Which concept relates to the rights to use and manage a piece of property?

The concept that best relates to the rights to use and manage a piece of property is known as the "Bundle of rights." This term describes the collection of legal rights that come with property ownership. These rights typically include the right to possess the property, the right to control it, the right to exclude others, the right to derive income from it, and the right to dispose of it through sale or transfer.

When we speak of a "bundle," it implies that property ownership is not a singular right but rather a combination of various rights and privileges that can be exercised by the owner. This concept helps clarify the complexity of property rights, illustrating that ownership can be shared, restricted, or modified, depending on legal agreements, local laws, or context. Understanding this bundle is crucial in property management and real estate transactions, making it a fundamental idea in property law and real estate education.