosen to try to rhetorically convey upon them the constitutional protection for property rights.
Property has traditionally been divided into two main types, real property and personal property, or personalty. Real property refers to ownership of land, while personalty constitutes all other types of property. In addition, the law recognizes certain kinds of analogous rights to immaterial assets that are sometimes considered property rights, as well. For example, patents, trademarks, trade secrets, and copyrights are often referred to as “intellectual property,” because they provide the right to exclude others and the right to sell (but, except for trademark, do not necessarily convey an affirmative right for the owner to use). Furthermore, certain legal theorists have posited that certain other legal rights (particularly government entitlement programs) are "new property." In general, "new property" is not property at all; rather, this is a characterization chosen to try to rhetorically convey upon them the constitutional protection for property rights.
== Ownership ==
== Ownership ==