What are the two main types of property?

The distinction between real estate and personal property is fundamental in real estate law and transactions. Real estate refers to land and anything permanently attached to it, such as buildings or trees. It includes residential homes, commercial properties, and raw land. On the other hand, personal property consists of movable items not permanently attached to the land. This category includes vehicles, furniture, and various types of equipment.

Understanding this distinction is crucial for various reasons, including when determining what is included in a sale or lease, as well as for taxation and legal purposes. For instance, when a home is sold, the buyer typically expects that certain personal items, like appliances, may or may not be included in the transaction, depending on the agreement.

The other options presented focus on specific subcategories of real property, such as intellectual property or industrial and commercial properties, which are more specialized fields. However, the overarching classification of property into real and personal is the most widely accepted and fundamental in real estate practice.