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Property is one or more components (rather than attributes) of a person's estate, whether physical or incorporeal; or so belonging to, as if owned by, a person or jointly belonging to a group of persons or a legal body such as an organization or even a society. The owner of the property is entitled, depending on the nature of the property, to consume, modify, share, redefine, rent, mortgage, pawn, sell, swap, pass, offer or destroy it, or to prohibit anyone from doing so, or even abandon it; while, irrespective of the nature of the property, the owner of the property is entitled to use it properly or, at the very least, exclusively keep it.
There are three broad types of property in economics and politics: private property, public property, and collective property (also called cooperative property). Property belonging jointly to more than one party can thus, be owned or regulated in a very similar or very distinct manner, whether simply or complexly, whether equally or unequally. There is, however, the expectation that the discretion of each party, with respect to the property, will be clearly defined and unconditional in order to differentiate ownership from rent and easement. The parties may expect their wills to be unanimous or, instead, each of them may expect his, her, or their own will to be necessary and absolute if there is no potential for or likelihood of conflict with any other of them.