What term refers to the legal rights associated with ownership of land?

The term that refers to the legal rights associated with ownership of land is known as the "Bundle of Rights." This concept encompasses the various rights that a property owner has, which can include the right to sell, lease, use, and enjoy the property. It essentially captures the full spectrum of entitlements that come with property ownership, allowing the owner to utilize the land in ways they see fit, subject to zoning laws and regulations.

In real estate, understanding the Bundle of Rights is crucial because it clarifies what property ownership entails, separating it from mere possession. This understanding is foundational for real estate professionals, as it informs many aspects of analyzing property transactions and ownership issues.

The other terms do not encapsulate the full scope of rights associated with land ownership. An asset generally refers to any resource owned that has economic value but does not highlight the specific rights tied to land. Common law pertains to laws developed through court decisions rather than statutes and does not directly relate to land ownership. Improvement refers to enhancements made to a property, but it again does not represent the legal rights of ownership.