Final answer:
To own an interest in real estate, a person must own the legal title, which is part of a bundle of rights allowing them to use, trade, and enter into contracts involving the property.Hence, the correct answer is option C.
Step-by-step explanation:
To own an interest in real estate, a person must own the legal title to the real estate. Owning an interest in property goes beyond just the right to use the real estate; it encompasses a set of rights known as the bundle of rights, which includes the legal title, the right to use, the right to exclude others, among others. Indeed, property rights are fundamental to the ability of individuals and firms to own property and use it as they see fit. Property ownership allows one to enter into contracts with other parties, which is critical for conducting business, ensuring economic growth, and securing the rights to use and trade property legally and effectively. Moreover, economic rights provide individuals the freedom to buy, sell, and utilize private property without unreasonable government interference.