What does the term 'bundle of rights' include in real estate ownership?

The term 'bundle of rights' in real estate ownership encompasses a comprehensive set of entitlements that come with property ownership. This includes the owner's rights to use the property, which allows for personal use, enjoyment, and the ability to make improvements or changes as they see fit. Additionally, ownership grants the right to sell or transfer the property, lease it to others, and even to access resources on or under the property, such as minerals or water.

The concept illustrates that property ownership is not limited to mere possession, but rather includes various legal rights that can be exercised simultaneously or individually, depending on the owner's intentions and local regulations. This holistic understanding of ownership rights is fundamental in property law and transactional practices, highlighting the versatility and permanence of being a property owner.

In contrast, other options significantly limit the scope of ownership rights, either by restricting them to specific actions like leasing or selling, or by suggesting that ownership rights are temporary or incomplete. These limited views do not accurately capture the full essence of the 'bundle of rights' associated with real estate ownership.