An Alabama property owner who gives a neighbor permission to park in their driveway daily, without any formal agreement, has created a:
Why License Is Correct
Answer C: License
Exam Tip: Property Ownership
Property ownership questions test the bundle of rights and different forms of ownership. Know the differences between joint tenancy, tenancy in common, and community property, including the right of survivorship.
Key Property Ownership Terms in This Question
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Key Terms to Know
A non-possessory right to use another person's land for a specific purpose.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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