What term is used to describe abstract elements such as mortgages and rights?

The term that describes abstract elements such as mortgages and rights is intangible property. Intangible property refers to non-physical assets that cannot be touched or physically measured. This category includes legal rights, intellectual property, stocks, bonds, and yes, mortgages, as they represent a claim or a right rather than a physical object.

In contrast, tangible property refers to items that can be physically touched or held, such as real estate, furniture, or vehicles. Personal property typically refers to movable items not permanently attached to real estate, which can be tangible but does not cover abstract concepts like rights. Real property specifically refers to land and anything permanently attached to it, such as buildings or other structures. Thus, the correct classification of elements such as mortgages and rights falls under intangible property, emphasizing their legal and abstract nature rather than a physical existence.