Property Ownership
Which of the following BEST describes the bundle of rights associated with real property ownership?
AThe right to sell only
BThe right to use, possess, transfer, encumber, and exclude others✓ Correct
CThe right to build any structure without restriction
DThe right to extract all minerals regardless of mineral rights
Explanation
The bundle of rights is a concept describing the rights that come with property ownership: the right to use, possess, transfer (sell, lease, give away), encumber (mortgage), and exclude others from the property.
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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).
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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