property

Property is anything (items or attributes/tangible or intangible) that can be owned by a person or entity . Property is the most complete right to something; the owner can possess, use, transfer or dispose of it. According to California Civil Code (CIV) Section 657 and 663 , the property is divided into real property and personal property. Real property consists of land and items which are immovable by law (like structures or bridges); property which is not real property is personal property. Property that exists in physical form is tangible property; like houses, apples, and cellphones. Property which cannot be physically held is considered intangible property; like copyrights, trademarks, or the goodwill of a company. Copyrights , trademarks , trade secrets ,  and patents are also intellectual property .  If the property is held by the government or a public department, it should be listed as public property ; otherwise it would be considered private property .

[Last reviewed in March of 2022 by the Wex Definitions Team ]

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