Does the term 'property' refer only to the physical things owned?

The term 'property' in the context of real estate and legal definitions encompasses both the physical items owned, such as land and buildings, and the rights associated with those items. This broader definition includes intangible rights like the right to use, lease, or sell a property, which are equally important in determining ownership and use of property. Therefore, recognizing that property consists of both rights and tangible things provides a comprehensive understanding of ownership, which is essential in real estate transactions and law. This distinction is critical for real estate professionals, as it impacts legal considerations and the management of assets.