What are some common personal property rights?

Common to all personal property are the rights to determine a resource's use, benefit from its services, and exchange it at mutually agreeable terms, writes Armen A. Alchian, Emeritus Professor of Economics at the University of California in Los Angeles. These rights can be applied to real estate ownership.

After acquiring the property rights to a piece of land or building, the owner can determine whether he will live in or rent out the property, according to Professor Alchian. If the owner decides to rent out the property, he has the right to collect that rental income. Lastly, the owner has the right to gift or sell the property to a consenting party under agreeable conditions.