A property owner has the right to use, exclude others, and dispose of their property. These rights collectively are referred to as:
Why The bundle of rights Is Correct
Answer B: The bundle of rights
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
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