Property Ownership
The bundle of rights concept in real estate includes the rights to:
APossess, control, enjoy, exclude, and dispose of the property✓ Correct
BOwn mineral rights, air rights, and water rights only
CAll government powers over property
DBuild any structure the owner desires regardless of zoning
Explanation
Real property ownership is often described as a 'bundle of rights' including the right to possess (occupy), control (use within legal limits), enjoy (benefit from), exclude (prevent others from entering), and dispose of (sell, lease, give away, or bequeath) the property.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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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