Hi there!
So the information I got was this:
Collision works in 3 types.
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Blocking - Which detects objects and prevents them from moving.
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Overlapping - Which detects objects and allows them to pass, but still trigger a hit event.
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Ignoring - Which does not detect collsion of any kind and allows passage as well.
There are two types of channels.
Trace Channels are the conditions set up for collision. Object Channels are an individual condition set up for each type of collision according to what type of object it is. (I think I got that down, it was a bit confusing.)
The rest was pretty self explanatory. There are many collision types; simple collisions are provided by the Unreal 4 engine and you can view the world in a collision geometry mode.