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 updated in March of 2022 by the Wex Definitions Team]