Final answer:
Bill and Bob share an undivided interest in a real property, meaning they own the property together without a divided physical portion for each.
Step-by-step explanation:
Bill and Bob each own an undivided interest in the real property.
This means that while they share ownership, neither one owns a specific, physical portion of the property. Instead, they have equal rights to the entire property, similar to how shareholders in a company own portions of stock, giving them a claim on part of the company's ownership.
This concept is distinct from other forms of interest, such as simple interest in finance, which is a calculation based on the principal amount only, or intellectual property, which implies ownership over an idea or concept rather than a physical piece of property.
Bill and Bob share ownership of a real property, but neither owns a physical portion of the property. The kind of interest they each own is an intangible interest.
An intangible interest refers to a legal right or claim to property that is not physical or tangible in nature. In this case, Bill and Bob have a legal ownership interest in the property, but it does not involve a physical portion of the property.