Private property is property owned by individuals or entities, controlled by the owner(s), and the lake in the scenario falls under this category.
Private property refers to property that is owned by individuals or legal entities and their access and use are controlled by the owner(s). In the scenario described, the lake belonging to the association falls under the category of private property since only the members of the association have the right to use it for fishing.
Common property, also known as collective property, is owned by a group of individuals who jointly control the access, use, and exclusion of the property. Public property, owned by all but controlled by the state, and open-access property, which is not owned by anyone and accessible to all, are other types of property classification.
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