Real and Personal Property Rights: Land, Ownership, and Legal Concepts

Real Property

Land plus permanent structures and the legal rights (DEEPC)

Personal Property

Movable items not attached to land (e.g., furniture)

Fixture

Item that was personal but is now attached and considered real property

Land

Earth's surface, subsurface, and airspace

Real Estate

Land plus man-made improvements (like buildings)

Scarcity

Economic trait: Land is limited in supply

Situs

Area preference or desirability of location

Immobility

Physical trait: Land can't be moved

Indestructibility

Land can't be destroyed

Non-homogeneity

No two parcels of land are exactly alike

Severalty

Ownership by one person or legal entity

Tenancy in Common

Co-ownership without survivorship; can have unequal shares

Joint Tenancy

Equal ownership with right of survivorship

Tenancy by the Entirety

Ownership for married couples with survivorship (Illinois only)

Disposition

The right to sell, lease, transfer, or will the property

Exclusion

The right to deny others access to the property

Enjoyment

The right to use the property without interference from others

Possession

The right to occupy and take physical ownership of the property

Control

The right to determine how the property is used (within legal limits)