Property Ownership
In Wisconsin, the term 'bundle of rights' in real estate refers to:
AA package of insurance policies
BThe collection of legal rights that come with owning real property (possession, use, exclusion, encumber, dispose)✓ Correct
CA group of deed restrictions
DMultiple liens on a property
Explanation
The 'bundle of rights' concept in real estate describes ownership as a collection of legal rights including the right to possess, use, enjoy, exclude others, encumber, and dispose of 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).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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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