NCEES Principles and Practice of Surveying Practice Exam

Which term refers to an asset that has material existence?

1. Incorporeal

2. Hereditament

3. Corporeal

4. Abstract

The correct answer is: Corporeal

The term that refers to an asset with material existence is "corporeal." Corporeal assets can be physically touched or seen; they have a tangible form. This includes objects like land, buildings, or any physical property that can be quantified and measured. In contrast, incorporeal assets, such as stocks, bonds, or intellectual property, do not have a physical presence; they exist in a legal or conceptual form rather than as a tangible object. Hereditament is a legal term often used in property law to describe any kind of property that can be inherited, but not all hereditaments have to be corporeal. Lastly, abstract refers to concepts or ideas that have no physical representation and, therefore, does not suggest material existence. Understanding the distinction of these terms is essential in fields such as surveying and property law, where identifying the nature of assets influences legal rights and responsibilities.