Burk Baker National Practice Test

The right to possess, use, and dispose of property is ownership. Ownership covers the full bundle of rights tied to a property: you may possess it and use it for your own benefit, and you also have the authority to transfer, sell, gift, or otherwise dispose of it. This broad set of powers distinguishes ownership from other interests.

Tenancy, by contrast, involves holding property under a lease or rental agreement—you may occupy and use the property, but you don’t own it and you can’t freely dispose of it. Possession simply means physical control or occupancy, which can occur without ownership (for example, a tenant or someone who found and is holding property). An easement is a limited, non-possessory right to use someone else’s land for a specific purpose (like a path or utility line); it does not grant ownership or full disposal rights.

So, the term that best fits the description of having the right to possess, use, and dispose of property is ownership.