Property Ownership
The term 'bundle of rights' in real estate refers to:
AThe collection of legal rights associated with property ownership, including the rights to possess, use, enjoy, exclude, and dispose of property✓ Correct
BA specific deed form used in Oregon
CThe rights of a tenant in a lease agreement
DMineral rights associated with a property
Explanation
The 'bundle of rights' is a concept that describes the collection of legal rights that come with property ownership: the rights to possess, use, enjoy, exclude others, and dispose (sell, lease, or transfer) 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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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