What are the two main categories of property?

The two main categories of property are indeed classified as real and personal. Real property refers to land and anything permanently attached to it, such as buildings and other structures. It encompasses not only the physical land but also the rights associated with owning that land, such as the right to use, sell, or develop it.

Personal property, on the other hand, includes movable items not affixed to or associated with the land. This category can include tangible items like furniture, vehicles, and equipment, as well as intangible items like stocks, bonds, and other financial assets.

Understanding this classification is crucial for real estate professionals, as it impacts transactions, ownership rights, taxation, and legal considerations. For instance, different laws and regulations govern real property compared to personal property, making it essential for agents and buyers to recognize which type they are dealing with in specific situations.