Property Ownership
In Alaska, a 'right-of-way' is most accurately described as:
AThe right to have views from your property unobstructed
BAn easement or other right that allows passage across another's land✓ Correct
CA government condemnation action
DThe boundary line between two properties
Explanation
A right-of-way is an easement that gives the holder the right to travel over another's land. It can be public (for roads) or private (access to a landlocked parcel).
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Key Terms to Know
Easement
A non-possessory right to use another person's land for a specific purpose.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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