1. what is meant with the phrase "real estate is a bundle of rights"

2. Real estate as a bundle of rights
Real estates can be seen as many rights and not just the physical land and buildings.
Each right is held by someone
Identification of the rights and restrictions enables efficient land management
The rights can be divided into primary and secondary rights
Primary right is the ownership right between the owner and the real estate
Secondary rights are rights that either restrict or benefit the primary right
For example property to property right: Property A has the right to use property B for a road. This is a benefit for the property A’s primary right, but a restriction for property B’s primary right.
Another example: Person to property right: Person A has a right to lease a property. This restricts the owner’s primary right.
Sometimes only rights without any land can form real estates.

3. Legal Cadastral Domain Model
Secondary beneficial rights
Primary rights
Secondary restricting rights