Changes

== Definition ==

== Definition ==

Property ownership refers to a set of legal rights, held by a person (or persons), relating to a particular thing, which together are recognized as possession of that thing. Although the exact scope of that set of rights can vary depending upon the nature of the thing owned, and from legal system to legal system, certain of those rights represent the core of what is generally understood as “ownership.”  Chief amongst these is the right to exclude others from the use or enjoyment of the thing owned.   “Alienability,” or the right to sell (or refuse to sell) is also a core property right.  To the typical person, the right to use and enjoy a thing is the most valuable aspect of property rights, but the scope of this aspect of property rights varies greatly from legal system to legal system, and even over time, with changes within a given system.       

Property ownership refers to a set of legal rights, held by a person (or persons), relating to a particular thing, which together are recognized as possession of that thing. Ownership consists of possession and control over the item. Although the exact scope of that set of rights can vary depending upon the nature of the thing owned, and from legal system to legal system, certain of those rights represent the core of what is generally understood as “ownership.”  Chief amongst these is the right to exclude others from the use or enjoyment of the thing owned.

 

“Alienability,” or the right to sell (or refuse to sell) is also a core property right.  To the typical person, the right to use and enjoy a thing is the most valuable aspect of property rights, but the scope of this aspect of property rights varies greatly from legal system to legal system, and even over time, with changes within a given system.       

Property has traditionally been divided into two main types, private property (absolute ownership) and estate (qualified ownership), also known as personal property and real property.  

Property has traditionally been divided into two main types, private property (absolute ownership) and estate (qualified ownership), also known as personal property and real property.  

Private property is absolute ownership of land, houses, chattels, tools, and means of production and transportation by an individual.

Private property is absolute ownership of land, houses, chattels, tools, means of production and transportation by an individual.

Real property refers to qualified ownership of real estate, while personal property refers to qualified ownership of all other types of material 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).

Real property refers to qualified ownership of real estate, while personal property refers to qualified ownership of all other types of material 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).