An Alaska property owner grants a 'license' to a neighboring farmer to drive a tractor across their land. The neighboring farmer sells their farm to a new owner. The license:
Why Terminates — licenses are personal and do not transfer with the land Is Correct
Answer B: Terminates — licenses are personal and do not transfer with the land
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.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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.
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