Property Ownership
Which of the following best describes 'bundle of rights' in West Virginia real estate?
AThe right to use only the surface of the land
BThe collection of rights associated with ownership: possess, use, enjoy, encumber, exclude, and dispose of the property✓ Correct
CThe right to mine coal and natural gas only
DThe right to prevent neighbors from entering the property
Explanation
The bundle of rights concept in real estate encompasses the full range of legal rights that come with property ownership: the rights to possess, use, enjoy, encumber (mortgage), exclude others, and dispose of (sell, lease, devise) 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).
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.
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.
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