ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Title is the legal way of saying you own a right to something. For real estate purposes, title refers to ownership of the property, meaning that you have the rights to use that property.

Detailed explanation-2: -Property definition says that a property is anything that is owned by a person or a business. A property could be a tangible item such as land, car, or clothing or an intangible item such as stocks, patents, etc.

Detailed explanation-3: -Property owner refers to an individual or an entity included in the classification of ‘business and government’ (such as corporations, governments, sole proprietorships and partnerships, and other legal types) that has property title transferred to, recorded in, registered in, or otherwise carried in their name.

Detailed explanation-4: -Material explanation. Humans have the custom of property because when our body sees, hears, and touches the physical world, it connects a certain person to a certain thing by classifying the thing as “mine.” This explanation requires physical matter, including the human body itself.