RES Property Ownership & Land Use

Question 1

What is 'fee simple absolute' ownership?

Accepted Answer

The highest form of property ownership with complete rights to use, sell, or transfer the property

Answer

A temporary lease agreement

Answer

Ownership shared equally with the government

Answer

A mortgage arrangement with a bank

Question 2

What is an easement in real estate?

Accepted Answer

A legal right to use another person's property for a specific purpose

Answer

A type of mortgage

Answer

A property tax exemption

Answer

A building code violation

Question 3

What is the difference between joint tenancy and tenancy in common?

Accepted Answer

Joint tenancy includes right of survivorship; tenancy in common allows separate, transferable shares

Answer

They are identical forms of ownership

Answer

Joint tenancy is only for married couples

Answer

Tenancy in common requires equal ownership shares

Question 4

What is eminent domain?

Accepted Answer

The government's power to take private property for public use with just compensation

Answer

A private developer's right to purchase any property

Answer

A homeowner's right to expand onto neighboring land

Answer

A bank's power to foreclose on a mortgage

Question 5

What is a deed restriction?

Accepted Answer

A limitation placed in a deed that controls how the property may be used

Answer

A government zoning ordinance

Answer

A physical barrier around a property

Answer

A bank's requirement before approving a mortgage

Question 6

What is adverse possession?

Accepted Answer

A legal doctrine allowing someone to claim ownership of land by occupying it openly and continuously for a statutory period

Answer

A hostile negotiation tactic in real estate

Answer

A government seizure of abandoned property

Answer

A type of property insurance claim