What is an example of PROPERTY? - ANSWER-A can of soup could be considered property - just as a building or a car could - it is ANYTHING that can be OWNED.
What is the difference between tangible and intangible property? - ANSWER-Tangible property is something that you could touch with your hand...
Aceable Agent | Level 1 | Property Ownership Exam Questions & Answers
What is property? - ANSWER-Any ITEM or THING which may be owned, including the rights associated with OWNING said thing.
What is an example of PROPERTY? - ANSWER-A can of soup could be considered property - just as a building or a car could - it is ANYTHING that can be OWNED.
What is the difference between tangible and intangible property? - ANSWER-Tangible property is something that you could touch with your hands, it PHYSICALLY exists. Whereas intangible property is something you CANNOT touch with your hands, it could be something like stocks, patents, ideas, copyright, etc. It's anything anyone can own that isn't directly tangible (aka touchable)
What type of property is a can of beans? - ANSWER-Tangible.
What type of property is a patent? - ANSWER-Intangible Property - meaning something you can't physically touch.
What is an example of intangible property in Real Estate? - ANSWER-A purchase and sale agreement, because you own the right to purchase the property temporarily.
What is an example of tangible property in Real Estate? - ANSWER-A building, land, etc. - things you can touch and interact with physically
Although terms like: land, real estate and real property appear to be interchangeable, what is important to remember? - ANSWER-That the technical use of each term legally speaking involves subtle but extremely important differences. They CANNOT be interchanged, as they're all different.
When someone owns land, what do they own? - ANSWER-Not only the land itself, but everything ON the land (including NATURAL resources).
As well as literally everything BELOW the ground, far down into the CENTER of the Earth. On top of owning the land and everything below the land all the way down to the Earth's
core - when someone owns LAND, they also own EVERYTHING above it for infinity into
space - so they own the air and everything above their property.
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