Explain how a person can hold legal title to property but not possess an equitable interest in the property. Gloria Gershwin was domiciled in Alabama. She also owned real property in Florida, tangible personal property in New Hampshire, and intangible personal property in Texas. Self-Test Questions Answer true or false. Refer to answer pages for correct answers.
Real property consists of land and anything that has been permanently attached to it.
All property that is not real property is categorized as personal property. A fee simple estate may not be left to a property owner's heirs. The owner of a life estate in property has no interest remaining at death to leave to heirs. An estate for a term of years is an interest in property for a specified period of time. A leasehold interest is an example of an estate for a term of years.