What does the term "Bundle of Rights" refer to in property ownership?

The term "Bundle of Rights" in property ownership refers to the collection of legal rights that accompany property ownership. This concept describes the various legal rights that a property owner holds, which can include the right to use the property, sell it, lease it, occupy it, and alter it. Each of these rights can be exercised solely or shared with others, depending on the owner’s discretion and local laws.

This bundle is significant because it highlights that ownership is not simply about having physical possession of land or buildings but involves a range of legal entitlements that define the extent and limits of what the owner can do with their property. Understanding this concept is crucial for real estate professionals as it impacts how properties can be marketed, sold, or leased within the legal framework.

While the other options might relate to aspects of property ownership, they do not encapsulate the comprehensive idea of the "Bundle of Rights." Legal responsibilities, tax obligations, and limitations on use are specific facets of property ownership rather than the full spectrum of rights that define ownership itself.