Property Ownership
In Montana, 'bundle of rights' in real estate refers to:
AThe list of easements on a property
BThe collection of legal rights associated with property ownership including the rights to use, possess, transfer, encumber, and exclude others✓ Correct
CThe rights of tenants under the Residential Landlord and Tenant Act
DThe rights of lenders secured by a deed of trust
Explanation
The 'bundle of rights' concept describes real property ownership as a collection of legal rights: the right to use, possess, transfer/sell, encumber (mortgage), and exclude others. Ownership may include all or some of these rights.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
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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