What best describes the term 'owner' in real estate?

The term 'owner' in real estate is best described as a person with a right to convey an ownership interest. This definition encompasses the essence of ownership in real property, meaning the individual possesses legal rights to the property, including the ability to sell, lease, or otherwise transfer their interest to another party.

This definition is critical because ownership is not merely about possession; it involves having legal title to the property and the authority to make decisions regarding that property. Therefore, an owner has the capability to convey, or transfer, their ownership rights, thereby impacting the future status of the property in the real estate market.

In contrast, other options focus on different parties involved in real estate transactions. A person who rents property does not have ownership rights but rather leasehold interests. Similarly, a person selling property may or may not be the actual owner; they could be acting on someone else's behalf (for example, a real estate agent). Lastly, a real estate agent does not have ownership rights; their role is to facilitate property transactions between buyers and sellers. Understanding these distinctions is essential in real estate practice and effectively illustrates the significance of ownership in real estate transactions.