Which of the following is included in the bundle of rights?

The right of possession is a fundamental part of the bundle of rights in real estate. This concept encompasses the various privileges that a property owner has over their property, and the right of possession allows the owner to physically occupy and control the property. This includes the authority to exclude others from the property and to use it for personal or business purposes within legal limits.

The other options mentioned do not typically form part of the bundle of rights in real estate. For instance, the right to change zoning laws is often a function of local government or planning bodies and is not a personal right of an individual property owner. Similarly, the right to alter land geography may involve significant legal and environmental considerations, not strictly a personal right related to ownership. Lastly, a right of tax exemption is not inherent to property ownership and often depends on specific situations or government programs. Therefore, the right of possession stands out as a core component of the rights associated with property ownership.