What concept describes the collection of rights associated with property ownership?

The concept known as the "Bundle of Rights" accurately describes the collection of rights associated with property ownership. This phrase encompasses the various rights that a property owner possesses, which typically include the right to use the property, the right to sell it, the right to lease it, the right to enter the property, and the right to exclude others from it. Each of these rights can be exercised independently or collectively, and their combination defines the extent of ownership.

Understanding the Bundle of Rights is fundamental in real estate and appraisal because it highlights that ownership is not merely about having physical possession of a property; rather, it involves legal rights that can be transferred, divided, or sold. This concept is essential for appraisers and property professionals as they assess values, rights, and the implications of ownership transfers in real estate transactions.