What is meant by the "bundle of rights" in real estate?

The term "bundle of rights" refers to the collection of legal rights that come with property ownership. When someone owns real estate, they do not just possess the physical land or building; they also hold a variety of rights that can include the right to sell, lease, occupy, and use the property as they see fit, as well as the right to exclude others from it. This concept emphasizes that property ownership is not simply about possession but encompasses a range of entitlements that can be enjoyed and transferred.

The other choices reflect narrower aspects or specific interpretations of property rights. While the right to lease or sell property highlights important elements of ownership, it does not encompass the full range of rights inherent in ownership. Access to public utilities is a practical consideration but does not form a fundamental component of the ownership rights themselves. Lastly, the exclusion of air rights doesn't reflect the comprehensive nature of ownership implied in the "bundle of rights" concept; ownership typically includes those rights unless specifically separated. Thus, the most accurate description is the collective rights associated with property ownership.