Correct spelling, explanation: the word possess appeared in English in the times of late Middle English. It entered the language directly from an Old French word posseser. The origin of the word can be found in the Latin expression possess, which could be translated as occupied or held. In modern English possess is a commonly used verb.

Definition of possess:
1. verb – to own something;
It is wise to invest your money and possess a few properties in the city center.
2. verb – to have some quality;
As a manager, you need to possess leadership skills.

Collocations with possess:
A few typical collocations include: possess a property, possess a skill, possess knowledge.
In order to possess a property in this area, you need to pay an advance.
My dream is to possess the skill of good time management.
If you want to possess knowledge about anatomy, you need to study for a few years.

Incorrect spelling, explanation: an English verb possess features double -s in the middle and at the end of the word. Many English users tend to forget about that and a common mistake is to spell possess with a single -s in the middle, which results in an incorrect form posess.