Distinguish between real and personal property the

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Unformatted text preview: the owner or occupier. Distinguish between real and personal property The term ‘property’ is also used to describe every possible interest a person can acquire, and it covers both tangible and intangible interests. All property is divided into two main categories: real property and personal property (see Figure 33.1). Property is the highest right a person can have in a thing, whether that thing is land (real property or realty) or chattels (personal property or ‘personalty’). Types of property Property Real property (land) Personal property (chattels) What is personal property? Personal property (see Figure 33.2) can be divided into: • chattels real—meaning leases of land that are considered to be personal rights in relation to real property; and • chattels personal—these can be further divided into: – choses in possession; and – choses in action. FIGURE 33.2 Types of personal property Personal property Chattels real (leases of land) Chattels personal (personal property) Choses in action (intangibles) Choses in possession (tang...
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This document was uploaded on 04/23/2012.

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