Which of the following BEST describes a 'license' as an interest in real property?
Why A personal, revocable permission to use another's land for a specific purpose — not a property right Is Correct
Answer B: A personal, revocable permission to use another's land for a specific purpose — not a property right
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.
Fee SimpleThe highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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