BUS 311 Week 4 – Discussion 1

Two characteristics of real, intellectual, and personal property

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There are three different types of property: real property, intellectual property, and personal property. Rogers (2012) states, “Real property consists of land and all things permanently attached to it” (p. 220). For example, in addition to land, buildings, homes, and trees are all considered real property (unless the tree is removed and chopped up for firewood, then it is no longer regarded as real property). Due to its nature, real property is also very difficult if not impossible to move. Intellectual property is intangible property such as expressed ideas, patents, trademarks, and copyrights (Rogers, 2012).

Due to its unique nature, intellectual property generally stems from the creative process. Personal property is the most common type of property. Rogers (2012) states that a defining characteristic of personal property is that it is portable. Anything like a tree, which is customarily considered real property, becomes personal property if it is cut down and changed to timber, which is now portable. Personal property is also further divided into tangible personal property and intangible personal property. Tangible personal property has a physical existence (Rogers, 2012) such as wood from the aforementioned uprooted tree, laptops, and books.

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