The phrase "bundle of legal rights" is properly included in which of the following?

The phrase "bundle of legal rights" is correctly associated with the definition of real property. This term refers to the various rights that come with property ownership, including the right to use, sell, lease, or encumber the property. Real property is defined not just by the physical land or structures on it, but also by these associated rights which are inherently part of the ownership experience.

This concept helps to clarify that property ownership is not merely a matter of possession but encompasses a range of legal entitlements and interests that can be exercised or transferred. It is essential for understanding the full scope of property rights that a landowner holds.

In terms of the other options, a legal description pertains specifically to how a property is precisely identified and delineated on official documents, which does not directly involve the broader concept of ownership rights. Real estate transactions involve activities related to buying, selling, or leasing properties but do not specifically emphasize the rights inherent to ownership in the same way. Leases for less than one year relate mainly to tenancy rights and the temporary occupancy of property rather than the complete set of rights associated with ownership.