In real estate, which term refers to an owner's interest in a property that can be sold, leased, or transferred?

The term that refers to an owner's interest in a property that can be sold, leased, or transferred is known as the "bundle of rights." This concept encompasses the various rights that a property owner has in relation to their property, which typically include the right to possess the property, to control it, to exclude others from it, to lease it, to sell it, and to enjoy it. These rights combined constitute the full ownership experience, allowing the owner to use the property as they see fit and to derive economic benefits from it.

In contrast, other terms such as leasehold interest relate specifically to a tenant's rights under a lease agreement, life estate refers to an interest in property that lasts for the duration of a person's life and typically cannot be sold or transferred to others outside of certain conditions, and encumbrance describes a claim or liability affecting the property but does not convey ownership rights. Thus, "bundle of rights" accurately captures the comprehensive ownership interest held by a property owner.