====== Bundle of Legal Rights ======

The **bundle of legal rights** refers to the **set of ownership rights** that come with owning [[real property]].

===== The Five Rights =====
  * **Possession** – the right to occupy the property
  * **Control** – the right to use the property within the law
  * **Enjoyment** – the right to use the property without interference
  * **Exclusion** – the right to keep others off the property
  * **Disposition** – the right to sell, lease, or transfer the property

===== Key Characteristics =====
  * Rights may be **limited or transferred**
  * Rights can be **separated** and shared
  * Encumbrances may restrict one or more rights
  * Full ownership includes **all five rights**

===== How Rights Are Limited =====
  * **[[Lease]]** – limit possession
  * **[[Easement]]** – limit exclusion
  * **[[Lien]]** – affect disposition
  * **[[Zoning law]]** – limit control and use

===== Exam Tip =====
  * Ownership does **not always include all rights**
  * The bundle can be **split** without transferring title