In property rights, what does the term “bundle of rights” refer to?

The term "bundle of rights" refers to the collection of ownership rights that a property owner has over their property. This concept is fundamental in property law and indicates that ownership is not just about holding title to land but involves a range of rights. These rights can include the right to use the property, the right to lease or rent it, the right to sell it, and the right to develop or improve it.

This "bundle" illustrates that property ownership can be quite complex, as individuals may possess different degrees of those rights. For example, a homeowner usually has the full bundle of rights, while a tenant may only hold specific rights to use the property as stipulated in a lease agreement.

The other options do not accurately capture the essence of property rights. Legal obligations, property assessments, and zoning rules pertain to regulations and responsibilities surrounding property, but they do not describe the intrinsic rights that come with ownership of real estate. Understanding the "bundle of rights" is crucial for anyone involved in real estate, as it shapes how property can be utilized and transferred.