Which important principle in real estate refers to the rights associated with ownership of property?

The concept of "bundle of rights" is fundamental to real estate ownership. This term encapsulates the various rights that an owner has over their property, which may include the right to possess, use, lease, sell, or even exclude others from the property. Each right is a separate component that collectively represents the full ownership experience. The bundle of rights is not just a catchphrase; it serves as a framework for understanding what it truly means to own a property.

For instance, while the right of possession refers specifically to the owner’s ability to physically occupy the property, it is just one of the many rights included in the bundle. Similarly, equitable title pertains to the interest one has in property even if the legal title has not been transferred, which is relevant but does not encompass the entirety of ownership rights. Appurtenant rights are specific rights connected to the land, often relating to easements or other privileges, but again, they do not capture the complete scope of all ownership rights.

Thus, the term "bundle of rights" effectively communicates the totality of ownership, making it the correct and most encompassing principle in this context.