Which is true about intangible property?

Intangible property is primarily characterized by its non-physical nature, meaning it cannot be touched or physically measured like tangible property, which includes physical assets such as real estate and personal property. Intangible property encompasses items like patents, copyrights, trademarks, and goodwill, among others. These assets have intrinsic value—value derived from their inherent qualities or benefits—regardless of whether they have extrinsic value, which is value derived from the market or external factors.

The assertion that intangible property consists solely of non-physical assets with no extrinsic value is a limited perspective. While intangible assets are indeed non-physical, they can and often do possess extrinsic value, which is derived from factors like market demand or legal rights. Furthermore, intangible property can include rights over tangible personal property, such as licenses or leases, negating the idea that it cannot overlap with tangible property rights.

Thus, the understanding of intangible property is that it is a broad category that can include various forms of value, both intrinsic and extrinsic, making the assertion in the chosen answer misleading. The more complete view considers both intrinsic and extrinsic aspects as critical to defining intangible property accurately.