Ownership is defined as:

• A. The right to transfer property to another person
• B. The right to possess, use, and dispose of property
• C. The right to lease property to others
• D. The right to own only intangible rights

Answer: (B)

Ownership is the bundle of rights that come with having property. The key idea is that you’re allowed to possess the property, use it, and dispose of it in various ways (such as selling, giving away, or transferring it). This full set of rights best captures what ownership entails because it includes occupying or enjoying the property, choosing how to use it, and deciding what to do with it in the future.

The other descriptions fall short because they isolate only one aspect or limit ownership to a narrow scope. Transferring property is part of disposing of it, but it doesn’t address possession or use. Leasing describes a use arrangement, not the complete ownership rights. And owning only intangible rights ignores the common reality that ownership also covers tangible property.