Question

 Explain the difference between real property and personal property. What is a fee simple? List and define the other ways in which ownership rights in property can be held.

Answer 1

Difference between real property and personal property.

Basis of difference	Real property	Personal property
Nature	fixed at one location or immovable	Movable
Consists of	Only tangible items	Intangible and tangible items
Example	Land, building and crops	Bonds, stocks and office furniture

What is a fee simple?

Fee simple also referred to as fee simple absolute as it is the complete form of ownership. The owner of the fee simple has all the right to possess, use and dispose of the land whenever she/he wishes. It includes selling it, giving it away, trading it for other things, leasing it to others, or passing it to others upon death.

Other ways in which ownership rights in property can be held.

- Corporation Ownership:

Ownership in property can be done as a corporate body, where the legal entity is a corporation owned by the shareholders but under the law considered as a separate existence from those shareholders.

- Partnership Owners

Ownership in property can be help by the way of partnership in which two or more persons carry on business with the purpose of profit-making.

- Trust Ownership

Property can be held by the way of trust.The legal entities owned the properties and managed by a trustee on behalf of the beneficiaries to the trust.