Humber/Ontario Real Estate Course 3 Exam Practice

What set of rights does an owner have upon acquiring property, encompassing possession, use, enjoyment, and disposition?

1. Fractional rights.

2. Surface rights.

3. Bundle of rights.

4. Rights-of-way.

5. Municipal rights.

6. Zoning rights.

The correct answer is: Bundle of rights.

The correct answer is the bundle of rights. When an individual acquires property, they obtain a comprehensive set of rights which typically include the right to possess the property, the right to use it as they see fit, the right to enjoy it, and the right to dispose of it (sell, lease, or give it away). This concept is foundational in real estate, as it outlines the legal and practical abilities that come with property ownership. Each of these rights contributes to the ownership experience, enabling the owner to capitalize on their investment in various ways. Understanding this bundle of rights is crucial for real estate professionals, as it influences transactions, property management, and even leasing arrangements. The other options refer to more specific rights or legal matters associated with property but do not encompass the full scope of ownership rights. For instance, surface rights focus solely on the land itself and any activities that may occur on it, while rights-of-way pertain specifically to the right to cross over someone else's property. Zoning rights pertain to how land can be used, which is a regulatory measure, rather than ownership rights themselves.